Newmarket development property with holding income
JLL marketing 66 Great South Road and 25 Mauranui Avenue, Newmarket
A significant, freehold Mixed Use development opportunity on the border of Newmarket and Epsom is being marketed for sale by Ian Hall and John Binning of JLL. The properties, to be marketed as a single holding, will be sold through Expressions of Interest closing 4pm, Friday 28 September, 2018.
The properties at 66 Great South Road and 25 Mauranui Avenue have a combined site size of 2,243sqm, with the Great South Road site being 1,148sqm and the Mauranui Avenue site 1,095sqm. The properties have dual frontage to Great South Road and Mauranui Avenue.
Both sites are currently home to the Green Park Motel, a 16 unit property built in the 1960s. The motel is in two blocks, both of which are two storeys. The first block at 66 Great South Road is approximately 597sqm in size. It comprises of a two bedroom unit, seven one bedroom units, a reception and a three bedroom managers' unit.
The second block at 25 Mauranui Avenue has a floor area of approximately 483sqm and comprises of a two bedroom unit and seven one bedroom units.
"The sale of these two properties is driven by an opportunity for the vendor, the Dilworth Trust Board, to realise recent capital gains and reinvest in the balance of its commercial property portfolio. Therefore, this represents a fantastic opportunity for Dilworth to ensure the property goes to a quality purchaser with a long-term market view and a quality track record," says Binning.
"Dilworth owns a considerable number of properties in the area and is keen to encourage quality development on the site."
"The properties are zoned Mixed Use, which makes them suitable for apartments, an integrated residential development, offices, retail, visitor or student accommodation, education facilities or community facilities. A new owner would initially benefit from the $70,000p.a. holding income, which is set up on a month-by-month basis, while they decide the best approach for the sites," says Hall.
"With the zoning being fairly permissive, if a new owner sought to establish a medium density residential or a commercial development on the site, they could build up to 16m in height, which is approximately 4-5 storeys, along with 2m of roof area to take it up to 18m."
The location places the properties on the edge of Epsom and Newmarket allowing easy access to Diocesan and Dilworth Schools, transport links to motorways north and south, train stations at Newmarket and Remuera, and the shopping areas along Broadway in Newmarket.
"The Scentre Group is spending $790 million upgrading and developing Westfield Newmarket on Broadway. Once complete, this large development will be home to 230 specialty retail stores, a supermarket, bars and restaurants. It is a big bonus for the area and only a five minute drive from these two sites," says Binning.
In the area around the properties on Great South Road are offices, car dealerships such as Giltrap Skoda, Schofield Holden, Maserati and BMW and other motel operations.
"This is a very busy area. Great South Road is a well-known and well used arterial road with more than 14,500 cars passing this site per day during the working week," says Binning.
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