The Lincoln Green property in Henderson, Auckland, is for sale via JLL, offering a range of potential investment and redevelopment scenarios in a high-growth commercial precinct.
The substantial 1.67ha site, at 159 Lincoln Road in the heart of Henderson’s commercial centre, is home to an 80-room hotel, the Good Home gastro pub and a Liquorland bottle store.
JLL agents Deborah Dowling, Nick Thompson, Euan Stratton and James Lee are marketing the property, which is for sale by deadline private treaty closing on July 15.
With the existing leases on flexible terms, various options are available to the new owner including a full-scale redevelopment of the entire corner site, which faces on to busy Lincoln Road and Te Pai Place at a busy intersection.
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The buyer could also opt to undertake a partial redevelopment of the property; keeping the hotel operating and developing the remainder of the site. This is likely to be considered an attractive split-risk proposition among many potential buyers, said Dowling.
“This property is ideally suited to a developer with a strong vision to support the future growth and amenity value of the Lincoln Road commercial centre.
"It’s a well positioned and highly visible site which has been under-utilised for years, making it a key opportunity for a buyer with an appreciation for maximising long-term value.”
Located close to key amenities such as Waitākere Hospital, the Trusts Stadium and major transport links, the site offers significant potential to accommodate a wide range of uses including retail, office, medical and hospitality.
Its size and prominent street frontages ideally lend it to a mix of commercial uses, complementing and enhancing the existing make-up of the area and benefiting from proximity to key amenities including the stadium and hospital, Stratton said.
“This offering is a substantial development proposition, strategically positioned in West Auckland's bustling commercial corridor. The mixed use zoning gives a considerable variety of options, enabling investors to be part of shaping Henderson's ongoing growth.”
The adjoining fully-operational hotel provides an immediate source of income for the new owner with future options, said Nick Thompson, JLL executive vice president of hotels & hospitality.
“The hotel provides holding income and could be retained by the new owner to run themselves or lease out to an operator, which could be viewed as a strong income proposition given the few other hotel offerings in the area,” he said.
“Alternatively, buyers who are not looking at a whole-site redevelopment project could subdivide the hotel component off and on-sell it. Whatever the final outcome, the future income and development upside potential are both considerable.”
The highly prominent site is visible to around 30,000 vehicles daily along Lincoln Road, with Te Pai Place serving as a key access route to the Trusts Arena.
This makes the site’s long frontage to Te Pai Place ideally positioned for the thousands of potential customers passing by on their way to events at the arena.
Henderson is a high-growth retail trade area, supported by an increasing population.
The suburb accounts for 70% of new dwelling consents in West Auckland, underscoring the commercial centre’s future potential.
The suburb is considered a ‘fortressed’ location, with a lack of developable land in the commercial centre.
This makes any properties that are suitable for redevelopment highly attractive to buyers, with strong long-term capital appreciation and income security potential.
Henderson also has robust train and bus transport infrastructure, providing access to the Auckland CBD and surrounding commercial hubs. The recent NZTA endorsement of the Northwest Busway project also brings faster, more frequent and reliable public transport a step closer for the area.
- Supplied by JLL
