A prominently positioned commercial building in the sought-after Auckland city fringe suburb of Kingsland is being offered to the market for sale, presenting buyers with the opportunity to acquire a highly visible asset with future development potential.
Located at 317-319 New North Road, the multi-level property has 4,486sq m of net lettable area on a 5,544sq m corner site that is held across three separate titles, making it one of the largest landholdings in Kingsland.
Fully leased to a strong mix of high-calibre tenants, including Pet Direct, Gasoline Alley Services, and MTL Limited, the property delivers an impressive net rental income of approximately $2.237 million per annum plus GST, with the majority of tenancies offering annual rental growth.
This character office complex, known as The Kiwi Bacon Building, is complemented by 111 on-site car parks, while an extensive refurbishment in 2017 provided crucial seismic strengthening.
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With the impending opening of the City Rail Link, this strategically located asset is set to benefit as it is only a short walk from Maungawhau Station, while Kingsland village, Eden Park, and Ponsonby Road are all nearby.
With triple road frontage and more than 250m of total street exposure, the property benefits from the high volume of passing traffic and Auckland s central business district is less than 2km away. Access to the State Highway network is available via a short drive.
The property is zoned Business - Mixed Use Zone under the Auckland Unitary Plan giving it a 21m height limit and considerable scope for development opportunities.
Colliers Directors Blair Peterken, David Burley, and Peter Herdson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 5 June, unless sold prior.
Originally constructed in the 1940s and expanded during the 1960s, it once thrived as a bustling hub for Kiwi Bacon s production and storage operations.
Today, following the 2017 refurbishment, it blends heritage charm with modern touches such as sleek polished concrete floors, large new windows, and the warm texture of exposed brick and timber ceilings.
The broad range of individual tenancies at the property, that includes a cafe on the ground floor, range in size from 69sq m to 812sq m.
Peterken, Director of Capital Markets at Colliers, says the building benefits from a favourable location and diverse mix of existing tenants.
"The new owner will enjoy the steady rental stream from the property that is underpinned by strong tenant covenants from established operators," Peterken says.
"Many of the lease agreements include built-in rental growth through CPI and annual indexation increases, which will capture the attention of discerning investors as this is a strong-performing asset."
Burley, Auckland Director of Investment Sales at Colliers, says the long-term move for the new owner could include a future development given the property's significant underlying land value.
"Approximately 10 years ago a proposal was established to add two new levels to the building, although those plans were never realised and the consent has since expired," Burley says.
"As it stands, the property is primed for a potential repositioning given the existing infrastructure such as the lift, which can support more levels being added. There is also considerable surplus land on the site that could be utilised for different purposes."
Herdson, National Director of Capital Markets at Colliers, says the opportunity to acquire one of the landmark assets in a popular suburb such as Kingsland is one that is not to be missed.
"This property benefits from a standout location that is coupled with considerable future potential," Herdson says.
- Supplied by Colliers
