A highly visible car yard on a busy arterial route in Manukau in Auckland is being offered to the market for sale and gives prospective purchasers the opportunity to acquire an asset with a steady rental stream and long-term development potential.
Located at 635 Great South Road, the freehold property spans 2,600sq m and has 190sq m of net lettable area made up of a two-storey office and workshop building near the centre of the site.
Tenant NZ Motors 4WD’s has a five-year lease at the property that began in June.
They have one further right of renewal available for three years leading to a final expiry of 31 May 2033.
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The total net annual rental income from the property is $250,000 plus GST and there are two-yearly market reviews in place with the next due in June 2027.
Sitting near the busy intersection of Great South Road and Cavendish Drive, the property benefits from a significant volume of passing traffic while being a short trip from the Te Irirangi Drive motorway on-ramp, offering connectivity across the city.
The property is zoned Business – Metropolitan Centre Zone under the Auckland Unitary Plan.
This zoning provides for a wide range of activities including commercial, leisure, high-density residential, tourist, cultural, community, and civic services.
Colliers Directors Paul Higgins and Edward Washer have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 11 November, unless sold prior.
Originally constructed in the 1980s, the property has incredibly low site coverage of only 7 per cent.
The existing structure is in basic condition and meets the needs of the tenant, one of New Zealand’s leading dealerships that specialises in utes, trucks, and 4WD vehicles.
Higgins, Director of Industrial at Colliers, says the property has minimal existing improvements and is perfectly positioned for redevelopment in the future.
“This is a rare blank canvas opportunity in this prime Manukau location and given it is surrounded by office, retail, and hotels, the long-term options are nearly endless,” Higgins says.
“With the current tenant committed to an existing lease there is holding income on offer with potential rental growth in the coming years allowing the new owner to strategically plan their next moves for the property.
“The flexibility of Business – Metropolitan Centre zoning further underpins the potential of the offering as it can be repositioned to something of notable scale.”
The property is surrounded by a host of amenities, including food, hospitality, and service businesses. Westfield Manukau, which caters to a vast array of shopping needs, is only 500m away.
Washer, Director of Industrial at Colliers, says the location of the asset adds to the appeal and it benefits from nearly 30m of road frontage to one of Auckland’s busiest arterial routes.
“Manukau and the neighbouring suburb of Wiri are becoming one of the most sought-after areas for industrial and commercial business operations given their connectivity to key transport infrastructure such as the motorway network and the airport,” Washer says.
“Manukau is home to a diverse mix of businesses, including large format retail operators, traditional retail, and industrial firms. The Manukau and Wiri industrial hub has low vacancy rates, which are reflective of the ongoing demand for industrial space across Auckland.
“Given the broad variety of ways this site could be repositioned in the future, it will draw the attention of a range of buyers.”
- Supplied by Colliers
