With the suburbs of Panmure, Glen Innes and Point England the focus of a large-scale urban renewal programme, a former supermarket premises in East Auckland is ripe for a glow-up to leverage the momentum under way.
Unit A, 22 Jellicoe Road sits within the Jellicoe Court retail complex and was formerly occupied by New World Panmure, which vacated the site in 2011.
The 1,376sqm building needs refurbishment, and is partially-occupied returning net annual holding income of $58,534 plus GST on a month-to-month basis.
The property is zoned Business - Town Centre and is located just off Panmure’s main retail strip, Queens Road.
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Jellicoe Court has plenty of shared carparking, and other businesses in the complex include service providers and food outlets.
The Panmure Train Station is directly across the road, and there is strong bus connectivity with ongoing infrastructure upgrades, including the Eastern Busway project which will connect through to Pakuranga, enhancing accessibility to the suburb.
Sunil Bhana, James Chan, and Matt Dell of Bayleys have been appointed to take the property through a deadline private treaty campaign closing Thursday 12th March, unless sold prior.
With the property generating some holding income, an owner-occupier or add-value investor could explore future redevelopment or repositioning plans with the benefit of cashflow, says Bhana.
“Local neighbourhood shopping centres have proven resilient through tough times, and with Panmure to benefit from new housing and more user-friendly pedestrian and cycling access, there’s an opportunity for a new owner to establish themselves here and to be part of the community.
“The property is tired but has good profile and would respond well to a refurbishment programme. It offers affordable entry to a large retail space which would suit an owner-occupier looking for some scale and could work well as a convenience store or ethnic supermarket.
“The value-for-money proposition is the key here, and with the Panmure area being transformed through a number of public and private initiatives, there’s real potential to be unlocked for this site.”
Panmure is an established and well-connected industrial and commercial precinct, having immediate access to key arterial routes including the South-Eastern Highway, Ellerslie-Panmure Highway, and Waipuna Road, providing links north, south, and east across the city. Sylvia Park Shopping Centre, and the Lunn Avenue retail precinct are a short drive away.
A new town square is planned for Queens Road, along with better walking and cycling connections with Maungarei/Mount Wellington and future residential developments.
The Lagoon Edge Reserve recently reopened after an extensive upgrade through a council-led collaboration, and the Tāmaki Regeneration Project is also addressing long-term growth prospects for the wider Tāmaki area which includes Glen Innes and Pt England.
Bhana reports increased levels of enquiry for commercial property off the back of an improving market in the latter part of last year.
“Diminishing returns from money on term deposit and lower debt servicing costs has reignited the market, with investors and owner-occupiers looking to position themselves ahead of the next real estate curve.
“Suburban centres have a lot going for them, and Panmure is likely to be on investor radars as an area that offers good value and future growth fundamentals.”
- Supplied by Bayleys
