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Corner site with potential development upside in Onehunga

As such, the sizeable warehouse offering on a 2,260sqm corner site with dual access at 4 Princes Street, now for sale, is expected to attract wide interest from owner-occupiers, investors and developers keen to secure a stake in the rapidly-evolving suburb.

Offered with vacant possession, the freehold Business – Mixed Use zoned property comprises a 2,045sqm functional and tidy building at the corner of Princes Street and George Terrace, housing a medium stud warehouse with multiple roller door access points, ground floor showroom and first-floor office space.

There is also a secure yard for car parking and basement storage, accessed directly off Princes Street.

James Valintine and William Gubb of Bayleys South Auckland are marketing the property on behalf of its private family owners, with the Deadline Private Treaty closing 4pm, Thursday 28 April, unless sold prior.

Valintine said while the property is perfectly practical and still relevant as a base for a new occupier, lying within a tightly held industrial precinct, the inherent value of the site could be unlocked through a well-considered redevelopment project.

“It will no doubt have appeal in its current guise for an owner-occupier or investor given the location, the corner site with access off both streets and the proximity to other light industrial operators such as Mitre 10 which is directly opposite,” he said.

“Industrial space is at a premium in the region so it could suit trade retail or a multitude of other industrial-based operators as the warehouse has good capacity with plenty of open space, and sound supporting showroom and office areas.

“However, a glance around the streets of the Onehunga town centre quickly reveals that it’s a work in progress towards a more people-friendly, more-intensified mixed-use precinct with broadening residential accommodation options and commercial tenancies.”

Valintine said the signals from both local and central government are coming loud and clear that more residential accommodation is desperately needed – particularly in the city fringe suburbs where transport connectivity is also being strengthened.

“More housing, at greater density and heights, is being encouraged and enabled in those centres close to jobs, community services and public transport.

“Onehunga is one of several suburbs in the Auckland area to be changing its skin in this regard.

“New multi-level residential developments in the neighbourhood include Fabric, Beachcroft Residences and Onehunga Bay Terraces and these projects are leading the way in Onehunga’s regeneration.”

The Mixed-Use zoning of the subject property would allow flexible redevelopment that fits with the council’s identification of Onehunga as a future growth area, with residential redevelopment as of right under the Auckland Unitary Plan.

“Multi-level residential up to several storeys is expected to be allowable here but interested parties should explore the permitted activities for the site via the usual council channels to satisfy themselves of the potential intrinsic to the property,” said Gubb.

Further underpinning the value proposition offered by the site in Princes Street is the recent discussion at central government level around proposed light-rail along the corridor in Mt Roskill, Onehunga and Māngere.

The property is strategically located within 12km of the Auckland Airport, Auckland’s CBD and Ports of Auckland, and the Waterview Tunnel linking State Highway 20 and State Highway 16 has meant the area is now regarded as one of Auckland’s most sought-after commercial/industrial and residential locations.

There is easy access to State Highway 20 via the Neilson Street on-ramp, while State Highway 1 is a 10-minute drive to the east.

Click here for more information on the listing.

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