A large Mount Wellington site known for its prominent Asian restaurant and grocery outlets and zoned for intensive mixed-use development has been put up for sale.
The freehold land and buildings for sale at 519 Ellerslie Panmure Highway occupy a high-profile location in the heart of the Mount Wellington retail precinct.
The site contains three fully-leased buildings, whose tenants include the Imperial Palace Chinese restaurant and event centre, a popular gathering place for the local Chinese community, along with a Vietnamese restaurant, a Chinese supermarket and an automotive workshop.
Together the tenancies generate diversified net rental income of $616,892 plus outgoings and GST per annum.
The property at 519 Ellerslie Panmure Highway is now being marketed for sale by deadline private treaty closing on Wednesday 5 May (unless sold prior), through Bayleys Auckland Central.
Salespeople Alan Haydock and Damien Bullick said the site incorporated approximately 9,281 square metres of fee simple land, with some 150 car parks and more than 80 metres of frontage to the busy Ellerslie Panmure Highway.
“Located on the site are two main standalone buildings, plus a smaller workshop building at the rear. These buildings have a combined floor area of some 3,275 square metres,” said Mr Haydock.
“A two-level building plus basement on the western side of the site is split into two main tenancies. The Crew Enterprise Limited operates the large Imperial Palace Chinese restaurant on the ground floor with private dining rooms above. The basement is used for storage and refrigeration.
“A workshop behind the main building is included in this tenancy and is subleased to the Motormaster Repair automotive garage business,” Mr Haydock said.
The Crew Enterprise Limited pays net annual rent of $225,000 plus outgoings and GST for approximately 1,470 square metres across the two buildings – on a lease that extends to 2027.
“The second tenancy in the main western building is leased to Hansan Panmure 2012 Limited, trading as Hansan Vietnamese Restaurant. It pays $120,000 plus outgoings and GST per annum for its premises of approximately 570 square metres, on a lease that runs through to 2024 with a further three-year right of renewal.”
The second main structure is a two-level building on the eastern side of the site.
“This building of some 1,236 square metres is leased to Panmurefresh Trading Limited, which operates a Chinese supermarket.
“The tenancy generates total net rental income of $271,892 plus outgoings and GST on a lease that extends to 2024, and incorporates a market rental review in 2022,” Mr Haydock said.
“The remainder of what can currently be considered a significantly underdeveloped site is used for parking, with spaces for around 150 vehicles.”
Mr Haydock said the site’s sought-after Business – Mixed Use zoning under the Auckland Unitary Plan allowed for moderate to high-density development of up to 18 metres, subject to resource and building consents.
“The zoning bestows the property with a range of future development opportunities including retail, commercial, residential – or a combination. As such, this is a highly strategic landholding, whose existing tenancies will provide a new owner with a substantial and diversified rental cashflow while they plan their long-term development strategy.”
Mr Bullick said another key advantage of the property for sale was its location in a growth area close to vital transport links.
“Positioned near the junction of Ellerslie Panmure Highway and Mount Wellington Highway, and about two minutes’ walk from Panmure Station, this high-profile location is home to numerous national and international retailers.
“The property sits beside one of Auckland’s busiest McDonald’s stores and Harvey Norman’s flagship Mount Wellington store. Other close neighbours include Briscoes, Bunnings, KFC, Burger King, City Fitness and Orange theory Fitness, along with Auckland City Toyota,” said Mr Bullick.
“Improvements to the transport network within the immediate area add further to the advantages of this already sought-after location. Panmure Train Station has benefited from major upgrades and the eastern bus corridor is to provide high-frequency public transport links to the Auckland CBD.
“This location is well poised to benefit from Auckland’s future growth, with Mount Wellington and Panmure having been identified by Auckland Council for more intensive residential development, with nearby Stonefields an example of ongoing residential intensification. Opposite the property is the former Moyes Panmure site, which has been acquired by Woolworths and is poised for future development,” Mr Bullick said.