An Onehunga offering provides an opportunity for investors, land bankers or future developers to secure multiple interlinked freehold properties in the heart of the suburb’s industrial precinct.
Located at 96 and 98 Onehunga Mall and 53 Neilson St, the listing encompasses 1600sq m of land in three titles plus three adjoining buildings totalling around 1220 sq m. Two auto industry tenants provide combined net annual rental income of approximately $183,000.
The offering is being marketed by Bayleys senior commercial brokers Dave Stanley and Mike Adams. It is for sale by tender closing at 4pm, Wednesday July 1, unless sold prior.
“This in exceptional investment opportunity to purchase fully tenanted, functional industrial premises offering multiple income streams and a wide range of future options,” says Stanley. “The properties are well located, just off Church Street, with easy access to Auckland’s motorway network and main arterial routes. There is also the rare benefit of dual street access with exposure to high volumes of passing traffic.
“One of the buildings also has an upper level apartment and the land’s Mixed Use zoning provides longer-term potential for further residential use.”
Stanley says tenders can be made for the three titles and their buildings, as one lot, or for either of:
• 96 Onehunga Mall: a 439 sq m workshop on 522 sq m of land leased to Auto Elite Limited until March 2023 with two further six-year rights of renewal. It is currently generating net annual rental income of approximately $55,000, with two-yearly rent reviews to market.
• 98 Onehunga Mall and 53 Neilson St: two interlinked industrial buildings of 470 sq m and 312 sq m have been occupied as a single tenancy by Onehunga Paint and Panel Ltd for 16 years. A new six-year lease from March 2020, with two six-year rights of renewal, is currently returning net annual income of $128,000 a year. The buildings are located on separate titles of approximately 555sqm and 523 sq m, with dual roller door access off both streets. 98 Onehunga Mall also contains a two-bedroom apartment on the second level of its street frontage which is subleased.
All three land titles are zoned Business–Mixed Use which allows for residential activity as well as predominantly smaller scale commercial and light industrial activity. Mike Adams says 98 Onehunga Mall benefits from a height variation control, which allows a build height up to 21m - 3m higher than the usual 18m under the Mixed Use zone.
Adams says Onehunga is a sought-after industrial location, and also an increasingly popular residential suburb, due to its central Auckland position, accessibility to motorways and public transport and community facilities.
“Central Onehunga is undergoing considerable change and upgrading as a result of its Business – Mixed Use zoning under the new Auckland Unitary Plan. The arrival and the recent expansion of the Dressmart retail mall has also been of significant benefit for the Onehunga commercial area with a number of properties now including either residential or office accommodation on upper levels.”
The mall which has over 70 factory outlet stores attracts approximately 1.5 million visitors to the area each year.
Adams says the three properties for sale are within walking distance of the Onehunga train station and approximately five to seven minutes’ drive from the Southern Motorway (SH1). There is also easy access to the South Western Motorway (SH20) which connects to Auckland Airport to the south and the North Western Motorway (SH16) via the Waterview tunnel.