Former bank premises sold to medical professional

Former bank premises sold to medical professional

21 Hall Avenue, Otahuhu, Auckland. Sold on 1st September 2017

The Property
- Freehold property offering 269m² of single level floor space with five rear car parks
- 397m² site prominently-located on Hall Avenue with easy access off Great South Road
- Formerly-occupied by a bank, sold with vacant possession
- Development potential as zoned Business-Town Centre
- Rateable Value - $670,000
Quick Look
- National Total Property marketing campaign with auction method of sale
- Enquiry predominantly from local owner/occupiers and commercial property neighbours
- Four active bidders on the day
- A staggering 87 bids were recorded
- Sold to a local owner/occupier medical professional
- Sold under the hammer for $1,230,000

The Story

This 1960s’-era commercial property in the Otahuhu town centre with very good profile to the street, created quite a buzz when it came onto the market – especially among local business owners looking for owner/occupier premises.

Marketed by Peter Migounoff, Piyush Kumar and Tony Chaudhary of Bayleys, the property was also promoted as being a development opportunity given the shortage of available centrally-located land in the immediate Otahuhu area.

Being just 13 kilometres south-east of the Auckland CBD, developers are increasingly interested in any opportunity close to arterial routes and strong transport links which Otahuhu – with its new bus-train interchange – has.

The Business-Town Centre zoning would allow flexible development options as Otahuhu has been identified by Auckland Council as an area suited to growth and intensification.

However, after plenty of competition, the successful buyer was a local dentist who recognised the intrinsic value of a well-maintained property in a good position, close to his client-base and with parking options.

The dentist plans to refurbish the premises to suit his own dental practice and intends bringing other medical professionals into the building creating a multi-disciplinary health-based centre.

Vendor Comment

Owner decided to sell while property is vacant and ripe for a new direction.

Takanini resident Claire Dixon says she and her late husband had owned the property for around 15 years. The couple used to operate their own business from the property, but subsequently leased it to the Cooperative Bank who undertook a high level of fit out.

“When the bank gave notice to vacate, it seemed like the right time to put the property on the market as I thought it was well-suited to an owner/occupier, says Claire.

A former real estate agent herself, Claire was already sold on the auction method and felt it was the best way to establish market value for the property.

“It was great to see the bids just keep rolling in and the price when the hammer fell was in line with what the agents and I hoped it would sell for,” she says.

Claire intends remaining in the property investment arena and is looking to invest in an industrial property in the near future.

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