Fully-serviced Kumeu commercial development land

Fully-serviced Kumeu commercial development land

2 Putaki Drive, Kumeu

The Property
• 2,117sqm site with frontage to Main Road (State Highway 16) and Putaki Drive in an evolving Kumeu precinct
• adjoins eight commercial and live/work lots, and 16 residential super lots
• Business-Town Centre zoning
• Located within a key Auckland growth node

Quick Look
• National Total Property marketing campaign – for sale by Deadline Private Treaty
• Strong interest from developers on Bayleys’ databases and via direct enquiry off the Total Property magazine
• Three offers were submitted
• SOLD for $1,825,000 representing $862/sqm
• Purchased by a developer

The Story

Commercial land in the rapidly expanding Kumeu area, 25km northwest of Auckland, is in-demand for developing new retail and service amenities on the back of significant residential growth in the broader catchment.

This fully-serviced commercial development land is at the gateway to the Kumeu Central master-planned mixed-use project – adjacent to other commercial developments and residential lots, and close to Kumeu’s New World supermarket.

James Hill, Stuart Bode and Sunil Bhana of Bayleys Auckland marketed the land for sale and the campaign generated solid interest from proactive developers and owner-occupiers.

“It’s quite clear that Kumeu is burgeoning and this flat site – with superb profile to State Highway 16 – is well-positioned to leverage off this exposure and from other development in the immediate area,” said Hill.

“Next door is a retail/office development by Matvin Group with early commitments from fast food operator Burger King and 24-hour gym, Anytime Fitness, and there’s more to come which gives confidence to the new owner.

“The purchaser is a developer who, we understand, intends establishing a convenience retail presence on the site.”

Auckland Council has identified the wider Huapai-Kumeu area as one of Auckland’s key growth nodes, and it will ultimately benefit from significant infrastructural upgrading and development.

Vendor Comment

Nick Ward of Adroy Capital, said a second lockdown for the Auckland region came out of left field during the marketing campaign.

Well-versed in commercial property financing, development and deals himself, Ward said his trust in James Hill’s ability to bring vendors and buyers together was the reason he chose to sell the Kumeu property through Bayleys.

“James is able to work well with all parties to close any price gaps and to streamline the overall sales process – particularly around a purchaser’s due diligence timeframes.”

Confessing that he and his business partner perhaps tend to have unrealistically high expectations around the value of property they own at the best of times, Ward said throwing another lockdown into the mix when the marketing campaign was underway was not ideal.

“However, the property is sold, and I think the price attained was fair in today’s market – who knows what the market will do in the future?

“All of my post-COVID predictions to date have not come true so it’s anyone’s guess!”

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