August 31, 2017

Redevelopment opportunity in Panmure

Topics: NAI Harcourts, Press Release, Commercial Property 0

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Situated in fast growing and strategic location, this tenanted Panmure property is an outstanding investment, both in the short and long-term.

Number 2 Kings Road is available for sale by auction through NAI Harcourts sales consultants Richard White and Peta Laery.

Laery says with great visibility on a corner site, the options are numerous.

“Continue as a tenanted investment, owner occupy all or part, or redevelop and take advantage of the Residential Terrace Housing and Apartment Buildings zoning.”

Panmure is a welcoming and busy neighbourhood, located between two dramatic landmarks – the Panmure Basin and Mt Wellington.

The property is situated at the corner of Kings and Tripoli roads, at the end of a shopping strip and just 10 minutes’ walk from the Panmure Train Station.

It is an area earmarked for much growth, and is favoured by the Auckland Manukau Eastern Transport Initiative (AMETI), which is improving public transport links from Howick, Pakuranga and Botany to the CBD.

White says future changes will also underwrite this area as a great place to live and work.

While the property is a perfect opportunity for development, the tenants have advised Laery and White they are willing to negotiate new terms when their tenancy ends on 30 September 2018.

The tenants are Bruce Del Law and Sawden Tax & Accounting, together paying rent of $66,625 pa plus GST.

The building itself is a two-level 509m² commercial office building from the 1970s. There are 10 car parks available and there is also the convenience of a public carpark on the opposite side of Kings Road.

Under the Unitary Plan, the property is zoned Residential – Terrace Housing and Apartment Buildings, with a maximum height allowance of 16m.

The property is being offered for sale by auction at 6pm on Wednesday 13 September, unless sold prior, at the Harcourts Auction Room, 9 Alpers Avenue, Epsom.