The last piece of bare developable land in the popular Interplex Business/Industrial area of the North Shore of Auckland has come up for sale at 11 Triton Drive, Albany.
Marketed exclusively by Deborah Dowling and Brett Whalley of CBRE, the 4,189sqm freehold property is for sale by way of Deadline Private Treaty, closing 21 March 2019 at 12pm unless sold prior.
Noting that the vendors have made the decision to divest and move on to other projects, Dowling says: “This property offers an opportunity for an investor, developer or owner-occupier to purchase the last freehold site with General Business zoning in this excellent North Shore location, close to the new bus Park N Ride station, and to motorway access points.
“At a time when commercial land is becoming very scare and Albany is generating unprecedented interest and our latest research shows that overall Auckland industrial vacancy stands at 1.1% in an environment of healthy demand, we are truly saving the best till last with 11 Triton Drive.”
The relatively square site sits slightly above the road level and is relatively flat with an easy rise towards the rear boundary, giving any future building prominence and a strong profile over the street level and surrounding buildings.
The site also has a long road frontage of 60 metres along Triton Drive, says Whalley. “The long frontage not only provides flexible and safe access points for vehicle entry and exit, but it also offers huge profile for the business or businesses that locates here.
“The site has many high quality national and international neighbours, including Landmark Homes, HRV, Budget Car and Truck Rental, Rylock Windows and Doors, and New Zealand Pure Dairy Products Limited. As more and more companies have moved into the area over many years, it has become a topic of conversation, so there is plenty of local interest in the property, particularly as the site is close to motorway on and off ramps and the new busway Park N Ride.”
The property is zoned Business – General Business under the Auckland Unitary Plan, says Dowling. “This zoning enables a diverse range of business activities, from light industrial to offices, or large format retail of greater than 450m2 gross floor area per tenancy, drive-through restaurants, trade suppliers, marine and motor vehicle sales and entertainment facilities, marae or potentially church groups.
“Under this zoning, buildings may be constructed up to a maximum height of 16.5 metres, subject to boundary setback and variation controls. Side and rear yards are not required.”
Residential activity is not allowed on the site due to the potential presence of light industrial activities, as well as council’s requirement to preserve land in Albany for appropriate commercial activities.
This is set in the context of Auckland industrial vacancy as of December 2018 sitting 1.1%, in an environment of healthy demand, says Whalley.
“Our research shows that the largest decreases in vacant space across Auckland over the last quarter of 2018 were in New Lynn (4,500sqm) followed by Albany (3,400sqm).
“Grade A vacant stock sits at 51,700sqm, or 1.0% across Auckland. This should be viewed in the context of 139,000sqm of newly completed Grade A developments, 124,700sqm of which was occupied at completion. And, of the 33 new buildings completed in the quarter, only 3 remained vacant at completion.
“All of this means that 11 Triton Drive, an accessible development site that is ready to go now, with favourable general business zoning, offers an outstanding opportunity for the purchaser to build the perfect premises for their business or develop for on-sale.”
ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com..
