Auckland, 21 March 2015 - A significant Albany development site, jointly marketed by CBRE and Barfoot & Thompson Commercial, is one of the last large pieces of vacant Business 9 land available on the North Shore.
The approximately 1.2 hectare property, at 24 Oteha Valley Road Extension, Albany, Auckland, is located in a key part of the well-established and almost fully-developed Albany Business District. It is being offered for sale by public tender closing on April 16, 2015.
John Bedford of CBRE, who is marketing the property on behalf of a private family trust with colleague Peta Laery, along with Simon Farland of Barfoot & Thompson Commercial, says the scarcity of similar large land parcels means the site represents a singular opportunity and is expected to be keenly sought after.
“With no other Business 9 sites of this size still available in the Albany Business District, this property is the last piece of the jigsaw in this dynamic and fast-growing locality. The almost limitless range of permitted uses under the Business 9 zoning means it will appeal to a wide variety of buyers,” Bedford says.
Laery says the site’s strategic position gives it linkage benefits to its immediate neighbours, which include Placemakers, North Harbour Stadium, Albany Village and Albany City Centre. This means the site is ideally placed for users which service the existing occupiers surrounding it.
“For businesses looking to supply the large format retail in the area, or to support any of the other businesses located here, this site is perfect given its wide range of permitted uses.”
Farland says the burgeoning local development market means the site offers significant future potential and opportunity.
“Albany is booming and is now very much on the development and investment radar. Its easily-accessible position adjacent to the Northern Motorway and in close proximity to a range of retail, commercial, industrial and educational occupiers means this site will be attractive to buyers looking to build, invest or land bank for the future.”
Bedford says companies with no existing presence on the North Shore will view the site as an excellent opportunity to secure a foothold in the centre of the Albany action. “We expect interest from a wide range of buyers including retailers, supply chain businesses, developers, land bankers, logistics operators and storage providers.”
The level site is effectively ready to go, says Laery. “The site is available to be developed or occupied immediately, with extensive concrete hard stand, fencing and all services already in place. This makes it much more attractive than a simple greenfield opportunity.”
Indicative plans with 3 separate office/warehouse units, parking and yard areas have been prepared for the Vendor’s demonstrating the site can easily accommodate a building floor area of some 5,500sqm. However from experience there is potential to increase this area significantly depending on the occupiers use and requirements, Laery says.
“The site’s level platform and existing hard stand area means it could be leased to a yard-based user looking for immediate occupation, while the new owner makes plans for eventual development.
“Zoned Business 9 under the North Shore City Operative District Plan, with no onerous development covenants on the site, there are significant opportunities for a wide range of employment-generating business activities to establish in this location. No other piece of vacant land nearby has this flexible zoning. The site is presently within one title incorporating the land and buildings of Placemakers, and a new title is being created now, with the process far down the track, allowing a broad approach with few use restrictions.”
The site offers a large street frontage on busy connecting road, says Farland.
“Oteha Valley Road is a key linking road within this established business community neighbouring the North Harbour industrial and commercial precincts.
“Motorway access is only 1.5km away from the property, providing the ease of transport access which is vital for the significant development both commercially and residentially which we have seen in Albany in recent years.”
Albany Basin is one of Auckland’s fastest growing business centres, with significant development to date resulting in land availability now becoming restricted, Bedford says.
“There is only an estimated 35 hectares of business zoned land remaining on the North Shore, including brownfield redevelopment sites,” he says.
The site is located within easy reach of public amenities including Westfield Shopping Centre and the Albany Supa Centre, says Laery. “Along with Massey University, North Harbour Stadium and the quality residential, retail and office developments in this precint, Albany can now claim to be an established and full-service home for residents and businesses.”
Public transport and roading infrastructure completes Albany’s attractiveness as a well-located and easily-accessible business centre, Laery adds.
The site is located next to Placemakers, which relocated here around three years ago, Farland says. “Placemakers identified the location’s benefits as a growth hub and easily accessible to its client base. As such, the store is here for the long term having taken a 12-year lease on the property four years ago.”
ABOUT CBRE
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
