A roundabout Panmure opportunity

"This property on the corners of Ireland Road and Lagoon Drive is exposed to over 50,000 vehicles passing every day," says Cam Paterson of Barfoot & Thompson Commercial who, with colleague Mike Jensen, is marketing it for sale by tender closing at 3pm on Wednesday, July 20.

Growing Location

"Significant visible land parcels are rarely available in growing locations like Panmure which is pegged to become the transport node between the eastern suburbs and the rest of Auckland through large-scale Council infrastructure initiatives," Paterson says.

The 4970m² property at 7-9 Lagoon Drive and 4 Ireland Rd is held in four titles and has a frontage of over 100 metres to the Panmure roundabout. It is occupied by four buildings with an area of about 2000m² along with space for around 50 car parks.

Tenancies

"The tenancies are all short term and will provide holding income while the purchaser - who could be an investor, occupant or a developer -  makes plans for the future of this high exposure site," says Paterson.

DNA Motors pays $72,000 per annum on a two-year lease commencing July 24, 2015, with one two-year right of renewal and rent review linked to the Consumer Price Index - or the right to cancel the lease at renewal.  

In relation to the other three tenancies which are all on monthly leases; Boxfit Gym pays $24,000 per annum; Drivetown car dealership pays $36,000 pa and Pots Galore pays $28,500 pa - giving the property a current total annual rental income of $160,500.

Zoned Mixed Use

Jensen says the site is zoned Mixed Use under the operative Council plan allowing for a combination of commercial and residential uses and permitting a maximum construction height of 15 metres. Under the Proposed Auckland Unitary Plan it is zoned as Town Centre allowing for an increased 16.5 metre maximum height.

He says the property for sale is on the southern side of the Panmure roundabout which controls a five pronged intersection connecting the suburbs of Panmure, Mt Wellington, Glen Innes and Pakuranga to Howick and East Tamaki.

"Arterial routes in the immediate vicinity include Jellicoe Rd, Lagoon Drive and the Ellerslie to Panmure motorway - which is a one of the key links from east Auckland to the State Highway One motorway."

Transport Improvements

Jensen says major transport improvements have already been made in the area to cater to increased traffic flows as a result of growing commercial and housing densities.

"These have included the opening of the new Panmure Railway Station which is expected to be Auckland's second busiest after the city’s  Britomart station in the near future with Panmure station providing bus and train links serving a large population in east Auckland to the inner city and CBD.

"Also in the same vicinity is the Auckland Manukau Eastern Transport Initiative [AMETI] which comprises a group of projects in southeast Auckland. These will include New Zealand's first urban 'busway' with buses travelling in their own congestion-free lanes between the Panmure and Pakuranga town centres."