Big Pakuranga site ideal for developers

5:00 AM Saturday May 23, 2015 Colin Taylor

The large fully leased property for sale at 26 Ti Rakau Drive, Pakuranga.

The one level, fully leased property with 100 car parks has a total building area of 1557 sq m occupying a freehold 5775 sq m site.

“It has excellent redevelopment potential in a strong growth area fronting the Pakuranga Mall and The Warehouse,” Stevens says.  

“The site has very high traffic count of 55,000 cars passing by per day and is earning holding passing income of $250,000 per annum plus GST and outgoings. Under the Proposed Auckland Unitary Plan it has a Business 2 Town Centre zoning with height limit of 48.5 metres which would allow for the construction of a 12 storey building within the Pakuranga Town Centre zone.”

The comparatively true rectangular site comprises flat land with two street frontages on the corner of Ti Rakau Drive and Reeves Rd.

Stevens says the vendor has issued instructions that the property must be sold.

Built in the mid 1990s, overall construction is of concrete foundations and flooring with concrete block walls and Longrun steel roofing. The building has plasterboard internal walls with aluminium joinery.

It is leased solely to the Appliance Outlet Clearance Store on a lease term of one year commencing October 1, 2014 with no rights of renewal.

Downer says the property is currently subject to a registered head lease to Century Group Ltd for a period commencing October 1, 2008 and expiring March 31, 2058. Century Group Ltd is a company associated with the vendor Jaafar Holdings limited and, as a condition of sale, the head lease between Century and Jaafar will be surrendered prior to settlement.

“As such, the only leases applicable to the property are between Jaafar Holdings Limited and Appliances Outlet which subleases some space to One Gym Ltd,” says Downer.

He says Appliances Outlet would be happy to discuss a longer lease term with a new owner. “This site is close to the neighbouring suburbs of Botany, Highland Park and Sylvia Park shopping centre and has easy access to the State Highway One southern motorway. The location will also be positively impacted by future infrastructure projects that are currently in the planning stages for the future like the Pakuranga Town Centre Masterplan and the Auckland-Manukau Eastern Transport Initiative [Ameti] roading project.”

Downer says Pakuranga Town serves as the eastern gateway to Howick and is clustered around the Pakuranga Plaza, a large shopping mall surrounded by car parking.

“Civic functions within the centre include the Pakuranga Library and the Te Tuhi Arts Centre. The area is close to the Tamaki Estuary coastline where a popular Rotary Walkway attracts both visitors and residents alike.” 

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Jack Downer * Mark Steven of Barfoot and Thompson Commercial.