New Lynn site suits high density development

5:00 AM Saturday September 17, 2016 True Commercial

The 1.84ha site is in central New Lynn, on the corner of Clark St and has a separate access road, Cambridge Lane.

Long the home of a clothing manufacturer Cambridge Clothing, a 1.87 hectare site at 3094 Great North Road, New Lynn, is on the market for sale.

The property, originally developed for the company, is still known as “the Cambridge site” and is being marketed by sole agents John Schellekens and John Holmes of CBRE who are selling it by deadline private treaty, closing 4pm on October 21.

Schellekens, national director of structured transactions & advisory services at CBRE, says the property is surrounded by superb transport infrastructure and “perfectly placed to capitalise on the increasingly attractive urban lifestyle offer of New Lynn.

“This exceptional site is zoned as ‘Metropolitan Centre’ under the Proposed Auckland Unitary Plan and earmarked for high density development, offering a range of options for developers, with scope for a master planned, mixed use project.”

Schellekens points out that it has a passing annual rental of $500,000 expiring June next year. A buyer could develop the property or rent it until June next year, then re-lease and hold the land for development in the future.

“The site and zoning offer potential for a mixed use project with potential to develop buildings up to around 20-storeys. Two concepts are presented in the site’s Information Memorandum: a lower density, down-scaled project and a high density ‘high rise’ project that maximises the development area.

“Ultimately it will be up to the buyer to make the most of this valuable opportunity in New Lynn, one of Auckland’s hottest metropolitan centres right now.”

Located in central New Lynn, on the corner of Clark St and with its own separate access road, Cambridge Lane, the 3094 Great North Rd site is within 500m walk of LynnMall, the local library, gym and transport interchange.

The site was first developed in the late 1950s for clothing manufacturer Cambridge Clothing, with operations including cutting, sewing and pressing of garments prior to dispatch to retail outlets.

Manufacturing at the site ceased in 2013 and it is now used for warehousing purposes only.

While the total site area is around 1.87ha (the expected area subject to a new title being issued), there is a significant ecological area, encompassing a small stream, and this reduces the developable area down to around 1.4 to 1.5ha

The main warehouse area is split into three main bays with a part mezzanine office, a workshop and lean-to ancillary structures with a total gross floor area of around 6500sq m.

Holmes says with a large building envelope and the ability to build up to 72.5m, intensive use would suit the Council’s plan to encourage higher density quality housing in Auckland’s town centres, particularly close to transport infrastructure.

“New Lynn has experienced phenomenal investor interest in recent years with the suburb and the added connectivity of its town centre making it an extremely attractive new Metropolitan Centre location,” says Holmes.

“This has been largely driven by Council’s urban plan for the area, stating that by 2030 it will be a sustainable, urban place centred on a world-class transit interchange capable of attracting and maintaining a population of 20,000 residents and 14,000 workers.

“Developments like Merchant Quarter built around the train station and the new hospitality laneway precinct of Brickworks, as part of the LynnMall expansion, have already changed the space for the better. Home buyers are clearly taking notice with strong pre-sales in the first stage of the 1800-dwelling, West Edge development, near the 3094 Great North Rd site.

“This interest will only grow too when the present commute time via rail from New Lynn to the CBD of around 33 minutes drops to around 26 minutes once the City Rail Link project is completed in around 2020,” Holmes says.

John, John.jpg

John Schellekens (left) and John Holmes (right) of CBRE.