East Auckland mixed-use site has eye to the future

A Point England industrial property with favourable zoning credentials and positioned close to key arterial routes linking East Auckland with the wider metropolitan area, is for sale.

The approximately 2,834sqm warehouse plus extensive yard and car parking areas on circa-8,468sqm at 153 Pilkington Road sits within the established Pt England industrial precinct.

There is annual net holding income of $369,474 plus GST in place until July 2027, from tenant Tāmaki Zero Waste Hub. This income would give a new owner time to find replacement tenants, reposition the building for alternative uses, or formulate redevelopment plans with the security of more than a year’s cash flow behind them.

Having previously been operated as a Gilmours store, the site would be suitable for a wide range of industrial, commercial, community, or transitional uses, and is arguably underutilised, with the flexible Business – Mixed Use zoning allowing intensification and giving developers entry to a cost-effective industrial area with solid growth fundamentals.

The property is being marketed for sale by deadline private treaty closing Thursday 12th March, unless sold prior, through Sunil Bhana and James Valintine of Bayleys.

The Tāmaki area encompassing Pt England, Panmure, and Glen Innes is experiencing strong growth, with Bhana saying this is underpinned by major infrastructure investment, urban regeneration, and ongoing development projects, along with a large and growing residential catchment in the surrounding area.

“This is a compelling opportunity for investors, developers, or owner-occupiers seeking a strategic landholding with scale and income today, plus substantial upside potential in the future.

“It’s a proven location for trade retail and services, distribution, warehousing, automotive businesses and specialist supermarkets with a mix of national and local occupiers.

Bhana says an owner-occupier could acquire the property and stage a relocation to the site mid-next year, or a developer could take the opportunity to buy the generously-sized site and reposition or repurpose in the short-to medium term with a view to a higher and better use down the track.

“The area is evolving under the proactive Tāmaki Regeneration Programme, and, in many ways, we feel Pt England is underappreciated in the greater Auckland context given the connectivity advantages and growth indicators.

“It’s close to the Glen Innes and Panmure train stations, Meadowbank Shopping Centre, and Panmure Town Centre, and work on the Eastern Busway to create a fast, reliable and safe busway connecting Botany to Pakūranga and to the rail service in Panmure is progressing.

“There’s strong roading links via Ellerslie-Panmure Highway, and nearby access to State Highway 1 through the Mt Wellington and Ellerslie interchanges providing direct routes north and south, as well as efficient links to Auckland’s central and eastern suburbs.”

There are positive signs that add-value investors are back in the market looking for strategically-located industrial property with potential to reposition, says Valintine.

“Secondary-grade industrial assets with strong underlying zoning fundamentals and scope for refurbishment are on buyer radars, particularly as consumer confidence starts to improve and lower interest rates kick in to improve spending dynamics.

“Likewise, developers are also back scouting out sites with decent scale and holding income to position themselves strongly for the next real estate cycle.”