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Strategic Three Kings accommodation investment - Colliers

Contributor:
Fuseworks Media
Fuseworks Media

An accommodation investment on a strategic site in the central Auckland suburb of Three Kings is for sale as a freehold going concern with future redevelopment potential.

The International Lodge at 533 Mt Albert Road comprises a 26-room boarding house with a two-bedroom manager’s residence.

It is positioned on a 1,012sq m freehold site with Business Mixed Use zoning near the high-profile intersection with Mt Eden Road, providing excellent accessibility and amenity.

Colliers International has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 30 September, unless sold prior.

Ned Gow, Investment Sales Broker at Colliers, says it offers a secure low-vacancy investment on a strategic landholding.

"This is a chance to acquire a profitable business underpinned by a substantial landholding with future redevelopment potential.

"For sale as a freehold going concern, the property and business revenue was $242,430 for the 2019/2020 financial year.

"It is well positioned in a growth area with numerous shops, transport links and parks nearby, including Three Kings Plaza less than a minute’s walk away.

"Fletcher’s nearby residential development at the former Three Kings Quarry site attests to the desirability and future potential of this location.

"The underlying land is zoned to allow for mixed-use development of up to 18m in height, with permitted uses including residential, retirement living, short-stay accommodation, retail or a combination of these.

"An owner-occupier could purchase the property and run the business from the on-site manager’s residence, providing a work and income solution.

"There is also an opportunity for an investor, developer or land banker to earn holding income while making plans to unlock the site’s potential.

"With so many options in a strategic location, this offering will have strong appeal for a wide range of buyers."

Gawan Bakshi, Investment Sales Broker at Colliers, says the property is well positioned near the intersection of Mt Albert and Mt Eden Roads.

"The regular-shaped site has 20m of frontage to busy Mt Albert Road, providing excellent exposure to high volumes of traffic.

"It is opposite Three Kings Reserve and a short walk to Three Kings Plaza, which includes a Countdown supermarket alongside a range of retail options.

"Other amenities in the area include the Ranfurly Hospital aged care home and the nearby Carr Road shopping precinct, which is home to numerous large format retailers including Bunnings, Briscoes and Rebel Sport."

Bakshi says the property offers excellent access to the wider Auckland region.

"Mt Albert Road is a key arterial that links the industrial and residential areas of Penrose and Onehunga with the central Auckland suburbs of Mt Albert, Mt Roskill and Pt Chevalier.

"Mt Eden Road is also a key arterial, providing access to the CBD fringe via Three Kings, Mt Eden and Eden Terrace.

"The property has excellent access to the nearby State Highway 20 interchange at Hillsborough, providing a route to Auckland Airport to the southeast, and West Auckland and the CBD via the Waterview Tunnel."

The property comprises a gently sloping site that naturally increases in elevation towards the rear. Its improvements comprise two buildings of timber and brick construction, atop a concrete block structure, that have been combined over time.

The manager’s residence is located in the original building at the rear of the site. It provides two bedrooms and a kitchen and living area.

The newer, larger building at the front of the site was added in 1992. It comprises 26 bedrooms along with six communal showers, six communal toilets, a kitchen and living room.

There are eight double rooms with ensuites, currently rented at $285 a week, and 16 without, rented at $210 a week. Two single rooms are rented at $200 a week.

Bakshi says a new owner could potentially realise even greater income by refurbishing and repositioning the asset.

"There is abundant opportunity for an incoming purchaser to own and operate an established business, invest and lease out the asset, or redevelop the site to unlock its potential.

"No matter which option you choose, there is significant opportunity to add value in this strategic growth location."

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