251 Great South Road, Greenlane, Auckland

Nestled at 251 Great South Road, Greenlane, this exclusive freehold property is a gem in the heart of an affluent Auckland suburb. Constructed in 1960 with robust concrete walls and iron roofing, both in good condition, the property spans across 2,607 square meters of land area and offers a floor area of 1,693 square meters. It boasts 53 carparks and is currently tenanted by five separate businesses in the automotive industry, including Armstrong's and the Inchinen Group, a publicly listed company in Japan. Notably, the property has seen a significant jump in its capital value, increasing from $9,000,000 in 2017 to $13,250,000 as of June 2021, reflecting a growth rate of 47.22%. The HouGarden AVM estimates the property's worth at $12,695,000, while the latest sale history points to a sale price of $23,000,000 in April 2024 and $7,750,000 in May 2015.

For investors with an eye on educational facilities, this property falls within the catchment area of several top schools. Baradene College, a secondary school with a decile rating of 9, Remuera Intermediate at decile 8, Cornwall Park District School at decile 9, and One Tree Hill College at decile 3, are all within easy reach. This not only adds to the property's allure but also underlines the strong underlying land value, given the desirability of the school zones.

With its prime location, between two train stations and with easy access to the motorway network, this property is poised for future redevelopment. The potential is further amplified by its proximity to the Greenlane Train Stations, set to benefit from the proposed NSP-UD. This is a unique opportunity that rarely comes to the market, especially in a sought-after suburb like Greenlane.

Updated on April 25, 2024