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Bidding starts at $1 for pivotally-located Manukau commercial units

Agents marketing commercial space within a high-profile Manukau tower have received clear instructions from the vendor that they will be sold and the auction reserve has been set at the peppercorn figure of $1.

The units are in MCentral, a modern 11-storey mixed-use complex at 17 Putney Way which includes residential accommodation, located directly across the road from the Manukau bus station, the adjacent Manukau train station, and MIT Manukau. The building underwent a refurbishment programme in 2015.

Now surplus to vendor requirements, the unit options for sale range from 34sqm to 370sqm plus merchandising spaces, and they are to be sold with either vacant possession or short-term holding income.

Package one comprises a ground-floor 370sqm unit, originally conceptualised as a supermarket/convenience store but with flexible usage options, including two basement car parks, 46sqm of basement storage, six merchandising spaces and loading bay access.

Proposed packages two and three are a mix of first floor office/service retail and storage space, and these are subject to change as the marketing campaign progresses and buyer interest is gauged.

Matt Lee, James Chan and Geoff Wyatt of Bayleys are taking the properties to auction on 10th July at the firm’s Gaunt Street auction room in central Auckland, with the unique commercial campaign expected to pique the interest of owner-occupiers and add-value investors.

As the campaign is in its early days, Lee says it is too soon to accurately assess where the buyer interest falls in terms of the first floor space packages but feedback from interested parties in coming weeks will bring more clarity.

“We expect owner-occupiers could largely guide this process to determine what the final auction packages look like.

“Because there a number of smaller storage units on offer, prospective buyers will want to bundle space up in different ways so it remains to be seen what configurations resonate most with the market.

“Likewise, market value is also in the buyers’ hands and will be determined on auction day. With a $1 reserve, all bets are off as to where the value ends up.”

Lee says Bayleys is seeing high levels of activity from owner-occupiers in the current market, as business owners seek to be their own landlord.

“This segment of the market wants certainty over their physical premises for business continuity and forward planning and see ownership as the best way to ensure this.

“Modest-sized office or retail space with storage in a convenient location is sought-after and the MCentral building offers this.”

Lee explains that when the building was rejuvenated In 2015, the ground floor space was configured for supermarket-style use with loading bay access and good profile to the street, while upstairs on level one, office tenancies were repurposed.

“Given the proximity to MIT Manukau, University of Auckland’s South Auckland campus, and the transport hubs, a convenience store would work well for the ground floor space, with the footprint able to be divided further to accommodate another tenant as well.

“It would also suit general retail, office, health/fitness, showroom, community/church and potentially light food and beverage operators.

“Meanwhile on the first floor, service providers such as medical and beauty businesses, or professionals like accountants and lawyers can have a slightly-less public working environment at a cost-effective price point.”

Add-value investors are also likely to come forward, says Lee, recognising the benefits of well-located and affordable South Auckland property in a diversified portfolio.

“This is undeniably a convenient central Manukau location with excellent surrounding amenities, and commercial space here does offer good buying value comparative with some other parts of Auckland.”

Click here for more information on the listing.

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