With the East Auckland suburb of Panmure undergoing regeneration, a circa-2,963sqm freehold landholding in two titles supporting an established commercial complex provides opportunity for a forward-thinking new owner to secure a pivotal central site.

The high-profile standalone building at 141-157 Queens Road offers around 1,504sqm retail/office space, and has an A-Grade seismic rating. It has broad frontage to main thoroughfare Queens Road and secondary access from Gifford Lane to the rear, where there is a sealed yard for car parking and an additional separate parcel of land, also used for parking.

The well-maintained building is about 75 percent leased and returns net annual holding income of $270,489 plus GST. The main tenant is Tamaki Regeneration Company Limited (TRC) and DT818 Limited, trading as Heis Kitchen Studio.

Currently configured as five retail units, Units 1, 3, and 4 – which are occupied by TRC – can be vacated from 1st December 2026. Heis Kitchen leases the 131sqm Unit 2, while Unit 5 is vacant. Dove Hospice Shop traded from this store before recently relocating to new premises across the road.

This provides around 1,372sqm of space available for an owner-occupier in the near future, or for an add-value investor to reconfigure and potentially unlock significant rental upside.

The property is zoned Business - Town Centre and has a 27m height variation overlay providing major redevelopment potential. This designation allows for commercial, leisure, residential, tourist, cultural, community and civic use.

Tenders close Thursday 15th May, unless sold prior, with the property being marketed by Tommy Zhang and Phil Haydock of Bayleys.

In its current guise, the property offers good quality refurbished office space occupied by TRC for administrative purposes, and commercial kitchen and shop frontage for wholesale and retail specialist bakery, Heis Kitchen.

Zhang says the property lends itself to being split into smaller retail or commercial office spaces to optimise the generous footprint and improve income streams.

“Over the years, this has been a popular retail enclave with a variety of businesses seeing value in the location.

“It is clearly an under-rented asset in today’s market and we expect the property to appeal to add-value investors who would look to refurbish and/or reconfigure the space then re-lease to maximise income returns.

“It has good seismic credentials, occupies a central position with street profile for branding purposes, and strong connectivity with bus stops along Queens Road and less than a 10-miunte walk to the Panmure Train Station – so the fundamentals are all there.”

Haydock says the property could be refurbished in stages, with holding income in place to reposition it in the market, and he points out that the underlying zoning opens up other options down the line.

“Some buyers will view this as the ultimate landbanking opportunity, noting that the Business -Town Centre zoning allows significant upwards development. The vendor has gone down the path of having some concept drawings done for a residential project, and some buyers will appreciate that possibility for the site.

“There is considerable work being done in Panmure, which is one of Auckland's fastest-growing suburbs. These initiatives will support future town centre living, making it an attractive option for developers.”

Under the direction of the urban development arm of Auckland Council, the Basin View precinct is one of many transformational projects planned for Panmure over the next decade to optimise connectivity with the Panmure Basin Te Kōpua Kai a Hiku. The intention is to deliver recreational, residential and public realm projects in the area between Queens Road and Lagoon Drive.

Further along Queens Drive from the subject property, construction on Panmure’s new town square will commence mid-2025, with the vision being to create a new community space as a focal point.

Panmure sits within the Tāmaki Regeneration area comprising the suburbs of Glen Innes, Point England and Panmure. This area is earmarked for a large-scale urban renewal programme, with thousands of new homes to be built.

The suburb is being transformed under the Tāmaki Regeneration Programme, which will deliver new housing across typologies, revitalised public spaces, and upgraded infrastructure. In recent years, significant transport investment has been made in Panmure as part of the Eastern Busway project, which delivered a new train station and bus interchange and the first phase of a busway to Pakuranga.