Blank canvas unit has options in Grey Lynn

A third floor unit within an established property  in Grey Lynn has come on to the market offering  a number of potential options as to its use.

JLL’s city and fringes sales broker Jason Armstrong says the property is part of a Mixed Use development of four Units at 30B Pollen St.

He says the sale offers the prospect of securing a freehold property ownership in one of Auckland’s rapidly developing suburbs just a stone’s throw away from busy Ponsonby Rd.

Armstrong says the approximate net lettable area for the property has been calculated at 425sq m. A rental assessment along with weekly rent for the carparking indicates a prospective income of almost $123,000 per annum in rent.

The stratum in freehold property Unit B is available for purchase via an expressions of interest campaign being run by JLL closing at 4pm, on Wednesday July 24 unless its sold earlier.

The building structure is predominantly concrete block and consists of four levels with the subject Unit B on level three. With an independently assessed seismic rating of 90 per cent new build standard (NBS), it comes equipped with seven secured and covered on-site carparks on the basement level, while the top floor hosts two residential apartments.

Armstrong says the property lends itself to being used in a variety of ways as it is effectively ‘a blank canvas’.

“It could be used as an office, showroom, accommodation, or simply for storage or light processing. It can even offer users a ‘work from home’ option by being converted into part apartment and part workplace.

“The property also benefits from a Mixed Use Centre zoning, which allows for a wide range of activities as it is designed to encourage a compatible mix of residential and employment activities.”

Armstrong says data from Statistics NZ shows the area will maintain a high population density in the years to come, and this growth in population will continue to drive demand and economic growth for both the local residential and commercial markets.

Another JLL broker, Alex Wefers, says the property is in a prime location, not only because of its closeness to Ponsonby and motorway network access, but also because of future developments that are in the pipeline.

“It’s close to the proposed City Rail Link’s Karangahape Rd Station which has an estimated completion of 2024. Owner-occupiers or tenants occupying the property will benefit significantly from enhanced transport accessibility as well as improved cost and business efficiency when the station is operational,” says Wefers.

“It’s also within walking distance to the new Vinegar Lane redevelopment, convenience retail, a Countdown supermarket, and a selection of cafe and established restaurants.”