A rare remaining industrial property ripe for intensive residential or commercial redevelopment has gone up for sale in one of Auckland’s fastest transforming city fringe locations.
Positioned on Surrey Crescent, in Grey Lynn, the versatile single-storey premises with handy onsite parking/yard area is one of a dwindling number of functional warehouse properties still to be found on the rapidly intensifying CBD fringe.
With final expiry of the current lease due in June 2024, the property is expected to have broad buyer appeal among owner-occupiers, add-value investors and developers.
The existing lease to a longstanding tyre service tenant generates an annual net rental return of $66,588 plus outgoings and GST.
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The freehold property at 27 Surrey Crescent, Grey Lynn, Auckland, is being offered for sale through James Were and Sunil Bhana of Bayleys Real Estate.
It will be sold by way of a tender closing on Tuesday 23 April, unless sold prior.
Were said the approximately 225-square-metre building sat on some 429 square metres of land.
“Constructed in the 1970s, the building’s warehouse space is complemented by a mezzanine area currently used as office, lunchroom and storage space.
The front of the property provides excellent onsite car parking or yard space.
“These premises have served the purposes of the tyre service tenant for over 25 years, and they are well suited for future occupiers with similar needs.
“Alternatively, buyers could see an opportunity to repurpose the existing building to a higher and better use, such as an office/showroom. But ultimately, its long-term value is in its potential for intensive redevelopment,” Were said.
The rectangular freehold site comes with coveted Business – Mixed Use zoning under the Auckland Unitary Plan.
"This provides for intensive residential, commercial or mixed-use development to a height of 18 metres, subject to necessary consents.
Bhana said the site’s potential was further underpinned by its strategic position within a short walk of West Lynn Village, a few minutes’ drive from Auckland’s CBD, and with handy motorway access.
“Over the past 10 years, affluent Grey Lynn has rapidly developed and evolved into one of the most desirable residential and commercial locations on the city fringe.
“Commercial real estate is increasingly in demand here, thanks to intensive planning provisions under the Auckland Unitary Plan which have stimulated a sprouting of residential and mixed-use projects.
“A multitude of medium and large-scale apartment developments are underway or completed in the greater Grey Lynn area – including several in the immediate vicinity of the site for sale – and there’s every sign this trend will continue.
“The area’s popularity is driven by its proximity to the cafes, restaurants, event spaces and character offices of Grey Lynn and West Lynn villages and Ponsonby Road. Handy to St Lukes and Auckland’s CBD, residents and workers here also enjoy excellent access to supermarkets, bulk-retail outlets and the motorway network,” Bhana said.
- Supplied by Bayleys
