A commercially occupied house on a high-profile corner is being marketed as a rare entry-level purchase for investors, occupiers or developers on Auckland’s CBD fringe.
Home to a long-established dental laboratory, the more than 650-square-metre site for sale has exposure to some 30,000 passing vehicles each weekday on St Lukes Road in Morningside.
The property sits across the road from the Chamberlain Park Public Golf Course. It contains an approximately 180-square-metre 1940s brick-and-tile dwelling which is said to be the former greenkeeper’s residence.
This is fully occupied under existing commercial use rights by Western Crown and Bridge, a full-service crown and bridge laboratory that has been servicing dentists for 25 years.
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The lease, which runs through to 2026, generates an annual net rental return of $49,648 plus outgoings and GST.
Considered underdeveloped, the freehold landholding has significant add-value or redevelopment potential.
The property at 1 Duncan Maclean Link, Morningside, Auckland, is being marketed for sale through James Were and Phil Haydock of Bayleys Auckland Central.
It will be sold by deadline private treaty closing on Wednesday 28 August, unless sold prior.
Were said the site would appeal widely as an affordable chance to secure a slice of Auckland’s coveted city fringe.
“Investors can enjoy the benefits of an entrenched, longstanding tenant whilst no doubt benefitting from long-term capital gains.
“The existing dwelling also presents a future live/work opportunity for occupiers to house their business in an accessible, high-profile location with supreme exposure to busy St Lukes Road, excellent onsite parking, and the ability to add value,” he said.
The building provides for four to five rooms plus kitchen and bathroom, along with a garage with storage below.
“Alternatively, developers can capitalise on the zoning, corner position and northwest-facing aspect overlooking the golf course to ensure the highest and best use for the site,” Were said.
The property is currently zoned Residential – Mixed Housing Suburban under the Auckland Unitary Plan.
This enables housing intensification while retaining a suburban character, with development allowed up to eight metres, plus one metre for roof form.
Haydock said a proposed plan change would pave the way for more intensive redevelopment.
“Auckland Council has proposed changing the zoning to Mixed Housing Urban. This would step up development possibilities, raising the allowable building height to 11 metres, plus one metre for roof form.
"This enables development typically up to three storeys, in a range of forms including detached homes, terrace housing and low-rise apartments,” he said.
Haydock said the property and tenant benefited greatly from a strategic city-fringe location.
“Over the past five years, Morningside has transformed from a light industrial enclave to an attractive city-fringe location for tenants as well as residential and commercial occupiers. One of the best examples is the nearby Morningside Precinct, designed by innovative architect Nat Cheshire.
"Recent transactions in the area have also included large-scale residential and build-to-rent development sites.
“The property for sale is conveniently positioned a short drive from Westfield St Lukes and affluent suburbs such as Grey Lynn, Kingsland and Ponsonby, as well as Auckland’s CBD. Wider Auckland is accessible via train and the nearby Northwestern Motorway,” Haydock said.
- Supplied by Bayleys
