A fully leased multi-level building, currently configured as residential flats and secure basement parking, is for sale in the Auckland city fringe suburb of Eden Terrace.
Ben Jamieson and Cam Paterson of Barfoot & Thompson Commercial, Auckland Central, are marketing 12-14 Nikau Street for sale by deadline private treaty, closing 2pm, Thursday May 5, unless sold prior.
Jamieson says the property comprises one freehold land title of 606sq m occupied by a three-level building with a total floor area of 722sq m plus 12 secure car parks located on the basement level.
The ground floor and level one both have areas of around 361sq m each.
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“This is a superbly located property built in the 1980s and has undergone a series of mostly cosmetic renovations and internal upgrades since,” he says.
“The upper two residential levels front Nikau Street and comprise 13 units, each with two bedrooms, one bathroom, kitchen and living area,” Jamieson says.
“Kitchens are well appointed with ample cupboards and benchtops, sink, oven and the bathroom housing a WC, basin, shower and/or bath.”
In addition to the basement car parking, there is one further car park which fronts the Nikau Street boundary together with vehicle access points to two garages and the basement car park driveway.
Jamieson says the rectangular site drops down to the south-east and has a frontage to Nikau Street of 20m and a side boundary of approximately 30m.
“The building sits on the southern side of Nikau Street and is about 80m from Mt Eden Road and 100m from New North Road.”
General construction comprises concrete and timber floors; concrete foundations; steel long run roof; reinforced concrete and steel frame; concrete block walls and aluminium joinery.
Paterson says the property benefits from being zoned Mixed Use under the Auckland Unitary Plan and from being close to the Auckland CBD, Newmarket, Ponsonby and major arterial routes.
“It’s also within the Grammar zone and is minutes from cafes and bars, many amenities, parks and gyms, and just beside the future City Rail Link (CRL) and Mt Eden station. Motorway access is very good with the nearest on/off ramps being Newton and Khyber Pass.”
Jamieson says the Unitary Plan provides for greater inner-city density as permitted by the Mixed Use zoning.
“As a result Eden Terrace is experiencing a strong rejuvenation as a suburb with multiple developments and refurbishments happening in the area.
“The area is undergoing a major commercial property awakening as owners, investors and developers realise the suburb’s unique development potential. The surrounding area is of a mixed nature and includes low to medium rise commercial office and apartment buildings in which the majority have been completed in the last 15 years along with some older low rise commercial and residential buildings.”
He says the CRL will further benefit the location once completed, linking the neighbouring Mt Eden train station directly to Auckland's CBD.
“Whether the existing improvements are retained, added to, or a new development is completed, the CRL connectivity will ensure this property enjoys continued strong performance in Auckland’s future.”
- Article supplied by Barfoot & Thompson
