A former legal office on a desirable corner site zoned for multi-storey mixed-use development at the northern end of Mount Eden Village is being offered to the market for sale.
The vacant premises presents a significant opportunity for owner-occupiers and add-value investors, Bayleys salespeople, say.
“With 640sq m (more or less) of freehold land, zoned Business – Mixed Use, and in the sought-after double grammar zone, the property also provides significant future development potential as either residential, commercial or a combination,” Alan Haydock, Bayleys Auckland City & Fringe team director says.
The double grammar school zone indicates the location provides eligibility for residents to send their children to school at Auckland Boys Grammar and Epsom Girls Grammar.
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The character premises on the corner with Oaklands Road comprises two levels, totalling 176sq m (more or less), which was refurbished in 2011 and converted to commercial use.
Featured in Bayleys’ latest Total Property portfolio, the property will be sold by tender, closing at 4.00 pm on Wednesday, 2nd November 2022, unless sold prior.
Alan Haydock is marketing the property with Auckland City & Fringe team colleagues Damien Bullick and Jill Downie.
Damien Bullick says the property offers a mix of offices with open-plan areas currently utilised as a popular neighbourhood law practice.
“The strategic corner site provides an excellent street profile for businesses that benefit from exposure to some 17,000 daily commuters travelling north into the CBD and home again along Mount Eden Road.
“Striking from the street, with immediately recognisable architecture, the premises, built circa 1920, features gabled roofing, thatched tiles and ornate windows with a mixture of stained glass, porthole and sash fixtures.
“Currently utilised as a professional office, a flexible internal configuration could equally suit an alternative office user or live/work owner-occupier, subject to council consent.
“A purchaser looking to maximise the location for redevelopment would see significant upside in dual access points from the two street entrances while garaging, and generous off-street car parking provisions also provide huge convenience for tenants and occupiers,” he says.
The property’s underlying flexible mixed-use zoning features an attractive allowable build height of up to 13 metres, providing a strong proposition for add-value undertakings or redevelopment.
Alternatively, Jill Downie says an immediate occupier stands to benefit from land banking the site with a view to the future.
“The high-profile position adjacent to the Mount Eden Village, with access to transport and main arterial routes, underpins the property’s value proposition as a desirable premises in a prosperous city-fringe community.
“Properties in the Mount Eden Village are tightly held for a good reason. These properties are always in high demand with historically low vacancy rates and a well-established surrounding residential catchment.
“Regarded as one of the city’s premier leafy suburbs with large homes and a high proportion of heritage architecture, well-heeled residents have overseen a diversification of services in the village centre, with offerings now including a substantial selection of restaurants, cafes and nightlife in addition to retail and professional services.
“Proximity to Auckland’s CBD and other city-fringe suburbs including Eden Terrace, Ponsonby and the Karangahape Road precinct, in addition to a flexible zoning, will likely see the western city-fringe continue to grow commercially and residentially – underpinning value upside potential here,” Downie says.
- Article supplied by Bayleys
