An affordable city-fringe warehouse in a prime position proximate to a city-fringe train station provides broad appeal for a range of owner-occupiers, investors and developers, Bayleys salespeople say.
The two-level premises on 708sq m (more or less) of freehold land at 27 Morningside Drive is located in the heart of the Morningside precinct, an area experiencing rapid growth as it evolves from a light industrial enclave into a vibrant location for occupiers and mixed-use developments.
Bayleys Auckland City & Fringe associate director James Were says the versatile property presents excellent value uplift potential from adjacency to several transport links.
“Located just over five kilometres from the CBD, and 300 metres from the Morningside Train Station, the location is second-to-none, and the property is offered to the market at a time of increased emphasis on transport efficiency.
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“At the same time, a government focus on intensification under the National Policy Statement on Urban Development has paved the way for mixed-use expansion in locations proximate to key transport hubs.
“Morningside is one such area which has experienced rapid growth in the last five years, thanks to the redevelopment of existing warehouses and light industrial premises into cafes, restaurants, character offices and a popular event venue.”
Were is marketing the premises for sale with colleague Cameron Melhuish.
The property is offered for sale by tender, closing at 4:00 pm on Tuesday, 13th June 2023 (unless sold prior).
Sitting predominantly on a corner site with Argyle Street, the 679sq m (more or less) warehouse features a large profile and eight exclusive car parks.
Established stationary provider Gem Office Supplies, in occupation for eight years, has a monthly lease arrangement which currently returns a net income of $90,000 + GST per annum.
Bayleys Auckland City & Fringe associate director Cameron Melhuish says the tenant has expressed an interest in extending its lease, which provides a cash flow opportunity for investors or prospective purchasers with land-banking intentions.
“Zoned Business – Mixed Use, the property provides a good platform for development with a height overlay of up to 18 metres.
“This is one of the few corner positions available in a rapidly developing mixed-use location, where strong underlying development fundamentals continue to attract skilled developers and a dynamic occupier base.
“Alternatively, the current tenancy arrangement provides opportunities for owner-occupiers in an increasingly sought-after location with a relatively low vacancy rate,” he says.
Comprising well-presented offices and warehousing constructed circa 1970, car parking is located at the front of the property off Morningside Drive, with dual access to the warehouse via a roller door and driveway on Argyle Street.
The property benefits from a yard space and a second entrance to the 363sq m (more or less) warehouse, with additional vehicle parking positioned along the southern boundary.
Internally, a small retail area fronts busy Morningside Drive with a stairway off the car park providing access to 284sq m (more or less) of mezzanine office accommodation and storage.
“With frontage to a main arterial which connects expediently to various key routes, including St Luke’s and New North Road the location is increasingly sought-after amongst a variety of purchasers,” says Melhuish.
“In addition, public transportation options are readily available, with the anticipated completion of Auckland’s City Rail Link expected to enhance access to this already thriving location.”
- Article supplied by Bayleys
