A former Epsom motel, now fully leased to multiple residential tenants, has gone up for sale ripe with possibilities for redevelopment with a multistorey mixed-use complex.
The freehold property for sale on Mauranui Avenue is handy to Newmarket, motorways and train stations and sits within the coveted “Double Grammar Zone” for enrolment at Auckland Grammar and Epsom Girls Grammar schools.
The site currently generates a total gross income of nearly $250,000 per annum from 12 residential tenancies and one relocatable unit. Along with its flexible Mixed Use zoning enabling development to a height of 18 metres, this is expected to maximise the site’s appeal among investors, land-bankers and developers.
The freehold land and buildings at 31 Mauranui Avenue, Epsom, Auckland, are being marketed for sale by James Were and Cameron Melhuish of Bayleys Auckland Central.
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Sale is by way of a tender closing on Tuesday 27 September, unless the property is sold prior.
Were said the offering comprised buildings with a combined floor area of some 517 square metres on an approximately 918-square metre site with 12 car parks.
“Formerly the Aberdeen Motel, this property was constructed in the early 1980s. It is made up of two blocks of some 285-square metres and 192-square metres – together containing 12 units which are a mix of studios, one, two and three-bedroom units – plus an approximately 33-square metre one-bedroom relocatable unit.
“The larger building to the north is two-storeys while the southern block is constructed partly on two levels with a smaller upper level incorporating a two-bedroom unit,” Were said.
Individual units generate annual gross rentals ranging from $15,340 to $28,600, he said.
Were said the site presented around 25 metres of frontage to Mauranui Avenue, a road linking major arterial Great South Road and St Marks Road.
“With intensive Business – Mixed Use zoning under Auckland’s unitary plan, and an 18-metre building height allowance, this is a prime development site in a prestigious city-fringe location,” said Were.
Melhuish said residential development options would be supported by the property’s position within the “Double Grammar Zone” and close to other prestigious schools such as Diocesan School for Girls, St Cuthberts College and Dilworth School.
“This location’s potential for upmarket, boutique apartment projects is demonstrated by new developments such as the five-storey ‘The Vanguard’ complex, a few doors away on Great South Road.
“The surrounding area is typified by a mix of larger standalone homes, apartment buildings, hotels and motels, high-end car dealerships and offices, along with a concentration of medical facilities around St Marks and Remuera roads.
“Newmarket and the Westfield Newmarket shopping centre are within walking distance. Just minutes from the Southern Motorway and Newmarket and Remuera train stations, the Mauranui Avenue site also enjoys excellent transport links to the CBD and wider Auckland,” Melhuish said.
- Article supplied by Bayleys
