A premium elevated 1,897sqm freehold corner site on the coveted Grey Lynn ridgeline is for sale, with north-facing harbour views to be unlocked and optimised by a forward-thinking buyer.
The 1,897sqm site at 101A Great North Road features a versatile 2,189sqm three-level building with a well-balanced mix of showroom, office and warehouse space, plus carparking for around 50 cars.
The property is currently home to Auckland City Toyota and provides an annual net holding income of around $640,000 plus GST through a lease that ends on 31st March 2026.
Tenders close on 15th April, unless sold prior, through Phil Haydock, Alan Haydock and James Were of Bayleys Auckland Metro Markets team.
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The city fringe asset is for sale for the first time in generations, and its Business-Mixed Use zoning opens up options for developers, add-value investors or owner occupiers.
Great North Road is a successful commercial precinct with recent developments that include the large format Bunnings Warehouse store, the trendy boutique hotel conversion of the former St Joseph's Convent, and the impressive 119 Great North Road, head offices for Giltrap Group and DDB Group with luxury car brands such as Lamborghini, Bentley and Aston Martin in the high-profile ground floor showroom.
The location barely needs introduction as it sits in plum position, with Ponsonby Road and Karangahape Road in easy walking distance, says Phil Haydock.
"Given the zoning, which has the distinct advantage of a 27-metre height overlay, one of around a dozen ridgeline properties with this Ponsonby Height Variation Control, the potential for a classy mixed-use development with stunning harbour views will resonate with developers."
Alan Haydock says with developer buyers more engaged now than last year, and with the economy tipped to be in a better position by the end of 2025, those looking to have residential stock ready for pre-sale when buyers are feeling more confident, are looking to secure sites now.
"The strong holding income in place until next March will give a new owner roughly 12 months of lead time for planning, consents and preparing marketing materials ready to launch to the market."
There is always robust demand from buyers for Grey Lynn residential property, as evidenced by strong sales in established apartment complexes in the immediate area including North Apartments, Crest Apartments, and Ockham Residential's Turing Building and Greenhouse Apartments.
"These residential developments were all completed in the last real estate cycle, with little new building underway currently," says James Were.
"Developments like these have proven that residential projects with density and height can be done well, and buyers respond.
"The Toyota site has the fundamentals to give a proactive developer a jump on the market, to leverage the next property wave."
The subject property has around 40-metres frontage to key arterial Great North Road, and around 47-metres frontage to Mackelvie Street, where there is vehicle access to the site.
It is close to the CBD and motorway ramps, and a short walk from Ponsonby Road and Karangahape Road with their boutique retail and hospitality offerings.
- Supplied by Bayleys
