A multi-purpose commercial and residential building in the popular Auckland location of Eden Terrace is being presented to the market for sale.
The four-level property sits on a prominent corner site at 55 Upper Queen Street and has 979sq m of gross floor area. The building, which has residential, office, retail, and garage space, sits on a freehold site spanning 293sq m.
Designed by New York-based architect David Howell, the property has a primarily concrete exterior, with a mix of large windows and small concrete shutters allowing natural light into the apartment.
The residential tenancy consists of four bedrooms, 3.5 bathrooms, multiple living spaces, and an open-air rooftop deck.
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There is a beautifully appointed ground floor showroom and established cafe. There are nine secure car parks in the basement and lift access to all levels.
The property provides flexible options for occupation or investment with net holding income from the commercial tenancies of $120,194 per annum.
Eden Terrace is a strategically located suburb that benefits from its proximity to key transport infrastructure such as the motorway network, bus routes, and the soon-to-be opened City Rail Link.
The property is zoned Business Mixed Use Zone under the Auckland Unitary Plan and has a height variation control of 32.5m.
Colliers Associate Directors Ben Jamieson and Ned Gow have been exclusively appointed to market the property for sale via deadline private treaty closing at 2pm on Thursday 17 April, unless sold prior.
Originally developed in the 1960s as a commercial and industrial building, the site was extensively redesigned and expanded in 2008 to what is for sale today. The structure includes a range of features such as an elevator and hydraulically operated panels to the upper-level windows.
The ground floor cafe spans 42sq m, while there is 207sq m of retail/office space. The residential component spans two floors and includes a balcony on the first floor and a terrace on the top level.
Jamieson, Associate Director of Investment Sales at Colliers, says the property provides buyers with a live and work opportunity or partial occupation solutions with the option to lease the retail and office spaces.
"This represents an outstanding home and income offering that benefits from a prominent street position and convenient access," Jamieson says.
"Depending on the future configuration of the commercial space there is potential to grow the income stream further."
Eden Terrace has seen significant progress in connectivity and commercial and residential development in recent years.
Gow, Associate Director of Investment Sales at Colliers, says a large number of businesses have flocked to the area given its convenient location that benefits from being surrounded by amenity-rich suburbs such as Newmarket, Grey Lynn, Mount Eden, and Ponsonby.
"The development of the City Rail Link will provide huge opportunities for Eden Terrace and the subject location will be only 500m from the Karanga-a-Hape station when this project is up and running," Gow says. "This is a property with extensive potential."
- Supplied by Colliers
