Massive corner profile in a fringe location set for CRL growth
After some 60 years of family ownership, a superbly positioned freehold property with massive corner profile is for sale in one of Auckland’s fastest-growing city fringe precincts.
The 1,391sq m property at 57 Boston Road is nestled in a tightly held pocket of mixed-use development at the nexus of Grafton, Mt Eden and Eden Terrace.
This area is poised to benefit hugely from the completion of the City Rail Link in 2024, which will transform the nearby Mt Eden Train Station into one of Auckland’s major transport hubs.
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Colliers International has been exclusively appointed to market 57 Boston Road, Grafton, for sale by deadline private treaty closing at 4pm on Thursday 6 August, unless sold earlier.
Kris Ongley, Associate Director of Investment Sales at Colliers, says the property will have broad market appeal.
“The property comprises a two-level commercial building on a prominent site at the intersection of Boston Road, Nugent Street and Normanby Road.
“This busy roundabout links the suburbs of Grafton and Mt Eden, and also provides a key route to the Southern Motorway onramp on Khyber Pass Road.
“With 75m of street frontage to Boston Road and Nugent Street, the property provides massive exposure to the more than 10,000 vehicles that use the roundabout every day.”
Ongley says the building and car parks are 100 per cent occupied by well-known local business Boston Wardrobes, which is a related entity to the building owner.
“The vendor is offering flexible leaseback terms, with buyers encouraged to submit offers that include their preferred terms of leaseback.
“A three-sided billboard at the corner of the site maximises exposure and provides additional income.
“Both the billboard and leaseback will provide useful holding income for a purchaser wishing to explore future redevelopment options.”
The property is well suited to a change of use given its growth location and flexible Business Mixed Use zoning, which allows for buildings up to 18m of height.
Permitted uses include commercial, residential, retail, accommodation or a combination of these.
Jonathan Lynch, Associate Director of Investment Sales at Colliers, says the property benefits from excellent connectivity.
“It is a comfortable 200m walk from the Mt Eden Train Station, but far enough away to be unaffected by the upgrade works that will transform the station into a key City Rail Link hub.
“It is also just over 500m from the Southern Motorway onramp, providing excellent accessibility to the wider Auckland region.
“The Uptown retail precinct is about 300m to the northwest, providing a number of cafes, restaurants and bars.
“The property is also a five-minute drive from Auckland’s CBD and only a 10- to 15-minute walk from either Mt Eden village or Newmarket.”
It can be accessed by either Nugent Street or Boston Road, with an additional right of way over the neighbouring property at 57 Nugent Street to the north.
There are 27 sealed outdoor car parks in total, with customer parks accessed off Nugent Street and staff parking off Boston Road.
The property comprises a 1960s-era commercial building providing 926sq m of net space over two levels. It was constructed during the 1960s for the current vendor’s father and has not left family ownership since.
The 488sq m lower level provides a combination of workshop, warehousing and storage space. Two roller doors offer vehicle access from Boston Road.
The 439sq m upper level provides 292sq m of showroom space and 146sq m of offices and amenities.
An initial seismic assessment, completed in 2019, concluded the building meets 90 per cent of the National Building Standard, which is considered an A-grade result.
The standalone billboard sits on the southern boundary of the site, immediately adjacent to the roundabout. It provides three static image faces of 3m by 6m, each with independent lighting.
The billboard is on a five-year lease to J C Decaux which returns $30,445 in net annual rent. The lease expires in July 2023 with no rights of renewal.
Neighbouring sites along Boston Road and Grafton Road provide a variety of light industrial warehouses, office blocks, showroom retail and apartments.
