A three-level mixed-purpose building with commercial and residential space in the sought-after Auckland suburb of Glendowie is being offered to the market for sale and presents buyers with the opportunity to acquire a versatile asset.
Sitting within a corner block of shops at 237 West Tamaki Road, the property has 434sq m of total building area on a 204sq m freehold site. The property is zoned Business – Neighbourhood Centre Zone under the Auckland Unitary Plan.
Stylishly refurbished in recent years, the open plan ground floor is currently configured for commercial use and would be suitable for retail or office purposes.
The first and second floors comprise a four-bedroom, three-bathroom apartment that has been finished to an exceptionally high standard with a contemporary design and high-quality fixtures throughout.
Start your property search
The layout of the property means it could serve as a home and income proposition or a split-risk investment suggesting there are a range of buyers that will have an interest in this offering.
Glendowie’s rapidly improving connectivity has made it a desirable location that has seen significant value growth in recent years.
Colliers Brokers Logan Roach and Ben Jamieson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 12 December, unless sold prior.
Originally constructed in the 1960s, all areas of the property have been recently reclad and refurbished with the final works signed off in April 2021.
Some of the improvements included polished floors and a new kitchen and toilets, while work was also completed on the balconies, roof, workshop, and laundry.
The 53sq m commercial area on the ground floor includes a roller door at the rear, which is privately accessed via Taniwha Street, along with a self-contained bathroom.
The residential space offers private access and includes two balcony/deck areas, perfect for outdoor entertaining or simply enjoying the stunning views out to Rangitoto Island.
Roach, Investment Sales Broker at Colliers, says the property will hold appeal as a valuable asset with long-term potential.
“Finding home and income opportunities such as this one are incredibly scarce but the new owner has the chance to live in the apartment and lease the ground level to generate a steady rental stream,” Roach says.
“There is also the potential for an investor to purchase the asset and lease the whole property and a market appraisal from Colliers suggests the property could generate approximately $90,000 plus GST per year in rental income.”
Glendowie is a tightly held location making this offering particularly rare. The subject property is located near some of Auckland’s top education facilities, including Sacred Heart College and Glendowie School.
Popular shopping centre Sylvia Park is only 11km away, while the motorway network is less than 10km away. There are public transport options nearby with bus routes servicing the suburb.
Jamieson, Associate Director of Investment Sales at Colliers, says the property’s exceptional fit-out, rentability, and commanding location provide flexible solutions for any purchaser.
“Being situated in a block of local shops means there’s a collection of amenities on the doorstep,” Jamieson says.
“This offering is something that discerning investors should seriously consider.”
- Supplied by Colliers
