A prominently positioned multi-use building in the rapidly growing suburb of Point Chevalier is sure to pique the interest of a wide variety of prospective purchasers looking for a property with plenty of upside.
1176-1182 Great North Road, Point Chevalier features approximately 416sq m of total floor area spread across two levels, including circa 330sq m of retail space and an 86sq m apartment. The property sits on a 525sq m freehold site that is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
The property comes with vacant possession and the retail tenancy spans the entire ground floor and is currently fitted out as a restaurant with a sizeable commercial kitchen. The generous 12m street frontage delivers a new retail or hospitality occupier substantial opportunity to service the local affluent Point Chevalier clientele.
With separate access, the first floor of the building includes an apartment, which is made up of two spacious bedrooms, an office or single bedroom, 1.5 bathrooms, and a sunroom on the northern frontage.
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At the rear of the property, a sizeable concrete yard leads to a decked outdoor area most recently used for alfresco dining, while the property backs on to a service lane providing further convenience for occupants. The generous size of the rear yard offers an opportunity for expansion of the outdoor amenity.
Colliers Brokers Tony Allsop, Jonathan Lynch, and Matt Plowman have been exclusively appointed to market the property for sale by auction to be held at Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland and online via Auctions Live at 11am on Wednesday 8 June, unless sold prior.
Allsop, Director of Investment Sales at Colliers, says the property offers boundless opportunity for the new owner to make their mark and help shape the inevitable redevelopment of the Point Chevalier town centre.
“Located toward the eastern end of the village, the building sits directly across the road from the most recent property to undergo significant commercial development within the retail precinct and given the north-facing aspect, the subject site is extremely well-positioned,” Allsop says.
“With vacant possession available, the new owner may choose to begin trading immediately from the property, while the apartment offers another leasing option or may serve as accommodation for the buyer.
“Investors may tenant both the retail business and apartment, while strategically planning their future moves for a property that is underdeveloped considering its zoning.”
Lynch, Associate Director of Investment Sales at Colliers, says Point Chevalier is an area of Auckland that has experienced extensive growth recently, providing a sizeable residential catchment.
“The area shapes as an affordable location for purchasers in comparison to other city fringe suburbs, making this property highly appealing to a wide range of buyers,” Lynch says.
“The strategic location of this property means it is well-serviced by local bus routes, while providing convenient access to the nearby motorway network with a major interchange only 1.5km away.”
Plowman, Investment Sales Broker at Colliers, says there’s great potential for a purchaser to divide the ground floor into two tenancies.
“The service lane at the rear of the property effectively creates dual street frontage. With the large retail footprint, the ground floor may be divided into two tenancies – one fronting Great North Road and one facing toward the Auckland Council car park at the rear of the property,” Plowman says.
- Article supplied by Colliers
