A unique opportunity to secure a multi-unit complex with future development upside has emerged in Epsom, one of Auckland’s most established city fringe suburbs.
66 Great South Road is offered to the market on the Newmarket boundary as a landbank investment with rental income and multiple future development options.
Comprising two apartment blocks, the property provides two street frontages with the entry at 66 Great South Road and the exit from Mauranui Avenue.
The total site area extends around 2243sqm with 33 carparks, while the buildings, both fully renovated in 2020 offer 35 units of accommodation with a gross floor area of around 1152sqm.
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Since its full refurbishments the property has successfully operated as Newmarket Apartments, leasing units on a short- to medium-term basis.
The complex was purpose-built for Airbnb and short-stay accommodation, and with the imminent open of the borders shows huge potential and upside in the near future.
The freehold interest in 66 Great South Road is being marketed for sale exclusively by JLL brokers Ian Hall and Tommy Zhang by expressions of interest, closing 4 pm Thursday 31 March 2022, unless sold prior.
Situated in one of the most popular residential and commercial real estate strips, 66 Great South Road sits in a strategic location zoned Business Mixed-Use within the much coveted ‘double Grammar zone’.
It is surrounded by a mixture of office buildings, apartments, houses, and amenities including restaurants, bars, cafes and the Westfield Newmarket shopping centre just a couple of kilometres away.
The property also benefits from easy walking access to several major public transport nodes including the Remuera train station and multiple bus service lines.
Hall says 66 Great South Road is being offered to the market as a freehold going concern, with several future options opening doors for developers and investors alike.
“All 35 units have been rebuilt to a high standard and are fully furnished with high-quality furniture and appliances, while a cutting-edge security system and keyless smart locks allows the business to be managed remotely if necessary,” says Hall.
“Not only does the property come equipped with a prime location and excellent real estate fundamentals, it also comes with the upside of future development potential.
“With the imminent new National Policy Statement zoning rules, there is potential for the site to be rezoned and allow up to 26 metre high developments. This is applicable for sites within a walkable catchment from the city or metro centre like Newmarket, or from an existing or planned rapid transit stop like the Newmarket and Remuera train stations. This property ticks all these boxes.”
Zhang says the property is well positioned not only today but also well into the future.
“As they stand, the buildings are in near-new condition providing consistent income with prominent profile in an affluent suburb that boasts a host of public transport options and connections to the CBD and motorway network. There are an abundance of prospects with this opportunity – it’s your choice,” says Zhang.
“The location is already a well-established living and working suburb placed within the highly desired double-grammar zoning, and is further underpinned by growing demand for live/work balance out of the city and in the surrounding suburbs, creating a genuine redevelopment potential for further apartments, hotels, mixed-use buildings and more.”
- Article supplied by JLL
