A highly visible property in the Auckland city fringe suburb of Mount Eden that is perfectly positioned for a major development or may draw the attention of owner-occupiers is available for purchase.
Located at 581 Mount Eden Road, the property is currently home to a 398sq m character dwelling that was constructed in the 1910s and has been repurposed for commercial use. The total landholding is 1,457sq m and it is zoned Residential – Mixed Housing Urban Zone under the Auckland Unitary Plan.
The property is occupied by Asthma New Zealand and their lease provides $48,000 plus GST in net annual rental income.
There is a 12-month termination clause in place meaning this asset will provide the new owner with holding income while they strategically plan their future moves.
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As well as street exposure to Mount Eden Road, the property also has dual access points for added convenience.
Mount Eden Village, which offers residents and visitors a wide array of hospitality options, is in walking distance.
There are also green spaces and other amenities nearby.
The property sits in the sought-after double grammar zone and Auckland’s CBD can be reached in under 15 minutes.
Colliers Directors Ben Jamieson, Gawan Bakshi, and David Burley have been exclusively appointed to market the property for sale via deadline private treaty closing at 2pm on Tuesday 21 May, unless sold prior.
Following its original construction, the dwelling has undergone subsequent extensions at the rear and basement levels.
Additionally, the site includes 11 open car parks, both at the front and rear.
The premises consists of partitioned offices, an open plan space, and additional areas.
The partitioned offices feature carpeted or laminate flooring with heat pumps.
As per the Auckland Unitary Plan, the Residential – Mixed Housing Urban Zone is a reasonably high-intensity zone enabling a greater intensity of development than previously provided for.
Over time, the appearance of neighbourhoods within this zone will change, with development typically up to three storeys in a variety of sizes and forms, including detached dwellings, terrace housing, and low-rise apartments.
This supports increasing the capacity and choice of housing within neighbourhoods as well as promoting walkable neighbourhoods, fostering a sense of community, and increasing the vitality of centres.
Jamieson, Associate Director of Investment Sales at Colliers, says the favourable zoning of the property means a development could maximise the usage of the site.
“There is potential for three dwellings to be built on the subject site, which creates the opportunity for a notable development,” Jamieson says.
“Given the location of the property with the Mount Eden Village nearby and the appeal of the double grammar zone, we expect developers to seriously consider this property for their future plans.”
Bakshi, Associate Director of Investment Sales at Colliers, says Mount Eden is a sought-after suburb due to its bustling local hospitality scene, strategic location, and excellent transport connections.
“The suburb is one of Auckland’s most vibrant and is also well-known for its recreational opportunities,” Bakshi says.
“Mount Eden is tightly held among investors with few transactions taking place, highlighting how scarce this specific offering is.”
Burley, Auckland Director of Investment Sales at Colliers, says while the development angle will attract interest among buyers, owner-occupiers will also recognise the potential on offer.
“With holding income in place from the existing tenant, there are commercial operators who may choose to enjoy the rental stream before utilising the property for their own business endeavours,” Burley says.
“The way the property has been configured means it would be suitable for a number of different businesses and the convenience of on-site car parking and its city fringe location will be attractive to buyers.”
- Supplied by Colliers
