A completely overhauled freehold property in a premium city fringe location has been placed on the market for sale by deadline private treaty, closing December 11.
Built in 1971 as a warehouse, 383 Great North Road in Grey Lynn was comprehensively refurbished in September this year with a modern and high-quality fitout comprising two levels of residential accommodation, offices, and common areas.
The standalone building delivers 706sqm of total floor area sitting on a parcel of land extending around 430sqm and is fully leased.
In its new guise, the building includes a front split-level open space showroom, two separate side offices, communal areas, and 19 bedrooms in total all with en suites.
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The freehold site is a rectangular shaped parcel with frontage to Great North Road of approximately 12.2m with an average depth of 35.2m and a virtually flat contour.
JLL agent Jason Armstrong says the opportunity really is the perfect definition of a ‘passive’ investment with a solid income now and beyond.
“Single tenanted and on a brand-new lease, this property returns approximately $383,000 net per annum and is occupied by one of New Zealand’s largest nation-wide charitable organisations, well supported by the government,” says Armstrong.
“Further, opportunities like this to secure a freehold property within a substantial growth area are rare, providing the fundamentals for a hands-off and secure investment.”
The property’s Terrace Housing and Apartment Buildings zoning also opens the door high-density residential development.
JLL Agent Alex Wefers says the property is in an enviable location on the northern side of Grey Lynn’s highest ridgeline.
“It’s in the immediate neighbourhood of the acclaimed Dylan apartment building and the Grey Lynn village with its cafes and amenities, and directly opposite the imminent residential development The Hadlow,” says Wefers.
“With a bus stop right in front of the building, the location has regular public transport links connecting Auckland City with the western suburbs and is in close proximity to the vibrant areas of Ponsonby and the city centre in addition to all motorway interchanges.”
