A prominently positioned mixed-use property in the vibrant city fringe suburb of Mount Eden in Auckland presents buyers of all kinds with the opportunity to acquire a blue-chip asset on a large-scale landholding with development potential and long-term upside.
Boasting approximately 100m of street frontage, 496-510 Mount Eden Road is split into two properties and is spread across five titles with a total of 3,506sq m of freehold land.
The property is home to multiple high-profile tenants, anchored by internationally renowned service station Mobil that includes a Dunkin’ Donuts store, as well as two automotive tenancies, a construction sector occupant, Indian restaurant, and two residential units.
With expansive elevated views, multiple access points, and a prime corner position in the Double Grammar Zone, this property is the definition of a prime offering. The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
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The weighted average lease term across the various tenancies is 4.6 years and the property provides $790,836 plus GST in passing rental income per annum. The existing lease agreements also include CPI or market reviews that are due for renewal on 1 January 2024.
Colliers Directors David Burley, Kris Ongley, and Shoneet Chand have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 21 June, unless sold prior.
496-504 Mount Eden Road spans 2,952sq m and offers 877sq m of total lettable area with Mobil fronting Mount Eden Road. The three basement workshop units are occupied by Midas, Salute Construction, and Eden Tyres. There are a total of 44 on-site car parks.
The workshop units have premium fit-outs that include ducted air, toilets, showers, and lunchroom facilities and can be accessed via a circular driveway that wraps around the property.
510 Mount Eden Road (the adjoining property) has 406sq m of lettable area on a 554sq m site with popular restaurant Indian Lounge occupying the road frontage. The restaurant adds a dynamic edge to the property and sits above two two-bedroom lower-level luxury residential units that were renovated in 2018 and offer quality and modern living spaces.
Managed and meticulously maintained for the past 38 years by the same owners, this property offers buyers the chance to secure a stake in Mount Eden with one of the largest commercial sites in the suburb.
Burley, Auckland Director of Investment Sales at Colliers, says the potential of this property lies in its significant future development possibilities underpinned by favourable Mixed Use zoning.
“The zoning permits a wide range of commercial and residential activities. This zone is intended to provide a balance between business and residential uses, with an emphasis on creating vibrant and diverse communities that are attractive to both residents and visitors,” Burley says.
“The split-risk tenancy mix also provides a strong rental stream meaning the new owners will be able to strategically plan their future moves for the property. The rental income is projected to grow to approximately $892,784 plus GST per annum from 1 January. ”
- Article supplied by Colliers
