A freehold property on Auckland’s diverse Dominion Road is for sale with vacant possession and favourable mixed-use zoning, providing multiple options to add value.
The 510sq m property at 635-639 Dominion Road, Mt Eden has been the longstanding home of the popular Zap Thai restaurant.
It spans three freehold titles with Business Local Centre zoning, allowing for a range of uses up to 13m in height.
Colliers has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 10 March, unless it is sold earlier.
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Investment Sales Broker Ned Gow says it is an opportunity to acquire a well-positioned property on one of Auckland’s most popular and diverse streets.
“This high-profile property boasts 15m of frontage to Dominion Road, providing significant exposure to a high daily count of vehicle and foot traffic.
“An owner-occupier seeking a ‘ready to go’ restaurant space will appreciate the property’s large dining areas and fully functional kitchen.
“The property will also appeal to investors or developers looking to add value through refurbishment, leasing to sell down, or a site-wide redevelopment.
“The zoning and generous land size provide for multiple development options, including retail, residential, commercial or a mix of these.
“There has been an array of similar developments on surrounding sites, which highlights the property’s potential.
“Whether you’re looking to occupy or add value, the strategic city fringe location and generous zoning add up to an outstanding offering.”
Gawan Bakshi, Investment Sale Broker at Colliers, says the property is located within a precinct of Dominion Road that is well known for its hugely popular Asian eateries.
“Dominion Road is often referred to as the ‘World within a Street’ due to the unrivalled ethnic diversity of its people, shops and eateries.
“It has been identified as a strategic growth area, with multiple apartment buildings under construction and light rail in the pipeline.
“Dominion Road has long been a major arterial route that traverses the suburbs of Mt Eden, Balmoral and Mt Roskill over its 7.3km length, within a 10-minute off-peak drive of Auckland’s CBD.
“It benefits from a large residential catchment, numerous public transport routes, and diverse shopping and dining options – all of which have resulted low vacancy and high investor demand.
“The area is home to young professionals along with established families of differing backgrounds, creating a dynamic array of customers.
“There is always high demand for good quality retail options, as well as a steady need for new housing due to ongoing undersupply.”
The property for sale comprises three titles on a flat, regular parcel of land with 15m of frontage and a depth of 34m.
It was originally developed in the 1910s as a single-storey strip of three shops, with a combined floor area of 209sq m.
All three shops provide direct access to a communal rear yard that enjoys all day sun.
Two of the original shops have been combined to create an expanded restaurant space, while the third has been converted to residential.
The title at 635 Dominion Road comprises 172sq of land with a one-bedroom residence that includes a living room and storage area.
The titles at 637 and 639 Dominion Road are each situated on 169sq m of land. The first contains a restaurant dining area, while the second comprises a dining area and kitchen.
The current owner has undertaken strengthening works on the property, including enhanced bracing and steel portals embedded into concrete footings.
An independent engineering assessment by Terra Consultants found the building now has a 67 per cent NBS seismic rating.
