A multi-storey property in the sought-after Auckland city fringe suburb of Eden Terrace is available for purchase with vacant possession and will be highly appealing for owner-occupiers, investors, and developers.
31 Randolph Street, Eden Terrace has 476sq m of total net lettable area on a 278sq m freehold site that is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
The highly visible property is a two-storey converted industrial building featuring a warehouse/workshop area and office space on the ground floor, with character residential or office accommodation above.
It has the potential to be split into two separate tenancies to provide home and income, or the room to live and work.
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The building also features two separate and fully secure garages offering two and three car garaging, respectively, which could suit a range of businesses, or provide space for all of the toys.
Prospective buyers have the flexibility to either utilise the existing configuration or pursue further enhancements tailored to their specific requirements.
Nestled just off Newton Road, the property enjoys a strategic corner location near a key arterial route that connects the suburb to Auckland’s CBD.
The surrounding area boasts a diverse blend of commercial and residential properties and Eden Terrace is rapidly emerging as a desirable place to live and work and features some of the most prestigious multi-storey developments in Auckland.
Access to the motorway is a short drive away with popular Auckland suburbs Grey Lynn, Ponsonby, and Newmarket all easily reached.
When the City Rail Link is completed and operational, the nearby Maungawhau railway station in Mount Eden will be a major drawcard, adding to the accessibility of the suburb.
Colliers Associate Directors Ben Jamieson and Ned Gow have been exclusively appointed to market the property for sale via auction to be held at Colliers, Level 23, HSBC Tower, 188 Quay Street, Auckland at 11am on Thursday 25 July, unless sold prior.
The ground floor provides approximately 212sq m of workshop, office, and storage space.
Refurbished in the 2000s, the upper floor features a modern residential suite occupying approximately 233sq m of net lettable area with a further 31sq m of loading dock and garage space.
The area is well partitioned with an open plan kitchen and living space, which allows for natural light. This level is well presented, with polished concrete flooring, exposed steel bracing, plasterboard linings, and suspended lighting.
Jamieson, Associate Director of Investment Sales at Colliers, says there are multiple options available to buyers given the functionality of the property.
“Owner-occupiers will be drawn to the opportunity to secure their own premises to trade from and not be bound to a future lease,” Jamieson says.
“Alternatively, someone may choose to purchase the property and lease it accordingly.
“Looking ahead, development opportunities are also abundant given its zoning and sought-after location that benefits from crucial transport infrastructure and surrounding amenities.”
The site is zoned Business – Mixed Use Zone which typically allows a building height of 18m. However, there is a height variation control which allows construction up to 32.5m at the subject property.
This zone accommodates a broad variety of uses, including residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.
Gow, Associate Director of Investment Sales at Colliers, says a property with this type of growth potential in a tightly held location will catch the eye of buyers.
“There are a number of ways someone could use this asset in the future and we foresee strong interest from prospective purchasers who will covet the property’s versatility and considerable long-term upside,” Gow says.
- Supplied by Colliers
