A versatile building combining offices and a high-stud warehouse, along with intensive residential and commercial development potential, is up for sale on a prominent city-fringe site.
The freehold stand-alone property on Great North Road, in Auckland’s Grey Lynn, is configured with two tenancies, presenting flexible options for owner-occupiers and add-value investors.
A ground-floor office and warehouse tenancy of over 800 square metres is occupied by a leading Australasian raw materials supplier.
It generates a net rental return of $270,000 plus outgoings and GST per annum, with final lease expiry opening the way for new occupiers at the end of this October. A second, more than 580-square-metre tenancy is vacant.
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Intensive Mixed Use zoning, and exposure to some of central Auckland’s heaviest traffic flows on one of the last remaining corner development sites along the city end of arterial Great North Road, will heighten the property’s appeal among developers and land-bankers.
The freehold land and building at 137 Great North Road, Grey Lynn, Auckland, are being offered for sale through James Were and Phil Haydock of Bayleys Auckland Central.
Sale is by way of a tender closing on Tuesday 8 August, unless the site is sold earlier.
Were said the property consisted of an approximately 1,400-square-metre building on some 987 square metres of freehold land, with 34 on-site car parks.
“The prominent 1980s building offers two levels of office accommodation, a high-stud warehouse and excellent on-site car parking, giving it fantastic versatility that will suit a wide range of businesses,” Were said.
A lift and stairwell connect the levels and there are separate male and female bathrooms on each floor. A shower and bathroom is also located in the warehouse.
The site is accessible to pedestrians from Great North Road, while vehicle access is via Scanlan Street.
“The premises are part-leased to the ground-floor tenant, providing a holding income until October, while a first-floor office tenancy of some 585 square metres, previously occupied by an aviation firm, is currently vacant,” Were said.
The site sits within the flexible and sought-after Business – Mixed Use zone under Auckland’s unitary plan.
“This allows for intensive development to a height of 18 metres at this site – for uses ranging from offices, retail and residential to visitor accommodation,” said Were.
Haydock said the property’s strategic location moments from Ponsonby, the CBD and motorway interchanges enhanced its appeal for both employees and customers of commercial occupiers.
“Maximising the desirability of any future residential development, the site offers panoramic sea views to the northwest, along with views back towards Mt Eden,” Haydock said.
Modern residential developments in the neighbourhood include North and Crest Apartments, The Turing and, nearing completion, Ockham’s The Greenhouse apartments.
A new Bunnings Warehouse, Giltrap’s new head office and showrooms, and the Countdown supermarket on Williamson Avenue, spoke of the area’s strong appeal for commercial occupiers, while also boosting amenity for an intensifying residential population, he said.
Haydock said the CBD-fringe stretch of Great North Road was increasingly sought after.
“This fast-evolving boulevard style precinct is sprouting multiple boutique apartment blocks and high-end retail outlets and is home to one of Auckland’s top line-ups of prestige-brand car yards.
“Great North Road offers ease of travel between the city centre and affluent city-fringe suburbs like Ponsonby, Westmere and Kingsland.
“The vibrant hospitality and shopping strips along Ponsonby and Karangahape roads are within a short walk, while handy public transport and motorway access make this a great base for getting around the city,” Haydock said.
- Article supplied by Bayleys
