A two-level mixed-use commercial and residential property in a high-profile location in the heart of Grey Lynn’s main retail strip, with options for both owner-occupiers and investors, is for sale.
Originally built in the 1920s and retaining some of the Art Deco character of that era, the property at 570-574 Great North Road is located towards the Williamson Avenue end of Grey Lynn.
The building underwent refurbishment in 2014, including seismic strengthening to 67% of new building standard.
It has two retail tenancies at street level occupied by popular food outlets – a franchisee-owned Pizza Hut store and La Mexicana, a business which also has a branch in Milford on the North Shore.
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The property returns annual net income of $99,160 plus GST per annum from the established retail tenants, with both having over five years to run on their current lease terms.
Upstairs, accessed via a separate secure stairway from the street, there are two immaculately presented New York loft-style apartments with quality fixtures and fittings.
The rear apartment has two bedrooms, large open plan living and dining space, and a large deck at the rear. The front apartment has three bedrooms, along with a generous open plan living and dining area.
This tenancy has previously been used as a commercial office, and both apartments are available with vacant possession on settlement.
In total, the property offers 446sqm of lettable space and occupies a 268sqm site zoned Business-Local Centre.
Alan Haydock and Damien Bullick of Bayleys are marketing the Grey Lynn offering by tender closing 20th August, unless sold prior.
Haydock says despite incremental residential gentrification in the heritage suburb, Grey Lynn has retained its local village charm and is a sought-after city fringe location for investors and owner-occupiers.
“It’s got the best of all Auckland worlds being well-connected to motorway and arterial roading networks, close enough to the CBD for that convenience factor, but just far enough away to have a point of difference.
“It’s still an eclectic suburb with a real neighbourhood feel and the right mix of tradition and progress which is hard to find in the wider Auckland region.”
With the established food operators on the ground floor of the subject property trading well on-site and having shown their commitment to the location with long lease terms, Haydock says there are options for owner occupiers to embrace a live-work model on the upper level.
“With both apartments being available for occupation on settlement, there are a range of potential options available.
“This would allow a new owner to have a home in one apartment and operate a business from the second one, as it has successfully been utilised as an office in the past.
“Alternatively, an investor will recognise the value of the bankable tenants and favourable seismic rating, as well as the income to be unlocked by re-leasing both residential components given the high demand for quality accommodation in well-connected suburbs with strong amenity.”
Grey Lynn is well-served by public transport and is handy to motorway access and roading arterials, making it just a short drive from Ponsonby and the Auckland CBD.
Proactive developers like Ockham Residential and Conrad Properties Group have leveraged the convenient and popular city fringe location with new developments like The Greenhouse in Williamson Avenue and The Hadlow boutique terraced homes complex along Great North Road.
- Supplied by Bayleys
