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Multi-tenanted city fringe site has buyers charged up

A multi-tenanted commercial property ripe for intensive redevelopment has gone up for sale on a prominent site on Auckland’s city fringe.

The freehold site on Great North Road, Grey Lynn, is fully leased to a specialist car battery supplier, a popular donut shop, and a construction firm behind numerous city residential and commercial projects.

The leases to Brouder Batteries, Doe Donuts and a local construction company return a combined net rental income of $70,000 plus outgoings and GST per annum.

Flexible lease terms provide options for add-value investors and occupiers.

Development-friendly zoning also gives the site considerable future potential for an intensive residential project on a fast-developing city fringe “boulevard” which is sprouting numerous high-end apartment projects.

The freehold land and buildings at 356 Great North Road, Grey Lynn, Auckland, are being marketed for sale through James Were of Bayleys Auckland Central.

The site will be sold by way of a tender closing on Tuesday 20 June, unless it is sold earlier.

The property encompasses three tenancies on some 400 square metres of fee simple land.

Brouder Batteries and Doe Donuts’ retail premises benefit from prominent frontage and exposure to busy traffic along arterial Great North Road.

A third tenancy, occupied by a construction company, sits to the rear with access from Cooper Street and provides excellent storage and yard space.

The site for sale sits within the Residential – Terrace Housing and Apartment Buildings zone under Auckland’s unitary plan, which encourages residential intensification.

This designation provides for the greatest density, height and scale of development of all the city’s residential zones – with buildings enabled up to 16 metres, or between five and six levels.

Were said the Great North Road site was underdeveloped given its zoning and location.

“As a north-facing city fringe property fronting a key arterial into central Auckland, with additional rear access, this site will be eyed closely by developers.

“Directly across Great North Road, Elgin Street provides a protected view shaft to the north, adding further to the site’s appeal for any future development.

“The wider area’s development potential is plain to see in the proliferation of boutique apartment projects nearby. Commercial developments including a new Bunnings and Countdown supermarket have followed to keep pace with this growing neighbourhood,” Were said.

Modern residential developments in the area include North and Crest Apartments, The Turing and Ockham’s The Greenhouse apartments.

Were said the CBD-fringe stretch of Great North Road was increasingly in demand.

“The proximity to the CBD, other city-fringe suburbs and major transport links, coupled with intensive zoning, is likely to drive continued growth in this fast-evolving boulevard-style precinct, both residentially and commercially.

“Within walking distance are the lively hospitality and shopping strips along Ponsonby and Karangahape roads. Handy motorway access and excellent public transport services make this an excellent base for getting around Auckland,” Were said.

Click here for more information on the listing.

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