New Lynn property with many options
large property near the LynnMall shopping centre is for sale, along with concept plans for a 21- level apartment development.
The 2697sq m site with a 1857sq m building — at 3047 Great North Rd New Lynn — i s being marketed by Michael Block and Damian Stephen of Bayleys North Shore Commercial in conjunction with James Chan of Bayleys’ International Division.
Featured in Bayleys’ Total Property portfolio, the property is for sale by tender, closing on March 9, unless sold earlier by negotiation.
Block says the property will provide initial rental income of about $ 489,000 pa.
The ground floor space is leased to HealthPost Ltd, an online supplier of more than 4000 natural health products and supplements — HealthPost will take over space previously occupied by Westpac on April 1 — and Idea Services, which is part of IHC.
Just over 500sq m of the property’s upper level houses the New Zealand head office of the SPCA.
The vendor i s offering a rental guarantee over the remaining 334sq m of space at an initial annual rental of $ 80,000 net. “The owner is negotiable on that lease term, or would be happy to offer this space with vacant possession should it be of interest to an owner- occupier,” says Block
The freestanding building was developed in the mid- 1990s, having secure underground parking for 48 vehicles, and 14 uncovered on- site carparks.
Block says it has a seismic assessment of 71 per cent of New Building Standard ( NBS), internal air conditioning, separate amenities on each floor and two stairwells to the front and rear of the building.
Stephen says the parapets and roof offer excellent signage exposure to busy Great North Rd and the property benefits from dual frontage and access to and from Delta Ave.
The office leases range from twoto- five years, with Vodafone having had a telecommunications equipment lease since 1997.
Stephen says with a 72.5m height limit ( set under the new Auckland Unitary Plan’s Business- Metropolitan Centre zone), there’s abundant scope for future development.
Leuschke Group Architects has prepared concept plans showing potential to create a 21- floor redevelopment of two towers, comprising up to 312 units, with lower level commercial space.
Stephen says a resource consent application has been lodged and ( regarding this) preliminary discussions with the council have been positive.
Tenders requiring the vendor to secure the necessary consents in advance will be considered.
“This scheme illustrates the large development opportunity this site provides. However, it is only one of many options the new owner could pursue. These include retaining, or possibly adding to, the existing building,” he says.
Chan says the property’s development potential i s enhanced by its strong location in the heart of New Lynn town centre, adjacent to the recently revamped and expanded LynnMall.
The property is directly opposite one of the anchor tenancies, a Countdown supermarket and its large adjoining customer parking area.
It’s an easy walk to the train station.
Chan points out Auckland Council is keen to encourage more intensive mixed use development, combining commercial, residential and community activities around major transport hubs such as New Lynn.
The nearby Merchant Quarter development features a 10- storey residential building tower containing 110 apartments and stage two — encompassing a five storey apartment building on the roof of Auckland Council's car park — is reported to have been sold out off the plans.
The Merchant Quarter development has also included 7000sq m of commercial and retail space and a main street upgrade. A 700sq mtwo level commercial office building on a freehold 1070sq m property at 108 Mt Eden Rd, Auckland, has been sold for $ 4.55 million by Jonathan Lynch of Colliers International. The sale representing a land and buildings rate of $ 4,252/ sq m. A 490sq msite in two titles zoned Mixed Use ( 18m height limit) on the corner of Scotland St and 44 Ireland St, Freemans Bay, with two adjoining office buildings totalling 282sq mhas sold for $ 3,180,000 at a 2 per cent yield ( land value of $ 6,490 sq m) through Paul Prouse, Ranjan Unka, Bayleys North Shore Commercial and Stephen Scott, Bayleys Auckland. The property is near New World supermarket. A 2324sq moffice/ warehouse facility on a freehold 4960sqm freehold property at 132 Portage Rd, Otahuhu, has been sold for $ 4.5 million by Hamish West, Ben Herlihy, Andrew Hooper and Matt Prentice of Colliers International. The sale price represented a yield of 6.5 per cent. A 1019sq mcommercial building on a 1533sq msite at 230 Great South Rd Papatoetoe, leased to two health care service providers until 2020, has sold for $ 3,450,00 at 6.01 per cent yield through Tony Chaudhary, Amy Weng and Janak Darji, Bayleys South Auckland. A 464sq mcommercial building on a freehold 716sq mproperty at 7 Edgerley Ave, Newmarket, has been sold for $ 3.45 million by Jonathan Lynch and Simon Child of Colliers International. The sale represents a land and buildings rate of $ 4,818/ sq m.