Mixed- use development in Epsom
A freehold investment property at the intersection of Market Rd and Great South Rd, Epsom is being marketed by JLL.
Agents Jason Armstrong and Jarred Hill are marketing the city fringe property through expressions of interest, closing March 25.
“This 718sq m office building at 97 Great South Rd was built in the 1980s and is on the market for the first time in 20 years. It is on a 1053sqm site with covered parking beneath the building,” Armstrong says.
The tenants are Today Software and Christian Healthcare paying a combined net rental of $ 175,000 pa, with both leases expiring at the beginning of 2020.
“There are multiple income streams in place but in the longer term this could be a development opportunity,” HIll says. “The site i s zoned for Mixed Use, which typically means up to four storeys or 18m, comprising options such as a retail and apartment mix,” Hill says. “This is a proven location. “It is just moments away from the Market Rd off- ramps and t wo minutes’ drive to the onramps at Greenlane. It’s a 6km drive to the CBD or 16km to the airport and five minutes’ walk from the Remuera train station,” Hill says.
“As well as being of interest to developers, this property could be of interest to owner- occupiers or add- value investors,” Armstrong says. “Some of Auckland’s best schools are within five to 10 minutes’ drive, which could make for a very easy commute for a local person with children at St Cuthberts, Dilworth, Epsom Girls or Auckland Grammar.
“And of course, all of the shopping, dining and entertainment options in Newmarket are just five minutes away, cementing the opportunity as a true live- work proposition as Auckland continues to transform itself.”
JLL notes that the city fringe i s proving popular with investors who see its potential as Auckland develops.
“The Mixed Use zones that the Unitary Plan allows around centres and along high frequency public transport routes, make it a lot easier for a variety of residential and commercial developments to happen,” Hill says.
“Auckland Transport’s investment in public transport is going to make travelling between city fringe suburbs and the CBD that much easier.
“When the City Rail Link opens, travel times for train users will improve across Auckland. You will be able to catch a train from Remuera Station to the new Aotea Station and the journey will only take 10 minutes.
“The city fringe offers an affordable alternative to the CBD, which is becoming more and more accessible as Auckland’s transport system improves,” he says.