Car yards may power new development
A substantial Auckland corner site, occupied by t wo motor vehicle dealerships on Great North Rd in Grey Lynn, offers significant development potential under its Mixed- Use zoning in the Unitary Plan.
The 1810sqm site at 174- 190 Great North Rd, is for sale by tender closing May 9, and will not be sold earlier, says Mike Adams who is marketing it with Bayleys Auckland colleague Cameron Melhuish.
“The property has been owned by one of the vehicle dealerships, for over 30 years and is at the favoured eastern end of Great North Rd where land is very tightly held,” says Adams. “It’s one of the last north- facing high profile corner sites in this location which hasn’t been fully developed.
“It could appeal to an owner occupier, most likely a big brand vehicle dealership which could further develop the site, or a retailer looking for high exposure to the huge volume of vehicles that pass the site every day.
“Developers could use the favourable Business- Mixed Use zoning to undertake an intensive residential and/ or commercial development. The zoning allows for a wide range of uses up to a height of 18 metres, with the existing building providing further options.”
Featured in Bayleys’ latest Total Property portfolio, the site has a frontage of about 50m to Great North Rd and a second frontage of around 35m to Kirk St. The two dealerships occupy mainly outdoor car display areas with a shared single level building plus mezzanine of around 734sq m providing internal display areas with ancillary offices and amenities.
Corporate Cars Ltd, which imports luxury vehicles for resale, occupies half of the site on a t wo- year lease from May 2016, with one t wo- year right of renewal, which is producing net annual income of $ 100,000.
Percy Motors, a related business of the vendors, occupies the balance of the property and will take a one- year lease from settlement of the sale at the same rental of $ 100,000 per annum
“Both lease agreements have demolition clauses in them which enables them to be terminated with six months’ notification,” says Melhuish. “This will provide the purchaser with the flexibility of a sub- stantial holding income for six to 12 months while they work on their plans for the property.”
The property i s located next to Giltrap Motor’s Audi dealership. Nearby on the other side of Great North Rd, Giltrap i s breaking new ground for a car business with work nearing completion on a Warren and Mahoney designed multi- level development. This will house dealerships for luxury brands Lamborghini, Aston Martin and Bentley at street level with office floors above and two levels of car parking.
Work is also nearing completion on the North apartment complex directly across the road. Further west, Bunnings is close to opening a massive new store.
The Business — Mixed Use zoning under the part operative Auckland Unitary Plan is designed to allow a mix of compatible residential and non- residential activities. Permitted uses in addition to residential dwellings include visitor accommodation and boarding houses, retail, commercial services, entertainment facilities, healthcare and light industrial activities. Melhuish says the property is well serviced by public transport and just a short walk from Ponsonby Rd and K Rd.
“Closeness to the CBD and city fringe, good access to major transport links and the intensification of an already flexible zoning is likely to see this location continue to grow commercially and residentially.”
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