Warehouse offers much flexibility
An Auckland City Fringe warehouse with much add-value potential, including possible conversion to residential, is now for sale.
The freehold warehouse, at 33A Normanby Rd, Mt Eden, is zoned Business-Mixed Use and is soon to be vacated, giving prospective buyers maximum flexibility.
The property has a generous amount of warehouse and office space, with an A+ seismic rating and 16 car parking spaces.
Bayleys is marketing the property for sale by way of deadline private treaty, closing on March 8.
Sales agent Phil Haydock says the sharp rise in demand for inner-city warehouse space should attract not only owner-occupiers but also investors looking to add a versatile industrial property in a central location to their portfolio.
“The property’s location within Auckland Grammar School Zone will also be of interest to parties looking for a residential conversion project.
“The offering is a blank canvas. Buyers would have the option to create a modern fulfilment centre, a high-value industrial-style office, a showroom or even residential units. And the abundance of onsite parking adds to the value.”
The property, built in the 1980s, sits back from Normanby Rd in a block of similar sized units, and borders the playing fields of Auckland Boys Grammar.
Unit 33A has a 530sq m warehouse, a 91sq m workshop, 317sq m of office and 16 car parking spaces, six of which are covered. It has a registered valuation and asking price of $3,450,000.
Haydock says the central location and proximity to SH1, SH16 and Auckland CBD will drive interest.
“Mt Eden has seen solid capital growth over the last few decades. It is known for its village charm and urban flavour, boasting an array of popular shopping, dining and entertainment options, and good transport links.
“Normanby Rd is minutes from SH1 and SH16 motorway on-ramps and is just 2km from Auckland CBD. The area is set to benefit from the City Rail Link, which shorten train travel times from will provide a direct link from the CBD to the suburb, a catalyst for further growth in the area.
He says the surrounding properties are a mixture of residential, commercial conversions and retail while the area is rapidly changing from suburban to high-density. There are new apartment developments under way in the area, including Eden Green, Botanica Living Apartments and Botanica Heritage.
“City Fringe suburbs, especially those zoned for Auckland Grammar School, where house values are higher than surrounding areas — are ripe for higher density residential development, with residential demand expected to far exceed supply in Auckland for many years to come.