Versatile building on the block
A recently refurbished character building is for sale in an increasingly popular part of central Newmarket.
Built in the 1950s for industrial use, the 566sq m building at 22 McColl St provides commercial spaces over two levels, says Cameron Meluish of Bayleys’ Auckland city and fringe division.
He is marketing the property with fellow broker Ben Wallace, and it is among over 20 commercial and industrial properties to go under the hammer on March 11 (unless sold earlier) in Bayleys’ first portfolio auction of 2020.
The property is being offered for sale with vacant possession. “This means it has appeal for a smaller business wanting their own standalone premises and looking to make a brand statement,” says Melhuish.
“A beautifully presented building with plenty of personality like this one would enable an owner occupier to do that.
“It’s also an attractive proposition for investors because there is strong tenant demand for character premises, particularly one that has been extensively renovated and has a high seismic assessment (80 per cent of New Building Standard).
“The property has been diligently maintained over recent years and various parts of the building have been upgraded.”
Recent improvements include a new roof and new air conditioning, with alarms and cameras installed and fire services brought up to code.
New glass doors and partitions have been added, along with curtains on the first floor and new carpet on the ground floor and at the rear of level one. There building has been repainted inside and out.
Melhuish says the premises offers huge versatility with potential uses including office, retail, showroom, and residential or work/live. The 306sq m upper level was previously a loft-style apartment with commercial on the 260sq m ground floor.
The building is on 375sq m of land zoned Metropolitan Centre. Wallace says this allows for a wide range of development, including commercial, leisure, high-density residential, tourism, cultural, community and civic services.
Metropolitan Centres have been identified for growth and intensification and allow for buildings up to a height of 72.5m, subject to council restrictions.
“The property is also in the double grammar zone for both Auckland Grammar and Epsom Girls schools and has excellent access to public transport which is why increasing numbers of multi-level apartment buildings have been developed in Newmarket in recent years,” Wallace says.
“The property is equidistant from two nearby train stations, Newmarket and Grafton, and a short walk away from frequent bus services along Khyber Pass Rd.”
Melhuish says 22 McColl St is part of the ‘Roxburgh Hub', an area experiencing significant growth and home to a range of businesses including the popular Maison Vauron wine store, L'Atelier du Fromage, Little & Friday and L'Affare cafes.
“It’s also close to the University of Auckland’s Newmarket Campus on Khyber Pass Rd. Located on the former 5.2ha Lion Breweries site, it will be developed over the next 30 years to create a mixed-use campus.”