Pt Chevalier property with potential
A prominently positioned multi-use building in rapidly growing Point Chevalier is sure to pique the interest of a wide variety of purchasers looking for a property with plenty of upside.
1176-1182 Great North Rd features approximately 416sq m of total floor area spread across two levels, including about 330sq m of retail space and an 86sq m apartment. The property sits on a
525sq m freehold site zoned Business–Town Centre under the Auckland Unitary Plan and comes with vacant possession.
The retail tenancy spans the entire ground floor and is fitted out as a restaurant with a sizeable commercial kitchen. The generous 12m street frontage delivers a new retail or hospitality occupier substantial opportunity to service the local affluent clientele.
With separate access, the first floor includes an apartment, made up of two spacious bedrooms, an office or single bedroom, 1.5 bathrooms and a sunroom on the northern frontage.
At the rear of the property, a sizeable concrete yard leads to a decked outdoor area most recently used for al fresco dining, while the property backs on to a service lane providing further convenience for occupants. The generous size of the rear yard offers an opportunity for expansion of the outdoor amenity.
Colliers brokers Tony Allsop, Jonathan Lynch, and Matt Plowman have been appointed to market the property for sale by auction at Colliers, Quay St, Auckland and online via Auctions Live on Wednesday 8 June, unless sold prior.
Allsop says the property offers boundless opportunity for the new owner to make their mark and help shape the inevitable redevelopment of the Pt Chevalier town centre.
“Located toward the eastern end of the village, the building sits directly across the road from the most recent property to undergo significant commercial development within the retail precinct and given the north-facing aspect, the subject site is extremely well-positioned,” Allsop says.
“With vacant possession available, the new owner may choose to begin trading immediately from the property, while the apartment offers another leasing option or may serve as accommodation for the buyer.
“Investors may tenant both the retail business and apartment, while strategically planning their future moves for a property that is underdeveloped considering its zoning.”
Lynch says Pt Chevalier has experienced extensive growth recently, providing a sizeable residential catchment.
“The area shapes as an affordable location for purchasers in comparison to other city fringe suburbs, making this property highly appealing to a wide range of buyers,” Lynch says.
Plowman says there’s great potential for a purchaser to divide the ground floor into two tenancies.
“The service lane at the rear of the property effectively creates dual street frontage. With the large retail footprint, the ground floor may be divided into two tenancies – one fronting Great North Rd and one facing toward the Auckland Council car park at the rear of the property,” Plowman says.