Options to move in, move up in Mt Eden
A highly visible property in the Auckland city-fringe suburb of Mt Eden that is perfectly positioned for a major development or for owneroccupiers is for sale.
581 Mt Eden Rd is home to a
398sq m character dwelling constructed in the 1910s and repurposed for commercial use. The total landholding is 1457sq m and it is zoned Residential–Mixed Housing Urban.
The property is occupied by Asthma NZ and the lease provides $48,000 plus GST in net annual rental income.
There is a 12-month termination clause in place, meaning this asset will provide the new owner with holding income while they plan future moves.
As well as street exposure to Mt Eden Rd, the property has dual access points for added convenience.
Mt Eden Village, which offers a wide array of hospitality options, is in walking distance. There are green spaces and other amenities nearby.
The property sits in the “double grammar zone” and Auckland’s CBD can be reached in under 15 minutes.
Colliers directors Ben Jamieson, Gawan Bakshi and David Burley are marketing the property via deadline private treaty closing 2pm, Tuesday
May 21, unless sold prior.
The dwelling has undergone subsequent extensions at the rear and basement levels. The site includes 11 open carparks at the front and rear.
The premises consists of partitioned offices, an open-plan space and additional areas. The partitioned offices feature carpeted or laminate flooring with heat pumps.
Auckland’s Residential–Mixed Housing Urban Zone is a reasonably high-intensity zone enabling a greater intensity of development than previously. Over time, the appearance of neighbourhoods in this zone will change with development typically up to three storeys including detached dwellings, terrace housing and lowrise apartments.
Jamieson says the favourable zoning means development could maximise use of the site. “There is potential for three dwellings to be built on the subject site, which creates the opportunity for a notable development.”
Bakshi says Mt Eden is soughtafter due to its bustling hospitality scene, strategic location and transport connections while Burley says owner-occupiers will also recognise the potential on offer.