Modern premises in high-profile location
Commercial premises on the ground floor of a recently developed building on Great North Rd in Grey Lynn, Auckland, are for sale, offering a wide range of opportunities for both investors and owner occupiers.
Featured in Bayley’s latest Total Property portfolio, the 337sqm ground floor commercial unit is part of a mixed-use complex at 189-197 Great North Rd, known as North Residences.
Bayleys Auckland City & Fringe brokers Phil Haydock, Dean Budd and Alan Haydock are marketing the property by tender, closing 4pm, Tuesday, April 27 unless sold prior.
Phil Haydock said the versatile, double-stud height offering provides plenty of business accommodation options and comes with six secure basement car parks.
The unit has a stud height of approximately 4.5 metres with floorto-ceiling glazing along its road frontage which provides the premises with plenty of natural light as well as excellent profile and visibility to busy Great North Rd, a main arterial route to and from the CBD.
‘‘It will have appeal to owner occupiers looking for a presence in this increasingly popular city fringe location or an investor seeking to add value by leasing up the property,’’ said Haydock.
Already in occupation in the neighbouring ground floor unit is Harvey Norman’s first Design and
Build Studio, which was sold with a new eight-year lease to Harvey Norman by Bayleys Auckland City & Fringe division for $3,600,000 + GST (if any), representing a yield of 5.1 per cent.
‘‘The remaining unit which we now have for sale would also be ideally suited to a showroom use,’’ said Haydock.
Budd said the unit can be accessed through two lots of double doors fronting Great North Rd, a shared lobby entrance or via a lift from the basement car park.
‘‘The unit could be easily split into two tenancies accessed through separate street front entrances that are already in place. This would provide a diversified cashflow for an investor and maximise the property’s rental return,’’ said Budd.
‘‘An owner could also potentially occupy part of the unit and rent out the adjoining space to help offset any mortgage costs.’’
The unit is part of a seven-level development designed by Paul Brown Architects with five upper residential levels comprising 43 apartments and townhouses, ground-floor commercial premises and basement car parking for both residential and commercial occupants accessed off Turakina St.
A Mixed-Use zoning along this part of Great North Rd, introduced under the Auckland Unitary Plan, allows for moderate to high intensity residential as well as commercial development.
‘‘The North building is one of a number of high-quality, predominantly residential developments that have sprung up along the Great North Rd ridge following the introduction of the unitary plan and which have helped rejuvenate this part of Grey Lynn,’’ said Alan Haydock.
‘‘Retail and commercial businesses are also being attracted to the area.’’