Grey Lynn warehouse teeming with investment options
A freehold site with endless options in one of Auckland’s most sought-after city fringe locations is on the market for sale.
5 Waima Street is placed on a corner site with two street frontages within the affluent suburb of Grey Lynn. The 1970s warehouse offers immediate opportunity has since been repurposed to a character office space offering a total floor area of
573.5sqm that includes a mezzanine. The 685sqm freehold site is a rectangular shaped parcel with frontage to Waima Street of approximately 20.45 metres and extending back in depth of 33.558 metres along Monmouth Street. In contour, the site has a cross fall in a southerly direction, allowing an outlook over and towards Mount Eden.
The building has been owned and occupied by single tenant Flux Animation Studio since 2005, a company that is seeking a new premises to align with their evolving business model. A short-term leaseback or longer settlement is available, opening options for a new space, a new owner, and indeed a new occupant/s.
JLL Brokers Jason Armstrong and Alex Wefers are marketing the property for sale by way of deadline private treaty closing Thursday 4 March 2021 at 4:00 pm.
“Opportunities to secure properties like this within a substantial growth area and in close proximity to Ponsonby and the CBD seldom come available. The neighbourhood has been of significant interest to developers in recent years,” says Armstrong.
“Across the road at 406 – 428 Great North Road, the Hadlow development is currently being marketed. It has resource consent granted for 102 town houses and 12 apartments. Further up the road, a proposed development has resource consent for 84 apartments. Whilst the timeframes are not confirmed yet, both these proposed developments, amongst others in the pipeline, show a strong indication of the change in the neighbourhood.”
Wefers says the property’s unique selling point is the options it offers in an extremely tightly-held area. “This opportunity is just off Great North
Road, the main arterial road extending from the southern periphery of the Auckland central city through to the western suburbs,” he says.
“This is an exciting proposition for owner-occupiers, add-value investors, and developers alike as options for this space include multiple tenancy residential accommodation, shared office, collaborative space, warehousing, or redevelopment up to 18 metres in height to what would be an unobstructed view of Mt Eden.”