Portfolio on the doorstep of new Mt Eden station
Three adjoining properties on New North Rd, Eden Terrace near the entrance to the City Rail Link’s Mt Eden station offer a host of opportunities for owner occupiers, add value investors and developers.
Located at 44 to 52 New North Rd, next to TV3’s premises, on a combined corner site area of 870 sq m, the offering is one of the trophy listings in Bayleys’ latest Total Property portfolio.
“Undoubtedly, the City Rail Link (CRL) will be a major game changer for this location and this portfolio provides the opportunity to be a part of the next chapter of Eden Terrace’s history,” says James Were who is marketing the properties with Bayleys Auckland City & Fringe colleague Cameron Melhuish. “The massive redevelopment of nearby land that is currently underway for the construction of a new Mt Eden Station will have a huge impact on the surrounding area which these three properties are part of.”
The station will service both the existing Western Line and the CRL lines to Britomart. CRL has purchased 2.4ha of property for the CRL underground station with over 100,000 sq m of commercial and residential investment planned for the land above it. “This is of a similar scale to Britomart and a master-planned development will undoubtedly bring a huge amount of new activity and add significant further value to this location,” says Were.
Melhuish says the three neighbouring buildings on the properties provide significant versatility, with appeal to a wide range of businesses, with the added bonus of having major public transport networks at the doorstep.
He says the flexible underlying Town Centre zoning allows for a variety of commercial and residential uses up to a height limit of 18 metres, with all three properties having considerable
add value potential. Some preliminary plans have already been drawn up for potentially adding residential accommodation on top of 44 and 46-48 North Rd.
The properties are for sale by tender, closing 4pm, Wednesday, March 17. Offers can be made for the entire portfolio or for the individual properties which comprise:
44 New North Rd A vacant 324 sq m timber structure, originally built as a hall in the early 1920s, on a 324 sq m site. The 217 sq m ground level provides open plan commercial space with amenities. Further office space and a kitchenette is located on a 32 sq m mezzanine and a 74 sq m basement area has been used as workroom and storage space.
The building was recently occupied by Mediaworks Radio and is in good condition with heat pump/airconditioning units, says Were. Recent upgrades include a repaint of the exterior and reinstatement of the original stained glass windows which were found in the basement during refurbishment works.
“The main part of the premises at street level has an elegant high stud and would provide attractive character business accommodation. It benefits from plenty of natural light and because of its proximity to TV3, now owned by Discovery, would perhaps suit an owner occupier in the television or film industry or alternatively a gallery or architectural practice,” says Were.
Five car parks located on the Discovery property are available for long-term rental.
46-48 New North Rd
Another character building also dating back to the 1920s, comprising 379 sq m over three levels is located on a 293 sq m site. The Delissimo Caf has a lease over 80 sq m of ground floor accommodation until March 2022. “This very attractive space, refurbished in 2012, has exposed brick walls and timber floors internally and an outdoor terrace area which provides further customer seating,” says Were The balance of the building is vacant, including another 31 sq m retail tenancy with frontage to New North Rd, previously occupied by a florist. There is basement storage of 128 sq m plus a 120 sq m upper level previously configured into two flats. Both these floors represent an addvalue refurbishment opportunity, Were says.
The wall of the upper level has also been used for billboard advertising because of its exposure to the high volume of vehicles travelling along New North Rd. There are five stacked parking spaces at the rear of the property, with an easement over 52 New North Rd currently being registered to provide legal access.
52 New North Rd
“This high profile, underutilised corner site provides good exposure and branding opportunities, with frontage to New North Rod and Korari St,” says Melhuish.
“Korari St is one street back from the main Ruru St entrance to the new station and is likely to benefit from considerable vehicular and pedestrian traffic making its way to and from the station.”
The 268sq m site has a 172 sq m two-level office/workshop building constructed in the 1970s. An 88 sq m office tenancy accessed from Korari Street is currently generating net annual income of $40,000 plus GST on a vendor underwritten lease until 31 March 2022 with the balance of the building vacant. Seven off-street carparks are located to the side and rear of the property.