Act swiftly to secure Fleet St properties
Two adjoining city fringe sites, forming a combined 678 sq m with holding income and major redevelopment potential, are for sale in Auckland’s suburb hotspot of Eden Terrace.
The properties at 11 and 13 Fleet St,
341 sq m and 338 sq m respectively, provide prospective purchasers plenty of options for a passive investment, future development or land banking with holding income.
Colliers are marketing the properties via deadline private treaty closing at 4pm on 24 June unless sold prior.
Jonathan Lynch, associate director of investment sales, who is marketing the properties alongside colleague Hamish Paterson, says this is an outstanding opportunity in a market starved of redevelopment sites.
Lynch notes the property is underpinned by favourable Business Mixed-Use zoning under the Auckland Unitary Plan and is in a superb growth location, lending it to many future uses.
“The site's zoning allows for development of up to 18m with a range of uses, including commercial, residential, retail or a mix of these.
“Currently, 11 Fleet St comprises a fully refurbished two-level 120 sq m character villa constructed in the
1890s and split into two residential flats currently returning about $50,000 pa. The flats comprise a twobedroom premises on the ground level and a single bedroom with study at the basement level.
“13 Fleet St adjoins the property on the southern side and is predominantly a vacant site, a rarity in the area.
“Both sites are essentially rectangular in shape with each offering 10m frontage to Fleet St and a depth of 34m. The contour of the land is falling from the north of the site and levels out towards the south. All city services seem to be reticulated to the property and there are also 10 carparks onsite.”
Paterson points out the properties’ location and position are compelling reasons why this is such an attractive investment option.
“11 and 13 Fleet St are located in the mixed-use zoned, growth area of Eden Terrace. The properties are situated immediately opposite Basque Park and the surrounding buildings in the area are multi-unit apartments, mixed-use office and several light industrial buildings.
“There has been particularly strong demand for new terrace housing and apartments in the area, given the proximity to the Mt Eden train station, currently under construction as part of the City Rail Link and Western Line redevelopment,” Paterson says.