Epsom motel booked for development
A former Epsom motel, now fully leased to multiple residential tenants, has gone up for sale ripe with redevelopment possibilities for a multi-storey mixed-use complex.
The freehold property is handy to Newmarket, motorways and train stations and sits within the coveted double grammar zone for Auckland and Epsom Girls Grammar schools.
The site currently generates a total annual gross income of nearly $250,000 from 12 residential tenancies and one relocatable unit.
Along with its flexible Mixed Use zoning enabling development to a height of 18m, this is expected to maximise the site’s appeal among investors, land-bankers and developers.
The freehold land and buildings at 31 Mauranui Ave are being marketed by James Were and Cameron Melhuish of Bayleys Auckland Central.
Sale is by tender closing on Tuesday 27 September, unless sold prior.
Were said the offering comprised buildings with a combined floor area of some 517sq m on an approximately 918sq m site with 12 carparks.
“Formerly the Aberdeen Motel, this property was constructed in the early
1980s.
“It is made up of two blocks of some
285sq m and 192sq m, together containing
12 units which are a mix of studios, one-, two- and three-bedroom units plus an approximately 33sq m one-bedroom relocatable unit.
“The larger building to the north is two storeys while the southern block is constructed partly on two levels with a smaller upper level incorporating a twobedroom unit,” Were said.
Individual units generate annual gross rentals ranging from $15,340 to $28,600.
Were said the site presented around 25m of frontage to Mauranui Ave, a road linking Great South Rd and St Marks Rd.
“With intensive Business–Mixed Use zoning under Auckland’s unitary plan and an 18m building height allowance, this is a prime development site in a prestigious city-fringe location,” said Were.
Melhuish said residential development options would be supported by the property’s position within the double grammar zone and close to other prestigious schools such as Diocesan School for Girls, St Cuthberts College and Dilworth School.
“This location’s potential for upmarket, boutique apartment projects is demonstrated by new developments such as the five-storey The Vanguard complex, a few doors away on Great South Rd.
“The surrounding area is typified by a mix of larger stand-lone homes, apartment buildings, hotels and motels, high-end car dealerships and offices, along with a concentration of medical facilities around St Marks and Remuera roads.
“Newmarket and the Westfield Newmarket shopping centre are within walking distance.
“Just minutes from the Southern Motorway and Newmarket and Remuera train stations, the site also enjoys excellent transport links to the CBD and wider Auckland,” Melhuish said.