Zoning moves add value to Grey Lynn property
A commercial and industrial premises on an L-shaped site with dual road access in Grey Lynn presents a flexible opportunity for investors to capitalise on the strong demand for well-located accommodation, while recent up-zoning underpins future development potential.
The 1628sq m site features drive-through capability with access from Bond St, which provides a link above the Northwestern Motorway, and the western end of Dean St.
Bayleys salesperson Jean-Paul Smit says the property is in a superb position to take advantage of myriad flexible use options, including owner-occupancy, redevelopment or installing tenants to collect income from several lettable areas and a mixture of commercial and industrial accommodation.
“Tightened global conditions mean investors are applying a strategic lens to current purchases. However, there’s no shortage of capital in the market, and investors are hungry for flexible properties in highgrowth locations.
“The recent up-zoning of certain areas across the region has given investors greater impetus to seek add-value opportunities which, for owner-occupiers, could be through redevelopment further down the track.”
The building comprises 1310sq m across two floors, and Smit says there is limited availability and supply of properties of this scale for owner-occupiers in city-fringe districts.
“The flexibility presented by a versatile property, with available warehouse, showroom and office options is desirable given low-vacancy rates for industrial accommodation across the city.”
Smit is marketing the property for sale by tender, closing at 4pm, Tuesday 18 October, unless sold prior, with Bayleys Auckland City & Fringe colleagues Alan Haydock and Mike Adams.
On the ground level of the property, 837sq m comprises a mixture of office, showroom and high-stud warehousing with multiple roller door access points.
Primary vehicle access is directly off Bond St. It opens into an asphalt-sealed carpark comprising 19 marked spaces, circling to the rear of the premises and accessing the ground-floor warehouse.
Elizabeth Michael Uniforms is currently occupying the ground level on a short-term lease at a net annual rental of $176,383 plus GST.
“The 473sq m vacant office on the upper level is partly refurbished, providing an open-plan blank canvas with good natural light and west-facing views toward the Kingsland area and Eden Park,” says Haydock.
“The premises could be easily split into three tenancies accessed through separate street entrances already in place, providing a diversified cash flow for an investor and maximising the property’s potential rental return.
“An owner could also occupy part of the property and rent out the adjoining spaces to help offset financial obligations.”
The property is in the Business–Mixed Use zone, which permits development to 18m high.
Adams says zoning along this part of Great North Rd allows for moderate to highintensity residential and commercial development. “Neighbouring buildings include several high-quality projects, comprising ground-floor commercial accommodation and luxury apartments above, that have aided the rejuvenation of the precinct.”