Flexible options next to Mt Eden Village
A former legal office on a desirable corner site, zoned for multi-storey mixed-use development at the northern end of Mt Eden Village, is for sale.
The vacant premises at 410 Mt Eden Rd presents a significant opportunity for owner-occupiers and add-value investors, Bayleys salespeople say.
“With 640sq m (more or less) of freehold land zoned Business–Mixed Use, and in the sought-after double grammar zone, the property also provides significant future development potential as either residential, commercial or a combination,” Alan Haydock, Bayleys Auckland City & Fringe team director, says.
The double grammar school zone is the location providing eligibility for residents to send their children to Auckland Boys and Epsom Girls Grammar.
The character premises on the corner with Oaklands Rd comprises two levels, totalling 176sq m, which was refurbished in 2011 and converted to commercial use.
Featured in Bayleys’ latest Total Property portfolio, the property will be sold by tender, closing at 4pm on Wednesday, 2 November, unless sold prior.
Haydock is marketing the property with colleagues Damien Bullick and Jill Downie.
Bullick says the property offers a mix of offices with open-plan areas currently used as a popular neighbourhood law practice.
“The strategic corner site provides an excellent street profile for businesses that benefit from exposure to some 17,000 daily commuters travelling north into the CBD and home again along Mt Eden Rd.
“Currently utilised as a professional office, a flexible internal configuration could equally suit an alternative office user or live/work owner-occupier, subject to council consent.
“A purchaser looking to maximise the location for redevelopment would see significant upside in dual access points from the two street entrances while garaging and generous offstreet car parking provisions also provide huge convenience for tenants and occupiers,” he says.
The property’s underlying flexible mixed-use zoning features an allowable build height of up to 13m, providing a strong proposition for addvalue undertakings or redevelopment.
Alternatively, Downie says an immediate occupier stands to benefit from landbanking the site with a view to the future.
“The high-profile position adjacent to the Mt Eden Village, with access to transport and main arterial routes, underpins the property’s value proposition as a desirable premises in a prosperous city-fringe community.
“Properties in the Mt Eden Village are tightly held for a good reason. These properties are always in high demand with historically low vacancy rates and a well-established surrounding residential catchment, regarded as one of the city’s premier leafy suburbs with large homes and a high proportion of heritage architecture.”