Mixed-use sites embody Morningside’s new dawn
A pair of large properties in Auckland’s Morningside epitomise the possibilities in a colourful mixed-use transformation sweeping the city-fringe suburb.
Over the past five years, Morningside has fast evolved from light industrial to a diverse and vibrant location for tenants and commercial property developer-investors – largely fuelled by the flexibility of the new Business–Mixed Use zone introduced under Auckland’s Unitary Plan.
This has breathed new life into the traditionally quiet bastion of warehouses and small factories, sprouting cafes and restaurants, event and creative spaces and character offices.
The area also continues to draw strength from its excellent transport links and proximity to the CBD, other city-fringe suburbs and key amenities. A short drive south along Morningside Drive is the Westfield St Lukes mall and surrounding retail developments.
Commercial property specialists from Bayleys Real Estate say the refurbishments and repurposing projects that have shaped Morningside’s change are potentially just the beginning, with the new zoning favouring further intensification and redevelopment with multi-storey buildings.
Bayleys is offering two neighbouring sites that are home to a colourful mix of established tenants.
Sitting prominently on a large corner site near Morningside train station, a 1600sq m landholding houses Crave Cafe, Anytime Fitness and a Carpet Court showroom.
This landmark freehold property with two adjacent buildings at the corner of Morningside Drive and McDonald St boasts around 80m of street frontage, dual access and all-day sun.
The single-story building retains its industrial vibe, with an entrance from McDonald St. The cafe also features two function rooms available for hire. A separate entrance on Morningside Drive provides access to the Carpet Court showroom and a secure underground carpark.
The adjacent title, 20 McDonald St, houses Anytime Fitness in a converted single-storey warehouse with an added mezzanine level and off-street parking at the front.
The two buildings offer 1511sq m of lettable space generating a net annual rental return of $509,482 plus outgoings and GST.
A few metres down the road another large site, Part 10 Morningside Drive, is also on the market. This 1500sq m freehold landholding contains four buildings with a combined floor area of 1290sq m.
The premises are a mix of tastefully refurbished and upgraded high-stud character office, with two warehouse-style tenancies at the rear. They are fully leased to multiple tenants; flexible lease structures provide opportunities for occupiers, add value investors and developers.
This property returns a net annual rental income of $308,677 plus outgoings and GST with potential to grow the rental through further refurbishment and redevelopment.
The corner site encompassing 6-8 Morningside Drive and 20 McDonald St, and the neighbouring property at Part 10 Morningside Drive, are being marketed through Alan Haydock, Damien Bullick and Phil Haydock of Bayleys Auckland Central. The two properties are being offered in separate tenders closing on Tuesday 6 December, unless sold prior.