Grey Lynn site ‘must be sold’
Sitting on a highly visible corner site in the popular Auckland city fringe suburb of Grey Lynn, a prominent commercial property with multiple tenants offers the opportunity to secure an asset with significant development potential.
308-310 Great North Rd has 1461sq m of total building area spread across two adjoining buildings on a 1672sq m landholding zoned Business–Mixed Use under the Auckland Unitary Plan.
With holding income and flexible leases in place there are opportunities for occupation, repositioning or a complete redevelopment.
The Mixed Use zoning and 18m height limit allows for an array of potential developments and uses. The site is also set to benefit from further rezoning under the proposed National Policy Statement on Urban Development, which would allow a minimum of six storeys.
Grey Lynn is a sought-after suburb that is continuing to grow through considerable commercial and residential activity. The area enjoys excellent connectivity in the city’s public transport system.
This property has not been on the market for more than 30 years and the vendor has made their intentions clear: it must be sold.
Colliers brokers Ben Jamieson and Ned Gow are marketing the property via deadline private treaty closing at 2pm, Wednesday December 6, unless sold prior.
The property has frontages to Great North Rd and Bond St and offers substantial exposure on a main arterial route with large traffic flows.
The immediate surroundings feature a mixture of shops, recent apartment building developments and a Bunnings Warehouse.
Of the existing tenancies, performing arts studio Empire Studios leases 546sq m of space on a three-year lease that runs until mid-2025 and includes two further rights of renewal for three years each.
Motor scooter dealer Scootling occupies
333sq m of retail showroom space, and its one-year lease has a final expiry of July 2024.
Both office tenancies, one covering 108sq m of ground-floor space and one of spans
230sq m on the first floor, are on monthly rolling leases.
Jamieson, associate director of investment sales at Colliers, says given the current tenancy agreements, there is considerable flexibility for the new owner.
“With so much of the building available either immediately or within a year, an owner-occupier may be attracted to this property with the knowledge they will have holding income in place before setting up their own operations.
“There is also potential for an investor to secure long-term occupants at the property and bring the rental rates in line with market estimates and generate further income,” he says.
“An add-value or complete redevelopment angle could also be explored by developers, which is further enhanced by the flexibility afforded through Mixed Use zoning.”
Gow, investment sales broker at Colliers, says Grey Lynn has long been one of Auckland’s premium city-fringe locations that has appreciable character.
“Grey Lynn boasts several parks and green spaces, such as Grey Lynn Park and Western Springs Park, which provide recreational opportunities, walking trails and space for community events. The suburb’s proximity to Auckland’s CBD makes it an excellent location for commuting,” Gow says. “We have clear instructions from the vendor to sell this property.”