City-fringe warehouse ripe for apartments
A large warehouse/office site is up for sale, ripe with potential for a multi-storey apartment project in a city-fringe hive of residential and commercial intensification.
The more than 1300sq m property in Auckland’s Eden Terrace offers a versatile mix of multiple warehouse, office and storage areas.
The well-presented building sits on a site overlooking Basque Park, around which a ring of apartments and townhouses is sprouting with access to city amenities and transport links, which will include a new City Rail Link station.
Dual access from Exmouth and Norwich streets maximises flexibility for existing and future uses.
The premises are partially leased to chauffeured vehicle provider TourCorp, upmarket design house Simon James and designer furniture and lighting supplier Resident. The leases generate a combined annual rental return of $249,000 plus outgoings and GST.
Approximately 495sq m of vacant space and parking areas offer a new owner the potential to add significantly to the existing return.
The diversified income streams, immediate rental upside potential and attractive long-term development possibilities are tipped to generate wide appeal among owner-occupiers, investors, developers and land bankers.
The freehold land and buildings at 9-13 Exmouth St, Eden Terrace, are for sale by international tender through Owen Ding and James Chan of Bayleys Auckland Central. Tenders will close on Thursday May 2, unless sold earlier.
The more than 1900sq m stand-alone building sits on 1322sq m of fee simple land with 29 carparks.
The split-level industrial building encompasses two levels of warehousing with separate roller door access, plus offices and basement storage. The upper ground level contains nearly
750sq m of warehouse space with a 5.5m stud height and 150sq m of offices.
The lower ground floor offers close to 350sq m of 4.8m-high warehousing, office space and a staff cafeteria. The lower basement contains
345sq m of storage space with a 3.8m stud height. The building has an A-plus grade IEP seismic rating of 141 per cent NBS. The exterior walls are concrete block and the roof has recently been repainted.
The site falls within the Auckland Unitary Plan’s Business–Mixed Use zone. The existing uses are permitted activities under this flexible zoning, which also allows other uses such as residential, retail, food and beverage and healthcare. Existing warehouses with a high stud are a rare find in the city fringe.