A two-level building overlooking the New Lynn town centre and containing a mixture of retail and office tenants will be auctioned on August 1 as part of Bayleys' Total Property portfolio.
The freehold 880sq m standalone building at 3091 Great North Rd has three retail shops at ground level and four commercial tenancies above. The fully tenanted property, producing a total net annual rental of $93,066, is being marketed by Quinn Ngo and Nicolas Ching of Bayleys Auckland.
The ground floor tenants are a cafe, a Cartridge Depot outlet and an acupuncture centre.
The office tenants above are New Zealand Fashion Tech, a fashion and garment technology college, Portage Ceramics Trust, set up to catalogue and collect ceramics and pottery-making equipment associated with Crown Lynn Potteries which operated from 1948 until 1989, home-based rehabilitation services provider Whatever It Takes, and a property management company.
All but one of the tenancies are for two-year or three year terms, with rights of renewal and final expiry dates running through until 2021. The building is located on a 1012sq m site. There are 11 car parks at the rear and Ngo says there is a great opportunity to add further to the property incorporating this under-utilised land area. The property is on the northern side of Great North Rd opposite Totora Park and about 200m from Lynmall. Great North Rd is the main arterial route linking the suburbs of Avondale, New Lynn and Henderson.
Ngo says the property is well-positioned within the Merchants' Quarter, which is part of the commercial and retail hub of New Lynn, with many national retailers operating within a short distance.
"Following the completion of the New Lynn Transit Centre, the redevelopment of the historic Merchants' Quarter precinct will form the heart of New Lynn's town centre and involve a mix of retail, office, parking, residential, entertainment and community facilities," Ngo says.
Last year the Environment Court approved the development of more than 7000sq m of commercial floor space and community facilities, including a two-level medical centre plus covered public parking.
Ngo says that the the Merchants' Quarter is the oldest part of New Lynn and contains a number of heritage buildings including Ceramco House and the former BNZ premises.