An aerial view of 174-190 Great North Rd occupied by Percy Motors and Corporate Cars Ltd. Photo / Supplied
A substantial Auckland corner site, occupied by two motor vehicle dealerships on Great North Rd in Grey Lynn, offers significant development potential under its Mixed-Use zoning in the Unitary Plan.
The 1810sqm site at 174-190 Great North, is for sale by tender closing May 9, and will not be sold earlier, says Mike Adams who is marketing it with Bayleys Auckland colleague Cameron Melhuish.
"The property has been owned by one of the vehicle dealerships, for over 30 years and is at the favoured eastern end of Great North Rd where land is very tightly held," says Adams. "It's one of the last north-facing high profile corner sites in this location which hasn't been fully developed.
"It could appeal to an owner occupier, most likely a big brand vehicle dealership which could further develop the site, or a retailer looking for high exposure to the huge volume of vehicles that pass the site every day.
"It's sure to be of interest to developers who could use the favourable Business - Mixed Use zoning to undertake an intensive residential and/or commercial development. The zoning allows for a wide range of uses up to a height of 18 metres, with the existing building providing further options."
Featured in Bayleys' latest Total Property portfolio, the site has a wide frontage of about 50m to Great North Rd and a second frontage of around 35m to Kirk St.
The two dealerships occupy mainly outdoor car display areas with a shared single level building plus mezzanine space of around 734sq m providing internal display areas with ancillary offices and amenities.
Corporate Cars Ltd, which imports luxury vehicles for resale, occupies half of the site on a two-year lease from May 2016, with one two-year right of renewal, which is producing net annual income of $100,000.
Percy Motors, a related business of the vendors, occupies the balance of the property and will take a one-year lease from settlement of the sale at the same rental of $100,000 per annum
"Both lease agreements have demolition clauses in them which enables them to be terminated with six months' notification," says Melhuish. "This will provide the purchaser with the flexibility of a substantial holding income for six to 12 months while they work on and start to action their plans for the property."
The property is located next to Giltrap Motor's Audi dealership. Nearby on the other side of Great North Rd, Giltrap is breaking new ground for a car business with work nearing completion on a Warren and Mahoney designed multi-level development. This will house dealerships for luxury brands Lamborghini, Aston Martin and Bentley at street level with office floors above and two levels of car parking.
Indicative of the increasing trend towards residential apartment development along Great North Rd, work is also nearing completion on the North apartment complex directly across the road. Further west, Bunnings is close to opening a massive new store.
The Business - Mixed Use zoning under the part operative Auckland Unitary Plan is designed to allow a mix of compatible residential and non-residential activities. Permitted uses in addition to residential dwellings include visitor accommodation and boarding houses, retail, commercial services, entertainment facilities, healthcare and light industrial activities.
Melhuish says the property is well serviced by public transport and is just a short walk away from Ponsonby Rd and Karangahape Rd.
"Closeness to the Auckland CBD and other city fringe suburbs; and good access to major transport links and the intensification of an already flexible zoning; is likely to see this location continue to grow both commercially and residentially."
