A partly tenanted building on a 1027 sq m Epsom site, with a double grammar Mixed Use zoning, is for sale offering the next owner a range of future options to add value to the property.
The site and its 791 sq m office building at 101 Great South Road, Epsom, is included among close to 40 properties for sale within Bayleys' latest Greater Auckland portfolio and is being marketed by Scott Kirk and Alan Haydock of Bayleys Auckland who are selling it by tenders closing June 30, unless it sells earlier by negotiation.
"This is a well presented 1980s' building with one floor leased to a substantial multinational tenant and the other level vacant, offering options for additional rental income or owner occupation," says Kirk. "Additionally, it offers a great opportunity for land bankers and developers looking to secure a future double Grammar Zone development site with holding income."
The building has two levels of office accommodation, including decks and storage, along with basement car parking for 20 vehicles.
Kirk says the 388 sq m ground level office floor has been recently been refurbished to a high standard. It is accessed either from a private entrance on the side of the building or through a shared entrance lobby.
"The floor is entirely open plan, offering owner occupiers or future tenants full flexibility to configure it as they like. It features good natural light and pleasant views on multiple sides."
The 317 sq m upper level is occupied by the New Zealand head office of multi-national eyewear retailer Luxottica. It has about 7000 stores worldwide and owns the Optical Prescription Spectacle Makers (OPSM) chain of more than 400 stores across Australasia.
The floor is configured as a combination of offices and open plan and has a large deck offering westerly facing views. Luxottica Retail New Zealand Limited's current six year lease, which includes 10 car parks, runs until the end of November this year. It has one six year right of renewal which would also trigger a rent review should it decide to exercise it. The building consists primarily of a mixture of reinforced concrete frames and reinforced concrete masonry. An Initial Evaluation Procedure (IEP) report gives the building a solid seismic assessment of 90 per cent of New Building Standard (NBS). A combination of covered and uncovered car parks is accessed by a driveway on the western side of the property.
The property is located on the western side of Great South Road, the main arterial route running from Newmarket through to Greenlane and South Auckland and it is about 200 metres to the south of the Market Rd intersection.
Haydock says the location gives handy access to public transport and the northern and southern motorway system as well as Newmarket and the Broadway shopping precinct which is located around one kilometre away.
"The surrounding area comprises predominantly residential dwellings apart from the immediate neighbouring commercial premises on the high profile Great South Rd frontage.
"Being located within the zone for both Auckland Grammar and Epsom Girls Grammar gives it obvious future residential development potential although the site's flexible Mixed Use zoning also permits a wide range of business, educational and leisure activities or a combination of these and residential."
Haydock says the property's current zoning provides the potential for additional floor area up to a maximum height of 15 metres.. It has a minimum basic floor area ratio of 2:1 meaning that two square metres of building can be erected for every one square metre of land. This indicates the possibility of the site supporting a building of at least 2000 sq m providing all other zoning criteria is met. The maximum floor area ratio for the zoning is 4:1.
Under the Proposed Auckland Unitary Plan, the Mixed Use zoning remains unchanged, however the maximum height is increased to 16.5 metres. "More intensive development may be possible under the proposed Auckland Unitary Plan as there are no maximum floor area ratio requirements," says Haydock. "However, prospective purchasers with an interest in possible future development of the property would need to undertake their own investigations on the zoning and development allowances through Auckland Council."
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