High profile Dominion Rd property

The property at 666 Dominion Rd, a 545sq m freehold corner site. Photo / Supplied

A freehold investment in Mt Eden is available for the first time in more than 50 years.

JLL agents Kevin Reardon and Tommy Zhang are marketing the property at 666 Dominion Rd, a 545sq m freehold corner site with a 690sq m two-level office/retail building and seven carparks.

It is being sold through expressions of interest closing November 23, if not sold earlier.

Built in 1964 the property sits on the corner of Dominion and Halston Rds, six tenants occupying all available space: four retail units on the ground level and two commercial offices on the second level.

The property earns $139,190 net per annum from its current occupants, all being established Mt Eden businesses.

"There are not many corner sites on Dominion Rd and this one has great exposure being just down from the busy intersection of Dominion and Balmoral Roads. It sits on a major transport route so access to public transport is right at the doorstep," says Reardon.

"The city fringe area continues to go from strength to strength and Dominion Rd is right in the middle of this, firmly establishing itself as one of the busiest and more vibrant streets with a variety of commercial and residential properties from top to bottom, while it connects the city to southern Mount Roskill and all suburbs in-between," says Reardon.

Owned by the same family that built it more than 50 years ago, the property offers a low risk investment with multiple cash flows. It is rare in today's market to have a family gem on a tightly held street become available to investors," says Reardon.

"It is zoned Local Town Centre which means it can be built up to 16m, so it could be developed further in future to be a four-level property if the new owner chose to do so."

JLL agent Tommy Zhang says Mt Eden is such a high-end, popular area of Auckland that the location alone is likely to be one of the key reasons the property is fully tenanted.

"The type of buyers we believe it will attract are family trusts or passive investors looking for a property in a strong growth location and low risk investment with a diversified income stream. There is also a significant add-value opportunity given the advantageous zoning," says Zhang.

"Dominion Rd is known for being one of the most heavily trafficked bus routes on the Auckland isthmus. Light rail has been proposed in the future, which would further improve its importance as a key motorway-to-city-centre corridor."