Greater Auckland
magazine, the agency's first commercial and industrial property portfolio for 2014, which will be released on Friday.
Mike Adams, Kate Kirby and Clint Barber of Bayleys Auckland are marketing the property which will go up for auction on Wednesday, March 5, unless it sells before then.
"The Dominion Rd site has been owned by one family for close to half a century and represents a rare opportunity to acquire a large land holding with multiple future possibilities in such a strategic location," said Adams.
The site has a wide frontage on to Dominion Rd, a main arterial route linking with Upper Queen St in the central city, and two further frontages to Duke St and Princes Ave. Buildings comprise two bulk retail premises on Dominion Rd with adjoining warehousing behind with a stud height of approximately 5.5m. There is tarsealed carparking at the rear of the site with dual access from Duke St and Princes Ave.
The property at 976 Dominion Rd, on the corner with Princes Ave, was acquired by Barny Barnett in the late 1950s to establish a furniture store. His daughter Janine Barnett said he was one of the first bulk retailers to relocate from the central city to a suburban location and he subsequently expanded the business, called Barnett-Barnett, with the acquisitions of the neighbouring property at 974 Dominion Rd and the site behind. A substantial warehouse facility incorporating extensive racking and hoist systems was built at the rear of the property to accommodate Barnett-Barnett's expansion into carpet retailing.
The home furnishings and appliance business was sold in 1984, after the death of Barny Barnett, although the family retained the property. Subsequent tenants have included Mitre 10, which occupied part of the property for 19 years, and fine wine distributor Vintners.
PK Furniture, which has eight shops in Auckland, Hamilton and Whangarei, currently occupies 974 Dominion Rd and has recently taken up a final right of renewal. This expires in mid-September 2015, and its lease which is producing annual rental income of $155,000 plus GST and is subject to a rent review in March.
Adams said the property could appeal to an owner-occupier looking for substantial storage space.
"We are also expecting significant interest from developers and add-value investors because of the versatility of the site's zoning."
Kirby said the mixed use zoning allowed for a wide variety of commercial, educational, healthcare, leisure, retail, light industrial and residential uses or a combination of uses such as commercial on ground level and residential above. The zoning's basic Floor Area Ratio, of 2:1 up to maximum of 4:1, coupled with a maximum height allowance of 15m, means the site could potentially be more intensively developed.
The property: Large mixed use site in five titles.
Comprising: 4,974sqm of land and over 3,700sqm of buildings.
Where: 974-976 Dominion Rd.
Agency: Bayleys Auckland.
Sales method: Auction on Wednesday, March 5.
Features
• Strategic 4,974sqm site on high-profile corner.
• More than 3,700sqm of retail and warehousing buildings.
• Excellent redevelopment potential.
• Good leasing history.
• Ideal for owner-occupier requiring storage space.
• Appeal for add-value investors and developers.
