A busy corner site in central Takapuna with a 1940s' dwelling converted into character office space presents an opportunity for owner occupiers, add value investors or developers.
Situated on an 833sq m site at 8 Eldon St, on the corner with main arterial Esmonde Rd, the property is owned and occupied by a small law firm and, until recently, also accommodated an architectural practice.
Featured in Bayleys' Total Property portfolio, the property is being marketed by Chris White and Ranjan Unka of Bayleys North Shore Commercial who are selling it by deadline private treaty closing on March 8, unless sold prior.
"There is more office space in the building than the vendor requires; and it can be purchased either with vacant possession or with a partial tenancy in place to the legal practice, providing plenty of flexibility for the next owner," says White.
"The dwelling has been upgraded, reconfigured and well-maintained over recent times to provide a high standard of character-style office accommodation suited to one or two professional practices. The conversion from residential has created a homely work environment for business occupants with wooden floors, large windows, car parking and attractive grounds; and this has resulted in an impressive occupancy history."
White says the site and its 150sq m building have significant exposure to about 20,000 cars passing along Esmonde Rd.
"It's on one of the busiest parts of this main arterial on a section that links the State Highway 1 motorway with Devonport and Takapuna. It's also opposite a traffic light-controlled intersection with Burns Ave that provides another access point to and from Takapuna's CBD. So, this property has massive brand exposure potential for any business operating within the premises.
"However, longer term the highest and best use of the property is probably as a residential development site. It is underdeveloped with around 17 per cent site coverage, and under the Unitary Plan's zoning of Mixed Housing Urban, it would lend itself to a more intensive residential development."
White says Mixed Housing Urban is a reasonably high-intensity zone enabling a greater concentration of development than previously provided for; permitting buildings up to three storeys and in a variety of sizes and forms, including terrace housing, low-rise apartments as well as detached dwellings.
Up to two dwellings are permitted as of right under the zoning subject to compliance with standards to ensure a quality outcome for the neighbourhood as well as residents within the development site.
Resource management consultancy firm SFH Consultants says a three or four-unit development appears feasible from a planning perspective for 8 Eldon St, although a restricted discretionary activity resource consent would probably be required to enable the quality of the design and layout of the development to be assessed.
It says the number of units allowed will depend on the desired size of units and how the bulk and massing of the dwellings are located onsite.
Ranjan Unka says the property is in a sought-after residential area because it's close to the Takapuna CBD and the beach. It also has good access to motorway connections north and south and to the Akoranga park-and-ride northern busway station.
"The site's appeal as a residential development opportunity is also enhanced by its corner location and its substantial frontage to Eldon St with existing double driveway access off this road at either end of the property."
The two driveways provide both front and rear access to the building, with sealed car parking on the Esmond Rd frontage for five vehicles. A gravelled area at the back provides a further six car parks There is also a rear garage that has been extensively refurbished, with modern light fittings and a purpose-built filing system. The garage and another smaller nearby external shed are used for storage.
"This property offers a wide range of options and opportunities with appeal to owner occupiers, developers or an add-value investor who could lease it up in the short term and look to further develop it at a later stage," Unka says.