A two-level character building is for sale with vacant possession in Auckland's eclectic Karangahape Rd and in a location predicted to significantly benefit from the opening of a nearby city rail link (CRL) station.
"The immediate area has promising future growth in activity and pedestrian count with the planned new station being within 100m from the property," says Cam Paterson of Barfoot & Thompson Commercial who, with colleague Rex Fowler, is marketing 324 Karangahape Rd for sale by tender closing at 2pm on Thursday February 14.
Paterson says the freehold site is held in one title of 354sq m of land; with the building having a total net lettable area of about 600sq m.
The rectangular property has an 11.5m wide frontage to Karangahape Rd and spans 31m along both sides, adjoining each neighboring property
"The 1920s' building was originally constructed with concrete foundations and long-run iron roofing," Paterson says. "However, the property has been altered and improved in relation to what is on offer today."
The building comprises a ground floor retail and hospitality area of 342.4sqm; a first level frontage and rear mezzanine level of 141sq m with private rooms and spa facilities; and a first level rear ground floor tenancy of 116.6sq m.
Paterson says the ground level has a pedestrian access at the Eastern and Western K' Rd boundaries. The Western door leads into a reception area with access points to the East and the South. The Eastern area comprises a small bar opening with access to bathrooms and staff rooms.
The Southern area extends to the rear of the property and includes a large stage area, bar, multiple bathrooms and booth seating. There are also two stairwells leading to the rear portion of the upper level.
Fowler says the property is zoned Business - City Centre under the Auckland Unitary Plan.
"This zone seeks to ensure the city centre is an international centre for business and learning, innovation, entertainment, culture and urban living.
"To maintain and enhance the vibe of the city centre, the zone permits a wide range of activities.
The property's previous use was a bar, night club and massage parlour which would be considered a 'permitted activity'."
Fowler says the Karangahape Rd precinct is in midst of regeneration driven by an increase of residences, improved retail offerings and forecast greatly increased pedestrian counts from the CRL station on the corner of Mercury Lane and East St.
"Within 500m are a combination of new developments and converted offices creating a substantial living community in the area. Residential properties range from short stay hotels to luxurious apartments overlooking the harbour.
"Nearby developments of note include, Haka Hotel, Hopetoun Residences, Oasis Apartments, Pinnacle Apartments, Summit on Symonds Street and many more consented projects waiting for development conditions to improve.
"An increase in population has led to a change in the retail dynamic from lower value offerings to a range of upper end boutiques and quality food offerings which has driven further custom," Fowler says.
"The city rail link station is expected to one of the busiest with student commuters walking down hill to the University of Auckland and AUT; along with office and retail workers commuting into the city from the inner Western suburbs.
"While the CRL completion is several years away, overseas examples show substantial residential and retail build ups surround the opening of new train stations. This is a fact that has not been lost on commercial investors who are looking to take positions in this currently under-valued location," Fowler says.