A refurbished building on a 295sqm freehold site overlooking Basque Park in Eden Terrace, Auckland, is for sale, with a zoning that allows for future development up to 21m high.

At the moment the offering at 28 Norwich Street contains a single-level high stud, contemporary building which will generate initial net annual rental income of $100,000 plus GST for the next owner from a short-term lease.

But the property's real value lies in the site's underlying Mixed Use zoning, says sales agent James Were.

He is marketing the land and award-winning building in conjunction with Bayleys City & Fringe division colleague Alan Haydock. Featured in Bayleys' latest Total Property portfolio, the listing is for sale by tender closing at 4pm on Tuesday October 22, unless sold prior.

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"This outstanding offering provides options for owner occupiers, add value investors and developers," Were says.

"Previously an industrial building, it has been given a stunning makeover to a very high standard with a high stud, versatile configuration that would suit either commercial or live/work use."

The design for the refurbishment by Urban Collective and Brave Architects received an interior architecture award at last year's NZ Institute of Architect's Auckland Architecture Awards.

The citation noted the "polished transformation of a once-grimy, inner-city warehouse cleverly integrated old with new. The approach of highlighting pre-existing elements, such as pink-scoria sandblasted block walls and the integration of new and original steel portal frames are lovely touches that serve
to retain a memory of the building's previous life."

The building is currently being used as contemporary, open plan office space and as an apartment sales suite and showroom for the nearby Citizen and 59 France apartment buildings. A lease to Urban Collective Ltd runs until June next year when it will be moving to the top floor of 59 France St.

"The property will have appeal to investors wanting to secure an affordable trophy asset in a growth location as well as owner occupiers looking for classy commercial and/or residential premises in this super convenient location on the doorstep of the CBD.

"Its park-side position, with Basque Park located on the other side of Norwich St, means it will always have unobstructed views of this tranquil inner city reserve which also makes it a candidate for a future multi-level development."

Haydock says the Business – Mixed Use zoning allows for residential use as well as predominantly smaller scale commercial activity such as offices, retail, food and beverage and healthcare. The site benefits from a height variation control, which allows building heights up to 21metres – three metres higher than the usual 18m limit for Mixed Use zoned land.

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Haydock says a paper road allows access to the rear of the site which creates the opportunity for additional car parking and enhances its longer-term development appeal.

"The property is located in a highly sought after and thriving city fringe location close to the CBD, motorways and public transport links. It is also handy to all the amenities of Ponsonby Rd, Karangahape Rd, Kingsland and Newmarket.

"The surrounding area includes predominantly low to medium rise commercial and apartment buildings. A number of new apartment buildings have recently been completed which make the most of their elevated outlooks over Basque Park and the inner city, with further residential developments currently under construction."