A 236 sq m ground floor commercial property in a rapidly growing Auckland CBD fringe location is for sale providing an opportunity for both owner occupiers and add value investors.
The offering comprises two neighbouring freehold unit titles at 83 New North Road, Eden Terrace, along with six covered and 16 uncovered on-site car parks on their own accessory unit titles. The two units have been combined to form a single tenancy, which has been owned and occupied by a successful Chinese restaurant business for over 17 years, says Oscar Kuang of Bayleys' international team who is marketing the property with Phil Haydock and Ken Hu of Bayleys' Auckland city & fringe division.
Kuang says the property is being offered for sale with vacant possession but the vendor is prepared to consider a short term lease back to accommodate a purchaser's timing.
"An investor or occupier could purchase the property for use as restaurant/hospitality premises without the hassle of having to fit out a costly commercial kitchen. Alternatively, the favourable Mixed Use zoning, exceptional on-site car parking and convenient location on an arterial road make the premises highly versatile and suitable for a wide range of other retail, showroom and/or office uses.
"An investor looking for an opportunity to add value could also convert the property back into two smaller tenancies to maximise its rental income return."
Featured in Bayleys' final Total Property portfolio for 2019, the offering is for sale by tender closing at 4pm Tuesday, December 3, unless sold prior. The property is part a mixed-use development known as the Up Town Apartments, with frontage also to Rendall Place and Charlotte St, comprising 60 residential units and five commercial units. The commercial units and six of the residential units are located on the ground floor with three levels of apartments above. Car parking is provided at the front and rear of the property as well as in the basement.
Phil Haydock says the surrounding mixed-use area comprises predominantly low to medium rise retail, office and apartment buildings with a large enclave of residential properties surrounding and overlooking nearby Basque Park.
"The appeal of this central Auckland location, close to the CBD and Mt Eden train station as well as a tranquil inner city park, has not been overlooked by developers. Recently completed as well as ongoing substantial apartment projects are adding to an ever expanding pool of local customers for businesses located in this highly sought after and thriving city fringe suburb."
Ken Hu says the location will be further enhanced with the opening of the City Rail Link and its connection to a reconfigured and expanded Mt Eden station, which is only a few minutes' walk from the property for sale.
"This will significantly improve Eden Terrace's already good access to the CBD and is likely to propel further intensive development in the area and increase its attractiveness for property investors and tenants."