The four-level building at 56-58 Grafton Rd.
A substantial Mixed Use zoned site, with a standalone part-vacant office building is for sale on the fringe of the Auckland CBD.
The property comprises 1607sq m of land at 56-58 Grafton Rd and a four-level, 1050sq m commercial building producing holding income of $121,724 plus GST per annum.
It offers the opportunity to add value, plus the prospect of possible future residential conversion potential, say Alan Haydock and Phil Haydock of Bayleys Auckland City & Fringe Team, who are marketing the freehold property. It is for sale by tender, closing 4pm, May 24, unless sold by negotiation ahead of that date.
"The building is located in a leafy green setting overlooking the Auckland Domain and in a super-convenient city fringe position, with easy access to all motorways systems, as well as Parnell, Newmarket and the CBD," says Haydock.
"It also has the benefit of 40 on-site carparks in an area where car parking is very tight.
"As a consequence, it provides a number of future options. It's a well presented office building which benefits from a pleasant outlook and could suit a business owner occupier or an add-value investor, who could look to lease up two of the office floors which are vacant.
"Alternatively, its favourable Mixed Use zoning means it could provide a live and work option or the whole building could potentially be converted to residential use."
The ground level contains a lobby and secure, covered parking for six cars with an additional 34 open car parking spaces.
There is lift access from the ground level lobby and car park to the three office floors above which are approximately 350sq m each.
"The top level is of a modern standard with floor to ceiling glazing providing good natural light to the whole floor," says Phil Haydock.
"The lower floors comprise more dated fit-outs, providing opportunities to refurbish and add value. Levels 1 and 3 are unoccupied, offering immediate opportunities to occupy or begin adding value through refurbishment or potentially residential conversion."
Level 2 has been tenanted by Amtrade NZ Ltd for over 13 years with a three-right of renewal due in August this year and a 2015 market rent review still not exercised.
Amtrade, an Australasian supplier of chemicals, plastics and other raw materials, has seven open car parks included in its lease. A further 12 open car parks are leased on a monthly basis to neighbouring businesses.
The property is located in Grafton on the eastern side of Grafton Rd, approximately 200m from the University of Auckland and Auckland Hospital. "The convenient location makes this is a popular commercial precinct, largely comprising low to medium rise commercial buildings," says Alan Haydock.
"The location's residential development appeal is enhanced by the fact that it is positioned within the highly sought after Auckland Grammar School Zone."
He says the property's Mixed Use zoning will be retained and enhanced under the Proposed Auckland Unitary Plan. The current height limit of 15m will be increased to 16.5m, and the floor to land area ratios will be removed providing more flexibility for possible future development of the site.