"Five minutes from the CBD and 500m from the Eden Terrace retail area known as Uptown, this is a strategic landholding with medium to long term development potential.
"Eden Terrace is one of the last remaining suburbs within proximity to Auckland's CBD, which is still on the cusp of gentrification. As a result, affordable options can still be found but tend to be snapped up quickly."
Allsop says the shape, location and zoning of the site allow for a multitude of development options.
"The property comprises a 568sq m building, split into two units, plus 10 on-site car parks. It sits on a relatively level, rectangular site with 25m of frontage to Virginia Avenue East.
"The opening of the City Rail Link's Mount Eden Train Station, anticipated for 2024, is set to further improve the connectivity and appeal of the area.
"Situated within comfortable walking distance of the new station but far enough to not be affected by the activity surrounding the station itself, the property is sure to benefit from the improving infrastructure of the area.
"The zoning provides for a variety of uses, including a broad mix of smaller scale commercial as well as residential integration. While the existing units are both currently leased, final expiry dates in June mean flexibility for the new owner."
The units have polished and painted concrete floors, painted concrete block walls and exposed ceilings. Each has a kitchenette with stainless steel benchtop, sink and a hot water cylinder, plus two WCs.
The leases earns a combined $78,250 plus GST in annual holding income.
Other commercial and light industrial properties in the vicinity include workshops, offices, service centres and childcare facilities.
