City fringe live and work property

7:17 PM Friday May 10, 2019 True Commercial

1 Jessel St, Grey Lynn, is likely to appeal to smaller investors or owner-occupiers. Photo / Supplied

A commercial building is for sale for the first time in 24 years at Grey Lynn, with agents promoting its likely appeal to smaller investors, family trusts or owner-occupiers.

JLL’s Alex Wefers says the present tenant at 1 Jessel St, Grey Lynn, has enjoyed a work-from-home lifestyle there for the past few years. The 94sq m single-level building sits on a 188sq m freehold site will have vacant possession from August.

In the meantime, it is generating holding income at the rate of $40,354 plus GST net per annum.

Market sectors we expect it to attract are owner-occupiers and developers seeking to secure a foothold in a city fringe location,” says Wefers.

He and colleague Jason Armstrong are marketing the property by expressions of interest closing at 4pm on Thursday May 30, unless sold earlier.

Wefers describes a flat site with a high profile 13.2m frontage. “The 50s building is mostly concrete block and brick with long run roofing, providing character office accommodation and, for the tenant, a home, utilising the property’s full live and work potential.

“The overall floor area is about 94sq m, encompassing two larger rooms with open plan kitchen and a small bathroom with shower.”

Armstrong says the property is in a small neighbourhood centre off the main arterial route of Richmond Rd, surrounded by convenience shops to the northeast and predominantly housing to the southwest.

“There are cafes, restaurants and retail outlets just around the corner. Other amenities include a laundromat business, early childhood education facility and schools – all within walking distance.

This suburb is changing as more wealthy families and professionals move in bringing demand for quality businesses and services,” Armstrong says.

“Being within walking distance of Ponsonby Rd, the property is close to one of Auckland’s most vibrant and busiest streets, which makes this a strategic business location and excellent place to work and live.”

He says the Neighbourhood Centre Zone typically allows for buildings of up to three storeys with residential use at upper floors permitted.