Converted ‘bite sized’ Grey Lynn warehouse
The converted warehouse has clean, minimal and modern space with abundant natural light. Photo / Supplied
An immaculately presented, bite-sized commercial offering with live-work potential is for sale at Grey Lynn.
Colliers International is marketing 37 Scanlan St, will go to auction at 11am on February 20, unless sold earlier.
Hamish Paterson of the agency’s investment sales says the property is occupied by two businesses and earns $92,443 plus GST in split-risk annual rent.
“This beautifully converted warehouse has huge character and abundant natural light, all within a clean, minimal and modern space. The fit-out includes industrial details such as polished concrete floors, high ceilings, exposed trusses, concrete block walls and iron roofing. It is perfectly suited to the tenants: art rental and sales company Art Associates and medical and health law firm Medico Law.”
The property is one of only five strata-titled units under a body corporate managed by the five owners of the separate units.
The 305sq m commercial unit is part of a former 1960-era factory, now converted to attractive commercial space. It sits on an elevated 353sq m site with southwest views fronting Scanlan St and retains a right to be converted into two residential tenancies. There are four car parks.
“With its Business Mixed Use zoning, the property has potential to be subdivided or reconfigured as one or two live/work premises,” says Paterson.
Art Associates occupies a single-level showroom of 193sq m, while Medico Law occupies a double-level office space of 112sq m. Both businesses have two-year leases, with Consumer Price Index rent reviews due this April and final expiry in April 2020.
The gallery’s lease earns $52,192 plus GST in net annual rent, while the law firm’s lease earns $40,251 plus GST.
Jonathan Lynch, a CBD and city fringe specialist at Colliers, says the property is a short walk to Ponsonby Rd and about 2km to Auckland CBD.
“Scanlan St is located in the high-density commercial pocket of Grey Lynn, bordering Ponsonby,” says Lynch.
“This well-known area is attractive to tenants due to its central location, fast-developing commercial and residential activity, access to retail and hospitality amenity, and diverse business community. The surrounding activity is a mix of office, showroom retail, light industrial, hospitality and residential apartment development. Properties here are tightly held.”