Corner block in Kingsland for sale

5:00 AM Saturday April 16, 2016 True Commercial

The two-storey corner building is leased to an escort agency on a four-year term.

A 531sq m corner site  at 336 New North Rd, Kingsland, on the corner of George St, is now available.

The two-storey building has approximately 176sq m of floor space and is leased to an escort agency on a four-year term, which began in June 2013. Rights of renewal are for three lots of two years each.

Built in the 1970s, the building is constructed of masonry walls on the ground floor and a steel-clad timber frame upstairs. It was originally built as an office building and sits at the back corner of the site, allowing space for 12 cars in front.

The property is being marketed by agents John Binning and Alex Wefers of JLL and is for sale through an expressions of interest process closing May 5.

“The population in this area is predicted to skyrocket,” Binning says. “The growth projections for this area are among the highest for the Auckland region.”

Wefer says JLL Research and Consulting has conducted a demographic study of the area. “It’s a younger population with higher income levels when compared to the Auckland region and New Zealand overall. While the property provides excellent rental income from the building and a billboard on the corner of the site, in the longer term it would offer the purchaser development options.”

The site is in a mixed use zone, which currently allows for a standard height of four storeys, with allowances for greater height in areas close to the city centre. The Auckland Proposed Unitary Plan also has the site zoned as mixed use.

The property has  access to transport links, is on a bus route to the city and Kingsland and Mt Eden stations are within a 10-minute walk.

Auckland University, hospital and two proposed City Rail Link stations are within a 30-minute walk, and the city centre a 10-minute drive away.

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John Binning, JLL