Eden Terrace property has potential for transformation

5:00 AM Saturday August 6, 2016 Colin Taylor

The office building for sale at 41 Charlotte St, Eden Terrace.

An office building with the potential for refurbishment or to be transformed into a residential development is for sale in the high demand inner city suburb of Eden Terrace.

“This sale presents a prime opportunity for owner occupiers and add value investors,” says Kris Ongley of Colliers International who, with colleagues Peter Kermode and Jonathan Lynch, is marketing the freehold property with vacant possession at 41 Charlotte St for sale by tender closing August 31.

Ongley says the multi-level, Mixed Use property comes with a large residential rooftop apartment.

It comprises about 1000sq m of net lettable area over three office levels with a 235sqm apartment sitting above with large decks and having extensive views north and west.  Three separate garaging areas house 28 covered, secure car parks plus storage areas.

“The property has been structured as four strata-titles under single ownership,” Ongley says. “This offers very appealing flexibility for new owners to sell any of the levels or all the levels separately whenever they choose to.”

He says the property’s immediate surroundings and current works underway are also significant contributors to its value.

“Charlotte Street is a popular residential address well serviced with retail amenities and is close to cafes on New North Rd. Basque Park is only a minute’s walk from the building, with its surrounds undergoing regenerative apartment developments and infrastructure upgrades.”

Lynch says the property’s vacant possession status creates the potential for several future uses.

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An aerial view of 41 Charlotte St, Eden Terrace depicting property its setting outlined by red border

“The large basement car park and a rooftop apartment set this property apart from anything else on the market at the moment. Interest will be high for a product like this,” says Lynch.

The underlying site area is 670sqm and zoned Mix Use. All four strata-titles (one title per floor) are for sale.

The current owners have owned and occupied the property for the last nine years.

Kermode says the property has the potential for adding additional levels, but it is subject to planning confirmation.

“While the property is primarily attractive for owner occupiers, it also offers benefits for certain investors who are looking for add value opportunities in a market starved of quality stock, or for office owner-occupiers who are looking for a larger blank canvas for their new headquarters.

According to Ongley, one of the main features of such a property is that it lends itself to both residential and commercial redevelopments - a rare find in the current market.

“The property is located in a quiet yet well-connected street and is surrounded by a mix of residential accommodation and commercial activity,” he says.

“Eden Terrace sits in the centre of Auckland’s city fringe with excellent access to the rest of Auckland. Mount Eden train station is about a five minute walk away and is planned to undergo significant improvement under the City Rail Link with enabling works for the rail system having already started in Auckland’s CBD.

The property is positioned on the elevated corner of Charlotte and Fleet Streets, with those two streets providing protection from future development.

Motorway on and off-ramps are convenient via either Newton Road or Khyber Pass. 

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(From left) Kris Ongley, Peter Kermode, and Jonathan Lynch of Colliers International