Grey Lynn warehouse ideal for trade business

5:00 AM Saturday August 8, 2015 Colin Taylor

The Grey Lynn warehouse and residence building for sale at 6 Maidstone St.

A versatile Grey Lynn warehouse with a spacious, fully self-contained residence above and offering a range of added value opportunities for its next owner is for sale in Bayleys' Total Property portfolio.

The 473 sq m freehold standalone building on a 368 sq m  Mixed Use zoned site at 6 Maidstone St will go up for auction on August 26, unless sold earlier by negotiation through Cameron Melhuish of Bayleys Auckland

 “The building was originally constructed around 1980 as a conventional warehouse and office complex, with covered car parking, but in keeping with the change in the surrounding area to more of a Mixed Use zoned precinct, the upstairs floor has been converted into a 137 sq m residence.

“This increases its flexibility for the purchaser of the property. It would be ideal for an owner occupier in a trades service industry, such as a plumber or electrician, for example, who could base their business on the ground floor and live upstairs.

“It would also give an investor dual exposure to the commercial and residential property sectors in a growth area where there is strong demand for premises from both businesses and people looking for somewhere to live because of its proximity to Ponsonby and the CBD.”    

The rear of the ground floor comprises medium stud, well lit warehousing accessed via a roller door from the Maidstone St frontage. “This area offers significant added value potential in terms of converting it to a higher value use such as showroom or office space, or perhaps even further residential accommodation, and also by better use of the underused, covered car parking area in front of the warehouse,” says Melhuish.

The residence is located above the car parking and consists of two-bedrooms, two bathrooms and an open plan lounge and dining room area leading out onto decking at the Maidstone St frontage.  “There is also the potential to create a more attractive, up market living area by reconfiguring the apartment so the lounge and dining area is located on the western side of the building to maximise the expansive views out to the Waitakere Ranges. Consent has previously been granted for a deck off this space which would create an attractive indoor/outdoor flow and a pleasant entertaining area.”

The ground floor of the building is vacant and the upper level has a standard residential tenancy in place.

Longer term, Melhuish says the property’s Mixed Use zoning permitting a wide range of uses presents the prospect of developing the property more intensively. He says the Proposed Auckland Unitary Plan’s Business Mixed Used zoning for the area would be even favourable by increasing the current height limit from 15 metres to 24.5 metres (six storeys) subject to certain restrictions.

Melhuish says there is already considerable development underway in the area including new apartment buildings and one of Auckland’s biggest multi use projects located a block away with frontage onto Crummer Rd, Pollen St and Williamson Ave.  The $220 million Vinegar Lane and Cider Building development  - a nod to the site’s previous use as the DYC Vinegar factory - is  being overseen by Progressive Enterprises and encompasses a Countdown supermarket,  specialty retail, showroom and offices, apartments and five levels of underground car parking.
Maidstone St runs between Great North Rd and Crummer St and a short distance from the Ponsonby Road and Hopetoun Street intersection opposite Western Park.

“There’s no doubt that the redevelopment of the old vinegar site, scheduled for completion around the middle of next year, will further rejuvenate and bring increased business activity to the southern end of Ponsonby and the sale of this well located property provides an opportunity to be part of that.”

Cameron Melhuish, Bayleys - Aug 2013 - cropped.jpg

Cameron Melhuish of Bayleys Auckland.