Mt Eden mixed-use corner property
Total Care Health Services is the tenant at 60 Mount Eden Rd. Photo / Supplied
A mixed-use corner property in Auckland’s tightly held Mount Eden Rd is likely to appeal to owner-occupiers and those seeking development potential.
Colliers International brokers Jonathan Lynch and Kris Ongley are marketing the freehold building at 60 Mount Eden Rd for sale by a tender process closing on August 3, unless sold earlier by negotiation.
The 341sq m site is on the corner of Eden and Edwin Sts, between Mt Eden Village and Eden Terrace.
“This Auckland Grammar School zone property is in the heart of Mt Eden’s fastest growing precinct,” says Lynch. “The area is home to established businesses, including the well-known and recently refurbished Horse & Trap.
“Funky new businesses have also opened in the area recently, including the Brothers Beer Juke Joint and the Good Home pub, and we’re seeing quality residential development, including the Botanica and Botanica Heritage apartments on nearby Enfield St. The area really is a great little pocket of urban regeneration.”
Lynch says the property is close to the Northern and Southern Motorway interchanges on Khyber Pass Rd, and a short walk from the Mt Eden train station.
“We’re expecting even more development after the completion of the City Rail Link, which will greatly increase the capacity of the station.”
Ongley says the property comprises a two-level commercial building with a net lettable area of 470sq m, constructed of concrete foundations and a mid-floor with reinforced concrete frames. Total Care Health Services is the tenant.
He says it earns a holding income of $140,000 per annum in net rental, well below its potential market rental, which could be easily achieved.
“Here is an excellent opportunity for an investor to add value and increase returns or an an owner-occupier looking to make the most of this corner site.”
Developers could draw on the holding income while planning for the property’s future, says Ongley. “With mixed-use zoning under Auckland Council’s Unitary Plan, along with proximity to both Grammar schools, the site is ideally suited to a mix of residential, retail and office development.”
Ongley says the existing improvements include well-appointed offices on both levels.
“The ground level features floor-to-ceiling glazing and polished concrete floors under the existing carpet, making it ideal for conversion into a high-profile retail and/or showroom.
“The top floor is soaked in light throughout the day, even with the current low lying winter sun, and all offices and boardrooms benefit from large amounts of natural light.”
The property has nine off-street car parks.
Immediate neighbours include Shoe Science, a cycle shop, a barristers and solicitors’ office, and a medical clinic.
“This is a ‘top of the pile’ commercial offering,” Ongley says.