Mt Eden warehouse has add-value potential

5:09 PM Friday February 23, 2018 True Commercial

Unit 33A Normanby Rd with warehouse, workshop, office and 16 parking spaces is identified by a red border. Photo / Supplied

An Auckland City Fringe warehouse, with add-value potential that includes possible conversion to residential, is now for sale.

The freehold warehouse with office space at 33A Normanby Rd, Mt Eden, is zoned Business-Mixed Use and is soon to be vacated, giving prospective buyers maximum flexibility.

With an A+ seismic rating, the unit has a 530sq m warehouse, a 91sq m workshop, 317sq m of office and 16 car parking spaces, six of which are covered. It has a registered valuation and asking price of $3,450,000.

It is being marketed for sale by Bayleys via deadline private treaty closing on March 8.

Sales agent Phil Haydock says the sharp rise in demand for inner-city warehouse space should attract owner-occupiers and investors looking to add a versatile industrial property in a central location to their portfolios.

“The property’s location within Auckland Grammar School Zone will also be of interest to parties looking for a residential conversion project.

“It’s a blank canvas,” Haydock says. “The buyer would have the option of creating a modern fulfilment centre, a high-value industrial-style office, a showroom or even residential units. And the abundance of onsite parking adds to the value.”

The property, built in the 1980s, sits back from Normanby Rd in a block of similar sized units, and borders the playing fields of Auckland Boys Grammar.

Haydock says the central location and closeness to State Highway 1, SH16 and Auckland CBD will drive interest.

“Mt Eden has seen solid capital growth over the last few decades. It is known for its village charm and urban flavour; with an array of popular shopping, dining and entertainment options, and good transport links.

“Normanby Rd is minutes from SH1 and SH16 motorway on-ramps and is just 2km from Auckland CBD. The area is set to benefit from the City Rail Link, which shorten train travel times and provide a direct link from the CBD to the suburb; as well as providing a catalyst for further growth in the area.”

The surrounding properties are a mixture of residential, commercial conversions and retail while the area is rapidly changing from suburban to high-density, Haydock says. There are new apartment developments under way in the area, including Eden Green, Botanica Living Apartments and Botanica Heritage.

“City Fringe suburbs, especially those zoned for Auckland Grammar School, where house values are higher than surrounding areas — are ripe for higher density residential development, with residential demand expected to far exceed supply in Auckland for many years to come.”