Rare piece of bare land for sale in Grey Lynn

3:08 PM Friday November 3, 2017 True Commercial

This section in Monmouth St – identified by a red border – could be developed to a height of five storeys (18m). Photo / Supplied

An unusual offering for Auckland’s built-up city fringe suburb of Grey Lynn, is 332sq m of bare land at 28 Monmouth St — being marketed by JLL.

The property is in a commercial and light industrial area, just two streets back from Great North Rd, with its car yards and showrooms, and has views of Mt Eden.

It is 11m wide and about 30.5m deep and sits opposite Newton Central Primary School. With vacant possession, it will be sold through expressions of interest, closing November 30, unless sold earlier.

The Mixed Use Zone allows development up to five storeys (18m), which may include residential, retail, office and light industrial uses.

JLL agent Alex Wefers says the site would be an ideal for a small residential development. Alternatively, an owner-occupier could develop a purpose-built commercial building on the site.

“This could be somebody’s opportunity to create a boutique apartment building with commercial space downstairs.

“Perhaps it will be somebody’s ideal home and office building — with the bonus of a couple of extra floors that can be rented out to bring in extra income.

“Residential apartments both within existing commercial buildings and new, purpose built structures, are common in this area,” he says.

It is just 3km from Downtown Auckland and minutes away from motorway on and off-ramps. When the City Rail Link is complete, the new Karangahape Rd station will be 1.2km away.

The property is in the Waitemata Local Board area, which is one of the most populated local board areas in the Auckland Region.

It has a population density of 3375 per sq km. This is forecast to increase to 5421 by 2043.

Statistics NZ places 28 Monmouth St in the Arch Hill area. Grey Lynn East and Arch Hill are forecast to experience growth of 3940 residents between 2015 and 2043 — a 71 per cent growth.

About 1576 new households are expected in the area by 2043.