Two Auckland Eden Terrace properties
The properties at 108&110 Newton Road (identified by red borders) are occupied by SMP Solutions and Newton Cafe and Noodle Bar. Photo / Supplied
JLL is marketing two tenanted properties in Eden Terrace for sale through an expressions of interest campaign closing on July 6.
Located on a main arterial route, the properties at 108 and 110 Newton Rd sit in what agent Ben Jamieson calls: “one of Auckland’s latest up-and-coming areas”. He is marketing the two properties with options to buy one or both.
Jamieson says Eden Terrace has seen a substantial activity in recent years, having six separate apartment projects in some stage of planning, consenting or construction.
This includes the likes of The Orange building, The Citizen and The Basque Residences — which offers an array of office and residential space.
Jamieson points out that both properties for sale are tenanted, one to printing company SMP Solutions and the other to Newton Cafe and Noodle Bar. The latter has been in operation for more than 10 years.
“For the new owner, these properties offer a solid passive investment,” says Jamieson. “Both are tenanted until 2022, having good rental growth and well-established tenants along with good future development potential.
“There is also the option to build up. Under the Auckland Unitary Plan, Mixed-Use development zones allow for residential and commercial activity and these sites have a height limit of 32.5 metres.”
The properties are in a central location, within walking distance of Ponsonby, Karangahape Rd and the Auckland CBD.
“An added perk to this location is that it’s just down the road from where the Symonds St City Rail Link station will be completed in 2023,” says Jamieson. Auckland Council’s investment in transport will pay dividends for city fringe property owners. When the City Rail Link opens in 2021, Britomart will become a through-station and Auckland’s entire rail network will benefit from rapid rail access,” he says.
“The City Rail Link will open up areas like Newmarket, Grafton, Eden Terrace and Kingsland, bringing a new level of vibrancy to these locations.”.
Auckland Council expects the number of city-centre and city fringe residents to double by 2041 to 140,000. It forecasts that city-centre and city fringe employee numbers will double to more than 200,000.
Jamieson says this astonishing growth predicted in the city fringe bodes well for the new owner or owners of 108 and 110 Newton Rd.
“Whether keeping this property as a source of passive income, or looking at development options, Eden Terrace is an excellent place to invest.”