Two buildings on busy Kingsland corner

4:54 PM Tuesday July 17, 2018 True Commercial

The adjoining properties for sale at 383 New North Rd and 2 New Bond St are indicated by a red border. Photo / Supplied

Agents say high profile properties at the corner of New North Rd and New Bond St have great development potential under the area’s Mixed-Use zoning.

The two freehold properties are being marketed as one parcel by JLL agents Alex Wefers and Tommy Zhang, with expressions of interest to close at 4pm, on August 7.

The offering comprises a 836sq m building at 383 New North Rd; plus a 280sq m building at 2 New Bond St.

All-up, the joint offering comprises 1115sq m of total building space, on a 1688sq m site — split into three titles.

Wefers says two tenants now provide a return of $190,000 per annum, with termination clauses in place should a new owner seek immediate possession.

There is also scope to increase the rental income by leasing out a further 180sq m of showroom space and six carparks, which are currently vacant.

The properties have 30.5m of exposure to New North Rd and an additional 47.2sq m of frontage to New Bond St.

“This is a significant opportunity with great profile, which we expect to engage the interest of owner-occupiers, add-value investors and developers,” says Wefers.

The property at 383 New North Rd is built across two titles, this being the larger of the two, with a showroom on the lower level and offices upstairs.

It has a high-stud warehouse at the rear with roller-door access to New Bond St and a configuration that would suit multiple uses, Wefers says. 

The property at 2 New Bond St is leased to a long-term-tenant, The Bakers Cottage, known for is pastries and as a lunch destination.

This single-level building is separated into three areas, with the largest portion at the rear of the property used for food preparation.

The front of the building houses the retail area and a deck, which functions as a dining area. It has five carparks. In total the two properties have:

  • showroom space of 191sq m;
  • high-stud warehouse space of 360sq m;
  • office space of 285sq m;
  • light manufacturing space of 206sq m;
  • retail space of 74sq m;
  • outdoor deck area of 59sq m; and 
  • 21 carparks.

“Zoned Mixed-Use under the Auckland Unitary Plan, the properties could suit a wide range of uses,” says Wefers.

“They could both be refurbished for occupation by a new owner; or they could be upgraded to create a live/work premise.

“Or, the current leases could be extended — or utilised as holding income — while development possibilities are explored.

“Under the Unitary Plan, the Mixed-Use zone allows residential dwellings, commercial services, entertainment facilities, retail space and offices.

“Being such a high-exposure site it has the potential to make any of these options successful.”

Zhang says Kingsland is a dynamic suburb, and New North Rd is essentially its main thoroughfare, connecting the locality with central Auckland and other premium suburbs such as St Lukes and Mount Albert.

“Development of such properties over time has led to a change in the property landscape in Kingsland to incorporate a plethora of uses such as factory and warehouse buildings, showrooms and office in the more central areas with residential just outside this hub,” he says.

“A number of properties were redeveloped in the 1980s which kicked off development activity in the area.

“More recent development has improved the overall tone of the area by providing residential apartments or mixed residential and commercial buildings such as The Garage Project Brewery and Bluebells Cakery.”

Zhang says Kingsland is close to Auckland’s CBD and easy access is available to motorway linkages at Newton Rd and Khyber Pass.

“One of the perks of such a central location is that public transport is also readily available, with buses passing along New North Rd on a regular basis. The Kingsland Train Station is also only a short walk from the property, with the completion of the City Rail Link in 2024 expected to further improve access to the CBD.”