Vacant Mt Eden property a hidden gem

5:00 AM Saturday April 25, 2015 Colin Taylor

This vacant Mt Eden warehouse and office is for sale at 12 Akepiro St.

A vacant Mt Eden warehouse and office property on mixed use land in a sought-after city fringe spot is for sale by auction.

“This property at 12 Akepiro Street is a hidden gem,” says Peter Kermode of Colliers International who, with colleague John Davies, is selling it by auction at 11am on May 20 at Colliers’ auction rooms at 151 Queen St, unless it sells before auction day.

Kermode says the 400 sq m property offers a quiet yet accessible cul-de-sac location, off street car parking and a flexible zoning that presents a number of future options.

The property features a high stud showroom with associated offices and amenities, including a mezzanine storage area, a small covered courtyard and three off-street car parks.

“The current owner-occupier auctioneer Dunbar Sloane is moving to a property in Parnell for business reasons, so the vacant property allows a buyer the opportunity to move in straight away or to plan a possible redevelopment,” Kermode says.

Previously also used for credit card manufacturing, the building occupies most of the 412 sq m site and has a frontage to Akepiro St of nearly 13 metres.

Kermode says Dunbar Sloane upgraded the property and the building presents very well, with an attractive aluminium panel façade and two large feature glass doors at the front of the property.

“This is a great, centrally-located property for a small business to move into with the potential to redevelop part of the building into a loft-style apartment, making use of the mezzanine level and courtyard.

“This would create an excellent live-work opportunity for owner occupiers in a wide variety of sectors, particularly IT, creative industries and professional services. We receive a lot of inquiries from small business owners looking for former warehouse or industrial spaces to develop into apartment and studio configurations, and this building fits the bill perfectly for many of these buyers.”

Kermode says the freehold property is an obvious candidate for future redevelopment, with the brokers expecting to receive inquiries from developers looking to capitalise on the area's flexible zoning and convert it to a residential, showroom and/or office development as a longer-term option.

Permitted activities under the property's mixed-use zoning include light manufacturing, warehousing, residential, retail, educational, healthcare, laboratories, offices and eateries.

“The property is zoned mixed use under both the operative District Plan and the Proposed Auckland Unitary Plan. Under the Unitary Plan, the site could be built up to a maximum height of 16.5 metres or four storeys,” says Kermode.

Davies says the property is in a “hidden-away location” but is handily placed for access to the CBD, Dominion Road, New North Road and the motorway network.

“This means it is very well situated for a residential development, as well as for commercial service providers which require a location close to transport links and the central city.”

The property’s neighbours include similar small warehouse and office buildings and workshops. Next door, Dunlop Textiles Ltd occupies a recently refurbished and upgraded building.

Davies says the city fringe is experiencing a reducing supply of small warehouse and office buildings, especially for sites with mixed use zoning which lend themselves to higher density residential and/or commercial developments.

“At the same time, there is a growing demand for this type of property on the city fringe, especially from owner occupiers who want the advantage of being close to the CBD and from developers who can see the significant potential to add value.”

“There are few opportunities to increase the supply of city fringe commercial properties to meet the high demand, so properties like this tend to get snapped up,” Davies says.

Peter, John davies.jpg

Peter Kermonde of Colliers International (left), John Davies agent with Colliers International (right).