Strategic property at 60 Mt Eden Rd suits owner occupiers and investors
A mixed use corner property for sale on Auckland’s tightly held Mount Eden Road will appeal to investors and owner occupiers seeking an add-value offering with development potential.
Colliers International brokers Jonathan Lynch and Kris Ongley are marketing the high profile freehold offering at 60 Mount Eden Road for sale by tender closing on 3 August, unless sold prior.
Lynch says the 341sq m site is superbly located on the corner of Edwin Street, between Mount Eden Village and Eden Terrace, and close to the city fringe suburbs of Newton and Grafton.
“This Auckland Grammar School zone property is in the heart of Mount Eden’s fastest growing precinct,” he says.
“The area is home to a number of established businesses, including the iconic Horse and Trap, which was recently refurbished as the first Monteith's Bar in the North Island.
“A number of funky new businesses have also opened in the area recently, including the Brothers Beer Juke Joint and the Good Home pub.
“We’re also seeing quality residential development underway in the area, including the Botanica and Botanica Heritage apartments on nearby Enfield Street.
“The area really is a great little pocket of urban regeneration.”
Lynch says the property is conveniently located close to the Northern and Southern Motorway interchanges on Khyber Pass Road, and a short walk from the Mount Eden train station.
“We’re expecting even more development in the area after the completion of the City Rail Link, which will greatly increase the capacity of the train station and the desirability of the location.”
Ongley says the property comprises a two-level commercial building with a net lettable area of 470sq m, constructed of concrete foundations and mid floor with reinforced concrete frames.
It is returning a holding income of $140,000 per annum in net rental – well below its potential market rental, which Ongley says could be easily achieved.
“This is an excellent opportunity for an investor to add value and increase their returns,” Ongley says.
“The property would also suit an owner occupier looking to make the most of this high-profile corner site.”
Ongley says developers could also draw on the holding income while planning for the property’s future.
“With the site’s mixed use zoning under Auckland Council’s Unitary Plan, along with its proximity to both Grammar schools, it is ideally suited to a mix of residential, retail and office development.”
Ongley says the existing improvements include well apportioned offices on both levels.
“The ground level features floor to ceiling glazing and polished concrete floors under the existing carpet, making it ideal for conversion into a high-profile retail and/or showroom,” he says.
“The top floor is soaked in light throughout the day, even with the current low lying winter sun, and all offices and boardrooms benefit from large amounts of natural light.”
The property offers generous car parking, with nine off-street parks.
It is well positioned on Mount Eden Road, which is a main arterial route between the Auckland CBD and its southwest-central suburbs.
The road boasts bus and cycle lanes, with multiple bus routes frequented by single and double decker buses.
The property’s immediate neighbours include Shoe Science, a cycle shop, a barristers and solicitors’ office, and a medical clinic.
“This is a ‘top of the pile’ commercial offering that all active investors and owner occupiers should inspect,” Ongley says.
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