Two adjoining prime city fringe sites of a combined 678 sqm with holding income and major redevelopment potential are up for sale in Auckland’s suburb hotspot of Eden Terrace.
The two properties at 11 and 13 Fleet Street in Eden Terrace of 341 sqm and 338 sqm respectively, provide prospective purchasers plenty of options for a passive investment, future development or land banking with holding income.
Colliers are marketing the properties via Deadline Private Treaty, closing at 4.00pm, 24 June 2021, unless sold prior.
Jonathan Lynch, associate director of investment sales, who alongside colleague Hamish Paterson is marketing the properties at 11 and 13 Fleet Street for sale, says this is an outstanding opportunity in a market starved of redevelopment sites.
Lynch notes the property is underpinned by favourable Business Mixed-Use zoning under the Auckland Unitary Plan and is positioned in a superb growth location, lending it to many future uses.
The site's zoning allows for development of up to 18m with a range of uses, including commercial, residential, retail or a mix of these.
“Currently, 11 Fleet Street comprises a fully refurbished two level 120sqm character villa constructed in the 1890s and split into two residential flats currently returning circa $50,000 p.a. The flats comprise a two-bedroom premises on the ground level and a single bedroom with study at the basement level.
“Construction of the villa comprises timber pile foundations with T&G timber flooring, timber weatherboard exterior and timber joinery, colour steel roofing and PVC spouting and downpipes.
“13 Fleet Street adjoins the property on the southern side and is predominantly a vacant site, a rarity in the area.
“Both sites are essentially rectangular in shape with each offering 10m frontage to Fleet Street and a depth of 34m. The contour of the land is falling from the north of the site and levels out towards the south. All city services seem to be reticulated to the property and there are also 10 carparks onsite.
"Whether you're looking for a tenanted investment or a land bank opportunity with excellent holding income, this is the investment option in the area that you have been waiting for,” says Lynch.
Paterson also points out the properties location and position are compelling reasons why this is such an attractive investment option.
“Fleet Street extends from Newton Road in the North and is also accessed by Charlotte Street to the south and 11 and 13 Fleet Street are located in the mixed-use zoned, growth area of Eden Terrace.
“The properties are situated immediately opposite Basque Park and the surrounding buildings in the area are multi-unit apartments, mixed-use office and several light industrial buildings.
"There has been particularly strong demand for new terrace housing and apartments in the area, given the proximity to the Mt Eden train station.
“While the Mt Eden Station is currently under construction as part of the City Rail Link (CRL) and Western Line construction and the redevelopment and expansion of the station, buses run frequently to limit public transport disruption.
“Once it re-opens, the new station building will provide access to both the Western Line and the new CRL Line, which will run between Mt Eden and Britomart via two new underground stations at Karangahape Road and Albert Street.
“The properties will be in walking distance to both Mt Eden and Karangahape stations and the Mt Eden Domain and Auckland Domain are within 1.5km of the properties.
“The CBD motorway interchanges are approximately 1km to the north of the properties which would provide access to all parts of the Auckland region along with the north-western motorway only a short 250m from the properties, accessed off Newton Road.
“Given all of these attractive features and prime investment fundamentals, we suggest prospective purchasers undertake due diligence as soon as possible to avoid any disappointment,” says Paterson.