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Vacant Dominion Road gem for sale on three freehold titles

Vacant Dominion Road gem for sale on three freehold titles

A freehold property on Auckland’s diverse Dominion Road is for sale with vacant possession and favourable mixed-use zoning, providing multiple options to add value.

The 510sq m property at 635-639 Dominion Road, Mt Eden has been the longstanding home of the popular Zap Thai restaurant.

It spans three freehold titles with Business Local Centre zoning, allowing for a range of uses up to 13m in height.

Colliers has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 10 March, unless it is sold earlier.

Investment Sales Broker Ned Gow says it is an opportunity to acquire a well-positioned property on one of Auckland’s most popular and diverse streets.

“This high-profile property boasts 15m of frontage to Dominion Road, providing significant exposure to a high daily count of vehicle and foot traffic.

“An owner-occupier seeking a ‘ready to go’ restaurant space will appreciate the property’s large dining areas and fully functional kitchen.

“The property will also appeal to investors or developers looking to add value through refurbishment, leasing to sell down, or a site-wide redevelopment.

“The zoning and generous land size provide for multiple development options, including retail, residential, commercial or a mix of these.

“There has been an array of similar developments on surrounding sites, which highlights the property’s potential.

“Whether you’re looking to occupy or add value, the strategic city fringe location and generous zoning add up to an outstanding offering.”

Gawan Bakshi, Investment Sale Broker at Colliers, says the property is located within a precinct of Dominion Road that is well known for its hugely popular Asian eateries.

“Dominion Road is often referred to as the ‘World within a Street’ due to the unrivalled ethnic diversity of its people, shops and eateries.

“It has been identified as a strategic growth area, with multiple apartment buildings under construction and light rail in the pipeline.

“Dominion Road has long been a major arterial route that traverses the suburbs of Mt Eden, Balmoral and Mt Roskill over its 7.3km length, within a 10-minute off-peak drive of Auckland’s CBD.

“It benefits from a large residential catchment, numerous public transport routes, and diverse shopping and dining options – all of which have resulted low vacancy and high investor demand.

“The area is home to young professionals along with established families of differing backgrounds, creating a dynamic array of customers.

“There is always high demand for good quality retail options, as well as a steady need for new housing due to ongoing undersupply.”

The property for sale comprises three titles on a flat, regular parcel of land with 15m of frontage and a depth of 34m.

It was originally developed in the 1910s as a single-storey strip of three shops, with a combined floor area of 209sq m.

All three shops provide direct access to a communal rear yard that enjoys all day sun.

Two of the original shops have been combined to create an expanded restaurant space, while the third has been converted to residential.

The title at 635 Dominion Road comprises 172sq of land with a one-bedroom residence that includes a living room and storage area.

The titles at 637 and 639 Dominion Road are each situated on 169sq m of land. The first contains a restaurant dining area, while the second comprises a dining area and kitchen.

The current owner has undertaken strengthening works on the property, including enhanced bracing and steel portals embedded into concrete footings.

An independent engineering assessment by Terra Consultants found the building now has a 67 per cent NBS seismic rating.  


Related Experts

Ned Gow

Broker

Auckland CBD

Ned forms part of the Colliers Investment Sales team operating out of the Auckland CBD office. His expertise range from his early experience in the industrial sector and current involvement in the commercial market. Ned specialises on Auckland’s competitive fringe market where he’s had major involvements in record setting transactions, selling over $60 million worth of property since starting in 2018.

 

Having an early passion for real estate, Ned completed a Bachelor of Property at The University of Auckland whilst working for another commercial real estate corporation. He clearly enjoys the grit of brokerage showing dedication and diligence through a highly enthusiastic attitude and hard work ethic.

 

Recent Sales:

29 Woodside Avenue,  Northcote - $3,150,000

Onehunga Mall Retail  - $1,250,000 - 4.64%

Industrial Portfolio – West & North Auckland - $4,500,000

568 Te Atatu Road, Te Atatu Peninsula - $1,600,000 – 4.84%

Unit 2, 19 Edwin Street, Mt Eden - $2,750,000

Unit C, 174 Marua Road, MT Wellington - $1,260,000

533 Mt Albert Road, Three Kings - $3,350,000

666 Dominion Road, Mt Eden - $3,050,000 – 4.7%

151 Onehunga Mall, Onehunga - $930,000 – 4.3%

231-233 Onehunga Mall - $930,000

Unit 21, 71 Jellicoe Road, Panmure - $800,000 – 5.89%

212 Jervois Road, Herne Bay - $1,950,000 - 4.07% yield

158 Onehunga Mall - $4,250,000

292 Onehunga Mall - 5.50%

300 Onehunga Mall - $1,720,000 - $2,700m² land rate

191 Onehunga Mall - $3,420,000 - 4.00%

75 Ellice Road, Wairau Valley - $2,900,000 - 5.80%

19 Busby Street, Blockhouse Bay - $1,445,000 - 5.82%

758 Dominion Road, Mt Eden - $1,227,000 - 5.79%

274 Dominion Road, Mt Eden - $2,625,000 - 4.00%

575-579 Sandringham Road - $1,800,000 - 4.00%

134 Onehunga Mall - $1,460,000

176 Dominion Road - $1,443,000

28-36 Wellesley Street - $1,250,000 - 5.44%

View expert

Gawan Bakshi

Broker | Investment Sales

Auckland CBD

Gawan is a solutions-focused and proactive member of the Colliers International Investment Sales team, based in Auckland CBD. He specialises in scouting and matching suitable investment opportunities for individual property owners, family trusts, high profile national property and retail groups. He is the area expert for Mount Roskill, Three Kings, Hillsborough, Onehunga, Mount Albert, and Sandringham with extensive knowledge and local information for each suburb.

Gawan’s Bachelors of Commerce and Bachelors of Property from University of Auckland have equipped him with the technical expertise required to identify the benefits and risks associated with each property and provide reliable and professional advice to his clients. He goes to length to ensure his clients have access to all the relevant information and are able to overcome challenges with his advice, before making a final decision.

Gawan’s thorough understanding of property investment and market conditions, paired with his proficient localised knowledge means he is able to discern every deal carefully on a case by case basis to achieve the best possible outcome for his clients.

Gawan speaks fluent Hindi and Punjabi and understands Gujurati and Urdu, making him an important member of the team with the ability to access and communicate with this growing market audience.

View expert