Dominion Road property suits owners, investors or land bankers
A boutique city fringe office or live/work property on Auckland’s popular Dominion Road is for sale by auction.
Colliers International Investment Sales brokers Jonathan Lynch and Gawan Bakshi have been exclusively appointed to market the 568sq m freehold property at 176 Dominion Road, Mount Eden.
The property will be auctioned at Colliers International’s Auckland CBD offices at 11am on Wednesday 14 March, unless sold prior.
Lynch says the property comprises a 1940s brick and tile bungalow that has been converted for office use to capitalise on Auckland’s low city fringe vacancy rates.
“With a floor area of 133sq m, the property has four large rooms and one smaller room that are currently used as offices.
“In addition, a two-car garage at the rear of the property has been fitted out as an additional office space with air conditioning, partitions and carpeting.
“The property offers five off-street car parks as well as a waiting area/lounge, a full-sized kitchen, two bathrooms and standalone storage.”
Lynch says the property is superbly positioned on a flat, high-profile site on the corner of a no-exit street.
“Conveniently located at the popular CBD end of Dominion Road, this is a superb opportunity to occupy, invest or simply land bank,” he says.
“Owner-occupiers have the flexibility to move in this year, thanks to a six-month termination clause in the property’s three-year lease.
“The lease also gives land bankers a useful holding income until the time is right to reposition the property.”
Lynch says savvy investors will appreciate the chance to acquire an affordable commercial asset at a time when city fringe office space is extremely scarce.
“Colliers International research shows Auckland’s city fringe office vacancy rate has dipped to 5.1 per cent – the lowest point in more than a decade.
“Rents have been trending up as the squeeze on office space continues, making this an ideal add-value investment.
“The property could also be refurbished and converted back to residential use, making the most of its sought-after Auckland Grammar and Mount Albert Grammar school zoning.”
Bakshi says the property is well located in one of Auckland’s most desirable suburbs.
“Mount Eden is historically one of Auckland’s most vibrant destinations, with residents able to enjoy a mixture of quality food and beverage offerings, local retail and commercial services.”
Bakshi says Dominion Road is one of Auckland’s main arterial routes and a major public transport corridor.
“It is set to become even more important to Auckland’s infrastructure needs, with the government committing to light rail to the airport along Dominion Road within the next decade.”
Bakshi says Dominion Road is often referred to as “the world within a street” due to its unrivalled ethnic diversity.
Numerous restaurants, eateries and retailers line the road, which links Mount Eden with Balmoral and Mount Roskill to the south.
The property’s Residential Single House zoning is generally characterised by one to two storey high buildings consistent with a suburban built character.
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