A secure income beckons in Mt Eden
An elevated view of 1 & 3 George St in Mt Eden.
Barfoot & Thompson Commercial are offering on behalf of the Fussell Family Trust Limited two city fringe office and warehouse facilities.
The Mt Eden properties — at 1 and 3 George St — are for sale by tender, closing 4pm, on Wednesday May 11 and they will not be sold prior to this date.
Commercial and industrial agent Murray Tomlinson says the early 1970s properties offer office, showroom and warehouse accommodations of some 550 and 650 square metres, in a proven commercial location.
“The tenants are solid, providing a secure income stream of $192,000 per annum net however there is flexibility available with the present lease arrangements which may appeal to varying buyer objectives,” says Tomlinson. “The location continues to gain momentum with intensive residential development, the combined size of these two properties at 1862 sq m making for a significant future development opportunity.”
Frontal view of the city fringe office and warehouse property.
The sites are zoned Mixed Use, allowing for 16.5 metres height, while the zoning on the south side of the street limits the future height under the Proposed Auckland Unitary Plan (PAUP) Single House Zone.
“The Dominion and Valley Rd shops are less than 500 metres away and, of course, public transport via the present bus service and the pending City Rail will be excellent in future years,” Tomlinson says.
“The properties are offered as one lot, however the vendor will consider offers that are for either 1 or 3 George Street separately.
“These fringe opportunities are becoming harder to find. Investors, developers and owner-occupiers need to investigate further.”
Murray Tomlinson, Barfoot & Thompson Commercial.