‘Affordable’ entry-level mixed property
This two level commercial and residential building is for sale at 954 Dominion Rd, Mt Roskill.
A two-level mixed-use commercial and residential property is for sale with vacant possession on Dominion Rd - one of Auckland’s busiest thoroughfares.
“The size of this freehold property makes it an affordable investment in a very strategic location,” says Jasmine Yao of Colliers International who, with colleague Peter Kermode, is marketing 954 Dominion Rd, Mt Roskill, for sale by auction at 11am on Wednesday December 9 at Colliers’ auction room, 151 Queen St, unless it sells earlier by negotiation.
“Its layout and location will appeal to both owner occupiers and entry-level investors property investors looking to split their risk,” Yao says. “Opportunities in this price bracket rarely become available on sought-after Dominion Rd which is one of Auckland’s longest roads at 4.5 km. “It carries around 50,000 bus passengers each week and it is tipped by council to see a 67 per cent increase in public transport use in morning peak hour by 2021.”
The 1920s brick building on a 130 sq m site houses two separate tenancies: a ground floor commercial area and a first floor, three-bedroom apartment.
“The ground-level space is fitted out as a trendy cafe and rented out for $550 per week while the upstairs apartment was recently rented at $420 per week,” Yao says.
“The ground floor could also be easily converted to retail or offices – such as a local real estate agency – making live-work options for the property very viable and appealing.”
Positioned on the corner of Dominion Rd and Kings Rd, the building offers great signage exposure for businesses.
“There is provision for a billboard on the side of the building that would be visible to around 25,000 passing cars daily.”
The cafe and apartment have separate entrances and a covered, rear patio can be used by either residential or commercial tenancies.
“Tidy and lovingly restored, the apartment captures sun most of the day and has polished kauri floors,” Yao says.
“The ground-level space is occupied by a retro-themed espresso cafe with a liquor licence and strong client base.”
Currently zoned under the District Plan as a Business 1, the Proposed Auckland Unitary Plan (PAUP) classifies the site as Business – Mixed Use, permitting residential activity as well as smaller scale commercial activity.
Kermode says Dominion Rd is one of the main north-south arterial roads to Auckland’s CBD which is only 5.7km away.
“It is also known for its ethnic eateries, bars and restaurants, and was the inspiration for the song Dominion Road by Kiwi band, The Mutton Birds.
“A very popular French patisserie, La Voie Francaise, operates directly opposite 954 Dominion Rd,” Kermode says.
Public transport is right on this property’s doorstep, Kermode says, with a bus-stop opposite the site and Kingsland train station within walking distance.
“It is also close to a variety of amenities, such as petrol stations, grocery stores and eateries. Also common on this road are business services, like lawyers and accountants, as well as health facilities such as doctors’ surgeries and veterinaries.”
The property is surrounded by a densely-populated residential catchment, with early education centres, schools, parks, and public amenities scattered throughout.
Kermode says the pending completion of the State Highway 20 extension from Mt Roskill to Point Chevalier will be a huge benefit to commercial properties in Mt Roskill derived from increasing business opportunities and exposure.
The New Zealand Transport Agency intends to complete the extension, called the Waterview Connection, by early 2017. By 2026, the connection is expected to carry 83,000 vehicles a day.
Jasmine Yao and Peter Kermode, of Colliers International.