Award winning Grey Lynn showroom, warehouse

5:00 AM Saturday February 11, 2017 True Commercial

The property at 24 Mackelvie St identified by a red border. Photo / Supplied

An award-winning Grey Lynn office and warehouse property is for sale through a tender process closing on March 7.

The fully leased property — at 24 Mackelvie St— was extensively refurbished in 2012, says Whillans Realty Group agent Henry Thompson.

Under the operative Unitary Plan a new owner could build to a 27m height limit on the site.

Thomson says the property is in a Mixed Use zone, allowing for the combination of high density commercial, retail and residential, activities.

Three tenants, Leisure Management Services, Wall Fabrics and Finch Company Limited, pay net annual rent of $522,274.

“This building comprises 1832sq m, with 28 secure car parks. It’s a freehold site and has dual road frontage onto Mackelvie and Scanlan Streets. Both frontages extend about 24m, providing high profile and excellent accessibility,” says Thompson.

Built by Fletcher Construction in the 1970s, then later extensively refurbished by Fearon Hay Architects, the property won two architectural awards in 2013: Record Interiors award from the Architectural Record, and the Designers Institute of New Zealand, Gold Award (2013).

Thompson says it is strategically positioned among major new commercial developments three blocks west of Ponsonby Rd, including Vinegar Lane and Giltrap Prestige’s new Five Green-Star rated office building and showroom for Lamborghini, Aston Martin and Bentley.

“This is a substantial property for the area, with the added bonus of dual road frontage,” he says.

“Similar properties seldom become available and many are now being redeveloped for luxury residential apartments or top-end offices. It also has great transport links.”

Earmarked for completion in 2023, the Karangahape Rd train station will be about 15 minutes’ walk away.

Bus services along Great North Road will provide a link to the station, he adds.

“The property is surrounded by upmarket terrace housing and apartments, media and design offices and refurbished industrial studio space. The recently completed Countdown supermarket development is at nearby Vinegar Lane.

“Should a buyer decide to redevelop for residential use, apartments in this area are selling for between $12,000 and $17,000 per sq m.

Meanwhile, townhouses are being sold off-plan for over $14,000 per sq m, and standalone homes start at nearly $2m, says Thompson.

“A new owner occupier would not have to spend much to make themselves at home either, with the high spec refurbishment only four years old. All of the space features polished concrete floors, exposed black steel portals with opaque skylights letting in natural light. The Wall Fabrics tenancy has a unique set of operable glass panes edged in rosewood with brass detailing giving the space a refined look and feel.” says Thompson.