Boutique office space in popular spot

4:33 PM Tuesday February 27, 2018 True Commercial

The residence converted to office use at 176 Dominion Rd, Mt Eden. Photo / Supplied

A boutique city fringe office or live/work property on Auckland’s popular Dominion Rd is for sale by auction.

Colliers International Investment Sales brokers Jonathan Lynch and Gawan Bakshi have been appointed to market the 568sq m freehold property at 176 Dominion Rd, Mt Eden.

The property will be auctioned on March 14, unless sold earlier.

Lynch says it 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 has 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 Rd, 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.

“Our 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 Dominion Rd 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 Rd within the next decade.”

He says Mt Eden is one of Auckland’s most desirable suburbs and Dominion Rd is often referred to as “the world within a street” due to its ethnic diversity.

Numerous restaurants, eateries and retailers line the road, which links Mt Eden with Balmoral and Mt 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.