City fringe building with location, location
Elevated view of the two-level commercial property for sale at 33 Scanlan St, Grey Lynn.
A two-level freehold Grey Lynn commercial property on one title is for sale leased to several tenancies and located in a prime position within a city fringe area of significant developments.
“The mix of short-term tenancies and secure storage units will continue to generate an attractive holding income for the new owner while potential development options are considered,” says Duane Mullooly of Barfoot & Thompson Commercial who, with colleagues Reese Barragar and Cam Paterson, is marketing 33 Scanlan St for sale by tender closing at 4 pm on Thursday October 8 unless it sells earlier by negotiation.
The 1970s’ building which was extended in the 1980s, has a net lettable area of 1113 sq m and occupies a 962 sq m site with 13 car parks and generates annual net rent of nearly $190,000. The longest lease runs until September 2017.
“The building has been designed to maximise the substantial, elevated site and benefits from a sweeping vista to the west and out to the Waitakere Ranges,” Mullooly says.
Barragar says the property is zoned for Mixed Use development up to 15 metres under the operative council plan but the Proposed Auckland Unitary Plan also gives it a Mixed Use zoning but up to a height of 24.5 metres.
“On the neighbouring site at 31 Scanlan St is a four-level apartment complex which gives an example of the type of development allowed in the area and which could present an advantage in any consent application process,” Barragar says.
He says the rectangular shaped property has a frontage to Scanlan St of 23 metres and has an average depth of about 40 metres with the natural gradient running from north to south and west to east across the site.
The Photo Studio Mara Sommer within 33 Scanlan St.
Paterson says the property is situated in the middle of Scanlan St about 80 metres east from the intersection with Williamson Ave intersection and 350 metres west of Great North Rd. Ponsonby Rd is a further 370 metres away.
“The favourable zoning and on-going development in this city fringe suburb continues to fuel an insatiable demand for residential accommodation in the area,” Paterson says.
“Two blocks directly behind the property a new 4300 sq m Countdown Supermarket is due to open in March next year while a big office and retail construction project, collectively known locally as The Cider development is under construction.
“Further along Pollen St and adjacent to The Cider is the big Vinegar Lane Precinct, a mixed residential and commercial initiative which is set to redefine the concept of urban living in the area.
“There is easy access to the State Highway One motorway at nearby Spaghetti Junction while even closer Newton Rd on-ramps give access to the northwestern State Highway 16 motorway.”
Reese Barragar, (left) and Cam Paterson, Barfoot & Thompson Commercial (right).