City fringe duo with big potential for development

9:54 AM Saturday October 11, 2014 Colin Taylor

Exterior view of industrial property for sale at 26 Monmouth St, Grey Lynn.

Two industrial properties in the city fringe suburbs of Grey Lynn and Eden Terrace are being marketed for sale to purchasers with an eye for development potential.

The first, a factory premises at 26 Monmouth St, Grey Lynn, is being marketed by Murray Tomlinson and Reese Barragar of Barfoot & Thompson Commercial, and will be auctioned at 10.30 am on Wednesday, November 5 at the agency's Shortland St auction room unless it is sold earlier.

"This sale is one that should not be missed by owner-occupiers, investors and developers," Tomlinson said.

The building had a 586.51sq m net lettable area and was in a sought-after corner position.

"It is nestled behind Great North Rd on a freehold 333sq m site that has a desirable Mixed Use zoning and is also within one of Auckland Council's strategic housing areas, which helps fast-track any development."

A lower-level factory and workroom of 332sq m is leased short-term to Geo Vause Manufacturing for one year and one month from September 1 at $22,800 a year.

An upstairs area of 254.51sq m is vacant

"The building appears to have been built in the 1960s and occupies the entire site although the top floor does have an open car park at the northern end, which effectively reduces the built upper floor by some 85 metres," Tomlinson said.

The factory had probably been built to house one occupier but had been operated for a considerable time as upper and lower tenancies.

The lower floor is accessed from Monmouth St via two steel roller doors and has a stud height of about 3m in a generally open plan workroom area.

The upper floor, also open plan workroom space, is entered from the northern end directly off the car park and has a stud height at the knee of about 3.4m and rising. A stairwell between the two floors is at the southeastern end of the building.

Barragar said the property was on the eastern corner of the Monmouth St and Burns St intersection in Grey Lynn.

The corner site had a Monmouth St frontage of 10.9m and a bigger frontage onto Burns St of 30.45m.

"From Burns St to the Great North Rd, K'Rd and Ponsonby Rd intersection is under 300 metres, so the position of the property is very accessible, very central.

"Motorway access on to the State Highway 16 northwestern motorway from the west is very good via the Newton Rd ramps, while the north-south State Highway One can be accessed via the Spaghetti Junction system about a kilometre away."

The building is built of reinforced concrete slab and concrete block with steel portal frame, aluminium joinery, timber purlins and Super 6 roofing.

Tomlinson is also marketing for sale by negotiation a 1970s city fringe character office and warehouse building at 3-11 Rendell Pl in Eden Terrace.

The property is in four freehold titles; 7 Rendall Pl is a vacant gravelled car park. The total building area of 1652sq m occupies a freehold Mixed Use zoned site of 2279sq m. The titles are 564sq m, 569sq m, 572sq m and 574sq m.

 

True Commercial - 3 Rendall Place, Eden Terrace.jpg

3 Rendall Place, Eden Terrace

 

"The four sites have excellent residential development potential and the owner wants to sell them as one lot," Tomlinson said.

Part sales could be discussed, "although this is not desired".

The current Auckland Council zoning allowed for development to 15m, but the Proposed Unitary Plan would increase the height to 20.5m.

"Rendall Place is a short cul-de-sac street with the attractive Basque Park at the bottom northern end.

"The location could be described as five minutes from the CBD, Newmarket or Ponsonby in normal traffic conditions. The location is particularly central and is several minutes' walk to the Mt Eden Rail Station."