College Hill site presents many options
The commercial building for sale at 41 College Hill in the Auckland suburb of Freemans Bay and leased to a motor scooter retailer.
A high profile standalone commercial building on College Hill in Freemans Bay, with a tenant that has been in occupation for a decade, is up for tender offering the prospect of further developing the under-used Mixed Use zoned site.
Featured in Bayleys’ latest Total Property portfolio, the 676 sq m two level building on a 741 sq m freehold site at 41 College Hill is producing net annual rental income of $160,000 plus GST from its lease to a well-established motor scooter retail and service company.
The property is being marketed by Scott Kirk, James Were and Cameron Melhuish of Bayleys Auckland office with tenders closing on October 29, unless sold earlier by negotiation.
“Built in the 1960s and owned by the vendor for many years, the property presents an array of future upside options for the next owner,” says Kirk. “Its versatility means it could be used for a range of higher value purposes. The generous landholding is under-developed with its flexible underlying Mixed Use zoning providing numerous options for additional commercial and residential floor area or total site redevelopment longer term. Owner occupiers looking for a high profile position close to the CBD and motorways for their future occupation may also want to consider this property.”
Were says in its current configuration, the upper most level, accessed from College Hill, consists of attractively presented showroom space. It is open plan throughout, featuring a high stud, exposed beams and rafters and a polished concrete floor. Below, is a mixture of workshop and storage areas.
Aerial view of commercial building for sale at 41 College Hill – identified by a red border.
“While the two floors are internally linked via a stairwell, the main access to the lower level is via a driveway down the side of the building which also leads to the property’s nine carparks. The lower level is predominately used as a workshop and features a high stud workroom with storage areas off it”.
The tenant Moto Systems Limited has been in occupation since 2005. The company sells a full range of motor scooters and riders’ accessories from its street front showroom and also offers servicing, tyres and warrant of fitness facilities in the workshop below.
Its lease term runs until November 2017, with one further right of renewal of three years taking the final expiry of the lease through until October 31, 2020.
Melhuish says College Hill, originally dominated by early 1900s residential villas, has taken on an increasingly commercial face because of the high volume of traffic it carries as a major arterial route between the CBD and Ponsonby and western suburbs
“The attributes and convenience this location offers in combination with the favourable Mixed Use zoning is likely to see development continue, particularly under the Proposed Unitary Plan which removes floor to area specifications and increases the present height limit of 15 metres to 16.5 metres.”
From left to right: Scott Kirk, James Were, Cameron Melhuish, of Bayleys Auckland.
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