Dominion Rd site among nearly 30 properties for auction
Exterior elevated view of commercial property leased to Roskill Sheetmetal Works Ltd and Two Little Angels Ltd at 907-909 Dominion Rd.
A mixed use property which has been in the same family’s ownership for more than half a century and with a strong profile onto main arterial Dominion Rd will be among a large number of properties that will go under the hammer early next month as part of Bayleys’ Greater Auckland portfolio auction.
Located at 907-909 Dominion Rd, Mt Roskill, the property encompasses 1606 sq m of freehold land and a mix of interconnecting light industrial, commercial and retail buildings totalling 1913 sq m.
“The site has huge development possibilities but it also has investor and owner occupier appeal,” says Mike Adams of Bayleys Auckland who, with colleagues William Coates and James Appleby, is marketing it for sale by auction at 11am on Wednesday September 10 unless it sells earlier by negotiation.
“Its favourable Mixed Use zoning under the current and proposed Auckland Unitary Plan offers numerous future commercial and residential options for the next owner,” Adams says. “And the two current tenants provide annual holding income of $112,000.”
The largest tenant is Roskill Sheetmetal Works Ltd which has been in occupation for more than 30 years but has its current lease running until October 2014 with a final expiry of September 2016 if rights of renewal are exercised. The company occupies 789 sq m of low stud warehouse, manufacturing and office space on one of property’s two 803 sq m titles at 907 Dominion Rd plus an adjoining 628 sq m of industrial premises at 909 Dominion Rd.
Mike Adams of Bayleys Auckland
The street level premises of 909 Dominion Road is tenanted by Two Little Angels Ltd on a four lease until June 2017 with no rights of renewal. The firm imports furniture and sells direct to the public throughout New Zealand. It occupies 494 sq m of retail, showroom and warehousing space, with a customer car parking area at the front,
The two titles and their buildings have a combined July 2011 Rating Valuation of $2,350,000.
The property is situated on the western side of Dominion Rd between Haig Avenue and Louvain Avenue about 600 metres to the north of Mount Albert Road. Coates says it is adjacent to a very busy convenience retail complex which has a Caltex Service Station at the front incorporating a Fix convenience store and a Subway outlet. A large car parking area separates it from a popular Asian super store at the rear of the development.
“As well as having substantial frontage to Dominion Road itself, 907-909 also has considerable exposure to a service road used by cars exiting the service station and the shops behind it,” Coates says. “A redevelopment that complements the neighbouring site is one of a number of appealing options that could be considered.”
The Mixed Use zoning under the proposed Auckland Unitary Plan allows for residential development as well as predominantly smaller scale commercial activity. It permits a range of possible building heights permitted depending on the context of the development with the standard zone height being four storeys.
This property will be among close to 30 properties featured in Bayleys’ latest Greater Auckland portfolio that will be auctioned on September 10.
Richard Valintine, Bayleys’ commercial and industrial property auctioneer, says it will be one of the biggest portfolio auctions of retail, office and industrial properties conducted in recent times.
“We have a wide variety of smaller to medium sized offerings up for sale encompassing passive investment properties, with well established tenants, vacant and semi vacant buildings with appeal to owner occupiers or more entrepreneurial investors looking to add value, as well as development opportunities.”