Greenwood Corner trio offer many options
The two level office building for sale at 2B Empire Rd, Greenwoods Corner, Epsom.
A mixed use property comprising three buildings on a high profile corner site in Epsom’s Greenwoods Corner commercial strip is for sale presenting a number of opportunities to the next owner.
The three buildings encompass 376 sq m of retail, office and residential accommodation and are located on 410 sq m of land on two titles on the corner of Manukau Rd and Empire Rd.
The property which is featured in Bayleys’ latest Greater Auckland magazine is among 15 properties in the portfolio that will go up for auction on March 2, unless sold earlier by private treaty.
Damien Bullick and Alan Haydock of Bayleys Auckland are marketing the trio which will be offered for sale by auction as one lot.
Bullick says the property has been in its current family ownership for the past 38 years and is for sale mostly with vacant possession, apart from one small lease producing annual gross holding income of $16,900.
“There is potential to occupy, to lease up and receive a diversified income stream or to add further value through expanding the existing buildings or even possibly redeveloping the site more intensively,” says Bullick.
“Greenwoods Corner is a well-established and widely known retail location on one of the main traffic routes between central Auckland and the airport. It’s also in the sought after double Grammar zone taking in Auckland Grammar School and Epsom Girls which, coupled with a more flexible zoning under the Proposed Auckland Unitary Plan (PAUP) increases its future development appeal. ”
Two buildings are for sale at 561 and 563 Manukau Rd occupied by an antiques dealer and Intrigue Catering Ltd.
The three buildings are:
- 561 Manukau Rd: an original weatherboard two-level building, believed to be built in the 1920s. The largest of the three building is in a prime position on the corner of Manukau Rd and Empire Rd. The 133 sq m ground level is currently occupied by an antiques dealer but will be vacant upon settlement. Situated on Level One is a well presented 63 sq m one bedroom flat which is currently occupied, by a related party of the vendor, but which will also be vacated.
- 563 Manukau Rd: a single level 70 sq m retail building, also believed to date back to the 1920s. It is tenanted by Intrigue Catering Limited, with a lease through to October 2016. “The property is currently configured as a commercial preparation kitchen but could easily be returned to a classical single level retail premises,” says Bullick.
- 2B Empire Rd: a 130 sq m two level office building, originally constructed in the 1960s with further floor area added in the 1990s. It is currently occupied by an architectural practice, but will be vacated by settlement. “The building benefits from character features throughout and offers good natural light with a high stud top floor,” says Bullick. “It has the potential for live and work or residential use, subject to obtaining the necessary council consents.”
Haydock says Greenwoods Corner services the surrounding established residential suburbs of Epsom and One Tree Hill. “The immediate location is characterised by traditional strip shopping with a wide variety of tenants including restaurants, cafes, takeaways, fashion, legal and banking which also benefit from strong volumes of airport traffic throughout the day and night,” he says. “In more recent times, the area has turned into an established restaurant precinct, with a number of popular eateries.”
The property is currently zoned Business 2 which permits a wide range of commercial and retail based activities plus residential units within existing buildings, at a scale and intensity compatible with the surrounding suburban residential areas.
Under the PAUP expected to come into force later this year, the property is zoned Local Centre – Greenwoods Corner. Haydock says this zoning allows for a wider range of activities to be established without the need for a resource consent and the maximum height permitted will increase from 12.5 to 16 metres - with an additional two metre height allowance for roof form. This will allow for buildings of up to four storeys, incorporating residential on the upper floors.
“There will also be no floor to area ratio restrictions on development, as there are under the current zoning, so this could allow the site to be more intensively developed in the future.”
Damien Bullick (left) and Alan Daydock (right), of Bayleys