Grey Lynn building ideal for future redevelopment
The factory and office building for sale at 36 Monmouth St, Grey Lynn.
A Mixed Use zoned factory and office building divided into two rental units and with future redevelopment potential is for sale in the popular Grey Lynn area of Auckland.
“This city fringe property is very accessible and central,” says John Stringer, commercial broker Barfoot & Thompson Commercial who, with colleague David Palmer, is marketing 36 Monmouth St for sale by auction at 10.30 am on Wednesday July 22 at the agency’s Shortland St offices - unless it sells earlier by negotiation.
The building with a net lettable area of 222 sq m sits on a freehold site of 399 sq m and earns total annual rent of $33,091 from two tenants.
Celtic Solutions Ltd has a monthly lease on the front unit paying $19,000 net plus GST and 55 per cent of outgoings.
Monmouth Glass Studio has a six year lease on the rear unit which commenced in November 2013 - paying $14,091 annually net plus GST along with 45 per cent of the outgoings. Rent reviews to market are due on June 20 next year and in 2018.
“The property is located at the north end of Monmouth Street in Grey Lynn which is a short cul de sac connecting with Burns St - a two way traffic street running down from Great North Road about 80 metres to Monmouth St,” Stringer says.
“Under 300 metres from the Burns Street corner with Great North Road, is the major K’Road, Ponsonby Rd and Great North North intersection identifiable by a McDonalds restaurant.
“Motorway access is very good via the Newton Rd on and off ramps for the State Highway 16 northwestern motorway while the north-south State Highway One motorway can be quickly accessed via the Grafton and Khyber Pass system about one kilometre away.”
The site has a Monmouth Street frontage of 10.77 metres and an average depth of 36.97 metres. The building, constructed of concrete slab floor, concrete block walls, steel portal frame with timber purlins and Long run steel roofing, has an Initial Evaluation Procedure (IEP) seismic rating of 69 per cent.
The front unit is accessed via a door and roller door facing Monmouth St, with side door access to the right on the north side. Stringer says the tenancy is largely open plan with the exception of an office at the front, a lockable storage room and toilet at the rear.
“The rear unit is accessed via three steps at the right hand or northern side of the property and is on one level,” he says. “It has a car dock access, a separate toilet and kitchen facilities.”
In relation to potential redevelopment of the site, Palmer says the general area is a traditional service business and industrial precinct which is continuing to evolve with a commercial and increasing residential emphasis.
The Mixed Use zoning is designed to cater for retail, commercial and residential uses appropriate to the existing built environment, the roading pattern and proximity to the surrounding commercial and residential areas.
Permitted activities include offices, educational facilities, care centres, warehousing, cafes and eateries, retail premises for areas of less than 500 sq m and residential units.
“Under the zoning, buildings have a 16.5 metre or four storey height limit,” Palmer says.
“This zone is typical for areas in transition between residential suburbs and city or town centres where buildings should be adaptable so the uses within them can change over time. It also applies to areas where there is a need for a compatible mix of residential and employment activities.”
Palmer says development within the Mixed Use zone requires resource consent in order to ensure new projects are designed to a high standard that will enhance the quality of streets within the area.
David Palmer (Left) and John Stringer (Right) of Barfoot and Thompson.