Grey Lynn corner building could go higher
The two level commercial building for sale at 307-309 Great North Rd, Grey Lynn.
A Grey Lynn commercial building that has been in the same family ownership for decades is for sale with the potential to take it to a higher level.
“This building at 307-309 Great North Rd has a commanding position on a busy arterial corner site and is in excellent condition,” says Cam Paterson of Barfoot & Thompson Commercial who, with colleague Reese Barragar, is marketing it for sale by tender closing at 4 pm on September 23 unless it sells earlier by negotiation.
The owner’s father originally purchased the 327 sq m freehold property for his business - attracted by its corner location and the long ranging northerly aspect. The 526.5 square metre concrete building constructed over two levels was completed to a high standard in the 1970s and was designed to take advantage of its prominent site.
The ground floor of 295.1 sq m is accessed off Great North Road leading into partitioned office space with amenities to the rear. The lower level of 231.4 sq m has roller door and pedestrian access from Grosvenor Rd and comprises workshop space and partitioned rooms with a generous stud height.
“Of note is the inclusion of Stahlton flooring above the ceiling, with the roof above that floor – clearly designed with a view to potentially adding future office or residential levels,” Paterson says.
Paterson says the building is leased by Tandem Ministries, a charitable organisation, which is vacating on February 1, 2016 when the lease expires with no rights of renewal. “The current annual rent is $30,000 plus GST and outgoings which is well below market rates,” he says.
“The move opens up a great opportunity for a new occupier to make a mark in this highly visible, flexible and rapidly improving location. It’s perfect for a savvy investor, commercial or residential occupier or developer.”
The property has primary vehicle access off Great North Rd. Both pedestrian and cart dock access to the lower high stud level from Grosvenor Rd. Car parking comprises four uncovered sites and one potential covered parking place through the roller doors.
Barragar says the small sealed driveway area to the north of the building, currently used for car parking, could offer options for a covered car parking, car parking stackers or possible lift access to upper levels.
He says the currently Mixed Use zoning has a 15 metre height limit which is changing to a 14.5 metre height limit with basement parking and a Terrace Housing & Apartments designation under the Proposed Auckland Unitary Plan.
“The building is also within a Special Housing Area which will helps fast-track any development,” he says. “To help combat Auckland's housing crisis, these areas are being designated across the city where fast-track development of affordable housing can take place. This would allow this property to be developed under the on the basis of the Unitary Plan if desired.”
The site is rectangular shaped on the northwestern corner of Great North Rd and Grosvenor Rd with a frontage of 35.21 metres to Grosvenor Rd and 10.59 metres to Great North
“It has a ridge-line position with a downward sloping gradient from Great North Road, giving the site a view and vista towards central, north and west Auckland including the Waitemata Harbour,” says Barragar. “The corner position provides a good profile from both Great North Rd and Bonds St which is appealing feature for any business occupant.”
Immediately surrounding the subject property are automotive focused commercial properties including BM Workshop, Discount Tyres and Jordan Panel Beaters. Directly across Great North Road is an apartment complex with retail and office below.
The Auckland CBD is 1.5 km to the north via Great North Rd.
“This location is seen to be a desirable environment for young professionals or empty nester buyers who benefit from being close to the CBD, the easy access to motorways and quality facilities offered in Ponsonby, Kingsland and Grey Lynn,” Paterson says.
“We expect to see the increase in residential density in this location also result in an increased retail demand as the location gains momentum.”
Overall construction of the building is of concrete foundations with Stahlton pre-stressed flooring; concrete block walls with concrete pillars and beams; aluminium joinery and long run iron roofing.