Mixed-use development in Epsom
The building at 97 Great South Rd (bottom left, in white border) was constructed in the 1980s. Photo / Supplied
A freehold investment office property with two established tenants and development potential is for sale at the intersection of Market Rd and Great South Rd, Epsom.
“This property is on the market for the first time in 20 years,” says Jason Armstrong of JLL who, with colleagues Jarred Hill, is marketing 97 Great South Rd through expressions of interest, closing March 25.
“This 718sq m office building was constructed in the 1980s and occupies a 1053sqm site with covered parking beneath the building,” Armstrong says.
The tenants are Today Software and Christian Healthcare paying a combined net rental of $175,000 per annum, with both leases expiring at the beginning of 2020.
“There are multiple income streams in place but in the longer term this could be a development opportunity,” Hill says.
“The site is zoned for Mixed Use, which typically means up to four storeys or 18m, comprising options such as a retail and apartment mix. It’s a proven location, just moments away from the Market Rd off-ramps and two minutes’ drive to the onramps at Greenlane. It’s a 6km drive to the CBD or 16km to the airport and five minutes’ walk from the Remuera train station.”
“As well as being of interest to developers, this property could be of interest to owner-occupiers or add-value investors,” Armstrong says. “Some of Auckland’s best schools are within five to 10 minutes’ drive, which could make for a very easy commute for a local person with children at St Cuthberts, Dilworth, Epsom Girls or Auckland Grammar.
“Shopping, dining and entertainment options in Newmarket are just five minutes away, cementing the opportunity as a good live-work proposition as Auckland continues to transform itself.”
JLL notes that the city fringe is proving popular with investors who see its potential as Auckland develops.
“The Mixed Use zones that the Unitary Plan allows around centres and along high frequency public transport routes, make it a lot easier for a variety of residential and commercial developments to happen,” Hill says.
“Auckland Transport’s investment in public transport is going to make travelling between city fringe suburbs and the CBD that much easier.
“When the City Rail Link opens, travel times for train users will improve across Auckland. They will be able t catch a train from Remuera Station to the new Aotea Station and the journey will only take 10 minutes.
“The city fringe offers an affordable alternative to the CBD, which is becoming more and more accessible as Auckland’s transport system improves,” he says.