New Lynn property comes with many options
The 2697sq m site at 3047 Great North Rd New Lynn. Photo / Supplied
A large commercial property near the LynnMall shopping centre is for sale, along with concept plans for a 21-level apartment development.
The 2697sq m site with a 1857sq m building at 3047 Great North Rd New Lynn is being marketed by Michael Block and Damian Stephen of Bayleys North Shore Commercial in conjunction with James Chan of Bayleys’ International Division.
Featured in Bayleys’ Total Property portfolio, the property is for sale by tender, closing on March 9, unless sold earlier by negotiation.
Block says the property will provide initial rental income of about $489,000 per annum.
The ground floor space is leased to HealthPost Ltd, an online supplier of more than 4000 natural health products and supplements. HealthPost will take over space previously occupied by Westpac on April 1 and Idea Services, which is part of IHC.
Just over 500sq m of the property’s upper level houses the New Zealand head office of the SPCA.
The vendor is offering a rental guarantee over the remaining 334sq m of space at an initial annual rental of $80,000 net. “The owner is negotiable on that lease term, or would be happy to offer this space with vacant possession should it be of interest to an owner-occupier,” says Block
The freestanding building was developed in the mid-1990s and has secure underground parking for 48 vehicles along with 14 uncovered on-site carparks.
Block says it has a seismic assessment of 71 per cent of New Building Standard (NBS), internal air conditioning, separate amenities on each floor and two stairwells to the front and rear of the building.
Stephen says the parapets and roof offer excellent signage exposure to busy Great North Rd and the property benefits from dual frontage and access to and from Delta Ave.
The office leases range from two-to-five years, with Vodafone having had a telecommunications equipment lease since 1997.
Stephen says with a 72.5m height limit under the new Auckland Unitary Plan’s Business-Metropolitan Centre zone, there’s abundant scope for future development.
Leuschke Group Architects has prepared concept plans showing potential to create a 21-floor redevelopment of two towers, comprising up to 312 units, with lower level commercial space.
The Great North Rd site (in red border) has scope for future development. Photo / Supplied
Stephen says a resource consent application has been lodged and (regarding this) preliminary discussions with the council have been positive.
Tenders requiring the vendor to secure the necessary consents in advance will be considered.
“This scheme illustrates the large development opportunity this site provides. However, it is only one of many options the new owner could pursue. These include retaining, or possibly adding to, the existing building,” he says.
Chan says the property’s development potential is enhanced by its strong location in the heart of New Lynn town centre, adjacent to the recently revamped and expanded LynnMall.
The property is directly opposite one of the anchor tenancies, a Countdown supermarket and its large adjoining customer parking area.
It’s an easy walk to the train station.
Chan points out Auckland Council is keen to encourage more intensive mixed use development, combining commercial, residential and community activities around major transport hubs such as New Lynn.
The nearby Merchant Quarter development features a 10-storey residential building tower containing 110 apartments and stage two — encompassing a five storey apartment building on the roof of Auckland Council's car park — is reported to have been sold out off the plans.
The Merchant Quarter development has also included 7000sq m of commercial and retail space and a main street upgrade.