Prime property in major rejuvenation area
The prime redevelopment site at 189 Balmoral Rd adjoins a KFC.
A prime site on Balmoral Road in Mt Eden, overlooking Dominion Rd, is for sale with its Mixed Use zoning presenting a variety of options, including a residential development.
The 976 sq m of land in three titles at 189 Balmoral Road, is occupied by two buildings totalling 796 sq m with short term tenancies producing holding income of close to $60,000 per annum.
Scott Kirk and Bayleys Auckland colleague James Were are marketing the property for sale by tender closing August 18 unless it sells earlier by negotiation.
Kirk says an owner occupier or add value investor could refurbish the existing buildings to occupy or create improved cash flow.
“Alternatively, the buildings could be extended or demolished and the site more intensively developed as is permitted under the existing zoning as well as its proposed zoning under the new Auckland unitary plan.”
Kirk says properties either side of the offering have been redeveloped, with a block of two and three level apartments to the west while to the east is a KFC restaurant and drive through. Directly across Balmoral Road is a McDonalds outlet and to the south are the established Balmoral strip shops.
In what will be a major rejuvenation for the area, a Mixed Use complex is planned for a 1.2 ha site at 182 Balmoral Rd. During the past 15 years, The Warehouse has acquired several parcels of land adjoining its store and the company has applied for resource consent to redevelop its land into 7130 sq m of retail and food and beverage space plus residential dwellings. The project would include a new 4800 sq m The Warehouse store, 34 apartments, a cafe and 234 parking spaces.
The property for sale has a wide frontage to Balmoral Rd of about 28.5 metres and also has frontage onto, as well as access from, Dunbar Rd which runs parallel to Balmoral Rd along the rear of the site. There are also seven unmarked carparks at the rear of the property.
A Thai restaurant occupies this building at the rear of 189 Balmoral Rd.
“The dual access increases the property’s attractiveness as a development site as does its closeness to Dominion Road, one of Auckland’s busiest arterials,” says Kirk. “A small plot of grass is all that’s between the property and the Dominion Rd and Balmoral Rd intersection and it has good exposure to thousands of cars travelling these roads on a daily basis.”
Two buildings are on the level site, the largest of which totals 642 sq m and has substantial frontage onto Balmoral Rd. It is believed to date back to the early 1920s although it has been added to in subsequent years.
It has concrete foundations, concrete and brick masonry walls, timber flooring and a combination of timber and aluminium joinery. The roof above the ground floor showroom and office area has recently been replaced with long run iron.
First floor residential accommodation of about 156 sq m is occupied by the owners of a Thai restaurant and takeaway business that operates from a separate single level 154 sq m building at the rear of the site. A three monthly rental agreement is in place over the restaurant for $2250 a month and the residential space earns $430 a week.
Were says the 486 sq m ground floor showroom, office and storage area of the main building was previously occupied by paint and wallpaper retailer Guthrie Bowron but is now vacant, allowing immediate owner occupation or an add value or development opportunity.
The property’s current Mixed Use zoning enables a mix of residential, business, educational and leisure activities with development controls allowing for a basic floor ratio of 2:1 (meaning two square metres of building can be built for every one square metre of land) up to 4:1 maximum, with a height restriction of 15 metres.
Under the Business Mixed Used zoning that would apply under the Proposed Auckland Unitary Plan, there are no maximum floor area stipulations and development is subject to an increased maximum height allowance of 16.5 metres and set back controls.
“Under either of these development scenarios there is plenty of scope to increase the under developed site’s building footprint considerably,” says Were.
James Were (left) & Scott Kirk (right) of Bayleys Auckland.
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