A substantial land holding in the sought after “Double Grammar” school zone in central Auckland is up for sale with a resource consent in place for an 11-storey mixed-use development.
Encompassing a 1113 sq m north facing elevated site and a mix of character buildings at 2 Mountain Rd, Epsom, around 30m from the intersection with Khyber Pass, the property is for sale with vacant possession.
This offers an immediate add value or development opportunity, says Bayleys’ Auckland city & fringe director Alan Haydock. He and colleague Damien Bullick are marketing the property by tender closing at 4:00pm, September 19, unless sold prior.
Haydock says the site’s Metropolitan Centre zoning is the most intensive in the central city fringe. It allows for building up to a height of 72.5 metres, although the Mountain Rd property is subject to viewshaft restrictions of between 19 and 41 metres across the site.
“The Metropolitan Centre zoning permits a wide range of intensive activities including commercial, leisure, high-density residential, tourism, cultural, community and civic services. One of the features of this site is that its school zoned for both Auckland Grammar and Epsom Girls Grammar Schools which makes it a particularly attractive proposition for residential development,” says Haydock.
The existing resource consent provides for ground floor retail with 10 levels of apartments above on part of the site, plus basement carparking.
“The next owner could activate this consent straight away or look at other more intensive development options for the property. Alternatively, they could utilise the existing character buildings for occupation or to provide income in the medium term, given the expectation that the underlying land value will continue to rise,” says Haydock
Existing buildings on the site total approximately 644 sq m. Originally constructed in the late 1930s, the main building was later extended and provides 561 sq m of office accommodation There is a large open plan area on the ground level along with a number of partitioned offices and amenities spread over two levels.
There is also an 83 sq m single-level brick building at the rear of the site which has previously been used as a display suite/showroom.
“The main office building has previously been home to some high profile occupants including Lion Breweries and, in more recent times, Morton Estate and would suit an owner occupier looking for a well located position for their business in premises with a point of difference,” says Bullick.
“There also continues to be high demand from tenants for office space that has personality and character and this building certainly fits that description given its attractive appearance and character features including its large windows, high stud and timber flooring. With some refurbishment, it could provide an opportunity for a developer or add value investor to generate considerable holding income.”
Access to the property is from Mountain Rd and there is a right of way over the neighbouring property on the northern side of the site. The are 12 open-air car parks at the rear and side of the buildings.
The surrounding area contains a mixture of modern commercial buildings and apartments. A Les Mills fitness centre which has frontage onto Khyber Pass is next door and located directly across the road is St Peters College. Auckland Boys Grammar School is approximately 400m to the south along Mountain Road.
“Other attractions within easy walking distance which make this an appealing and convenient residential and commercial location are the Auckland Domain, Auckland University’s Newmarket campus and the Newmarket shopping and dining precinct which will be further enhanced by Scentre Group’s massive redevelopment and expansion of the Westfield mall at 277 Broadway.
“The property also benefits from exceptional transport links with Grafton train station a short stroll away as are bus links to many parts of Auckland. There is also easy access to and from the southern motorway via the nearby Khyber Pass interchange.”