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News Release

Auckland

High profile, corner site investment on Dominion Road

JLL marketing 666 Dominion Road, Mt Eden


 

 

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​​666 Dominion Rd 16.jpgA freehold investment opportunity in Mt Eden is available for the first time in over 50 years.

JLL agents Kevin Reardon and Tommy Zhang are marketing 666 Dominion Road, a 545sqm freehold corner site with a 690sqm two level office/retail building and seven car parks.

Built in 1964 the property sits on the corner of Dominion Road and Halston Road and is fully tenanted with six tenants, four being retail units on the ground level and two commercial offices on the second level. The property returns $139,190 net pa from its current occupants, which are established businesses in the Mount Eden area.

"There are not many corner sites on Dominion Road and this one has great exposure being just down from the busy intersection of Dominion and Balmoral Roads. It sits on a major transport route so access to public transport is right at the doorstep," says Reardon.  "The city fringe area continues to go from strength to strength and Dominion Road is right in the middle of this, firmly establishing itself as one of the busiest and more vibrant streets with a variety of commercial and residential properties from top to bottom, while it connects the city to southern Mount Roskill and all suburbs in-between," continues Reardon.

Owned by the same family that built it over 50 years ago, the property offers a low risk investment with multiple cash flows; it's a very rare commodity in today's market to have a family gem on a tightly held street become available to investors.

"It is zoned local town centre which means it can be built up to 16 metres, so it could potentially be developed further in future to be a four level property if the new owner chose to do so," explains Reardon.

JLL agent Tommy Zhang says, "Mt Eden is such a high end, popular area of Auckland, the location alone is likely to be one of the key reasons the property is fully tenanted. The type of buyers we believe it will attract are family trusts or passive investors looking for a property in a strong growth location and low risk investment with a diversified income stream. There is also a significant add value opportunity given the advantageous zoning."

Dominion Road is well known for being one of the most heavily trafficked bus routes on the Auckland isthmus. Light rail has been proposed in the future, which would further improve connectivity and the importance of Dominion road as a key motorway to city centre corridor.

JLL Associate Director of Research and Consulting, Tom Barclay says, "666 Dominion Road presents a rare opportunity for an investor to purchase a long held income producing asset in a popular urban hub on one of the city's historic transportation routes.

"Given the location in Balmoral, the heart of Auckland's most diverse Asian food and beverage scene, occupier demand prospects for the property look positive for the future."

It would be a sin to miss this opportunity.

666 Dominion Road will be sold through an expressions of interest campaign closing Thursday 23 November 2017 (if not sold prior)