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News Release

Auckland

Rare vacant land in Grey Lynn for sale

JLL marketing development opportunity in Monmouth Street


 

 

East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease
Rare vacant land in Grey Lynn for sale/new-zealand/en-gb/news/861/rare-vacant-land-in-grey-lynn-for-saleAucklandRare vacant land in Grey Lynn for sale

28 Monmouth St 05 small-min.jpgCommercial property company JLL is marketing a rare piece of bare land in Grey Lynn for sale. 

The 332sqm section at 28 Monmouth Street is in a commercial and light industrial area, just two streets back from Great North Road, with its various car yards and showrooms and offers views of Mt Eden.

The site is 11 metres wide and approximately 30.5m deep and sits opposite Newton Central Primary School. 

The Unitary Plan zoning indicates 28 Monmouth Street is in a Mixed Use Zone, which permits development of five storeys up to 18 metres high and 16 metres of occupiable space. This may include a variety of activity including residential, retail, office and light industrial uses. 

JLL agent Alex Wefers says the site would be an ideal location for a small residential development. Alternatively, an owner occupier could develop a purpose built commercial building on the site. 

“This could be somebody’s opportunity to create a boutique apartment building with commercial space downstairs. Perhaps it will be somebody’s ideal home and office building – with the bonus of a couple of extra floors that can be rented out to bring in extra income. Residential apartments both within existing commercial buildings and new, purpose built structures are common in this area,” he says. 

The location is just 3km from Downtown Auckland and minutes away from motorway on and off-ramps. When the City Rail Link is complete, the new Karangahape Road station will be 1.2km away. 

The property is in the Waitemata Local Board area, which is one of the most populated local board areas in the Auckland Region. It has a population density of 3,375 per sq km. This is forecast to increase to 5,421 by 2043. 

Statistics New Zealand places 28 Monmouth Street in the Arch Hill area unit. The area units of Grey Lynn East and Arch Hill are forecast to experience a growth of 3,940 residents, in the period between 2015 and 2043 – a 71 percent growth. Approximately 1,576 new households are expected in the area by 2043, with around 2.5 residents per household.  

The property will be offered as vacant possession and sold through an Expressions of Interest campaign closing 30 November 2017 (unless sold prior).