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JLL marketing 330, 332 & 334 New North Road, Kingsland
Three neighbouring freehold properties on New North Road, a busy main thoroughfare in the popular Auckland suburb of Kingsland, are for sale through JLL.
JLL agents Alex Wefers and Ian Hall who are marketing the properties say the opportunity exists for one investor to purchase all three properties or for the properties to be sold individually.
"There is great upside to all three of these properties as each site is underdeveloped. There is potential for the properties to be refurbished, extended or started from scratch," says Wefers.
330 New North Road is a two level 445sqm villa built in the late 1800s to early 1900s, which sits on a 569sqm site. Currently occupied by function centre Shooters Saloon, it has a bar, commercial kitchen and three bedrooms on the lower level, with a function room and large deck overlooking Kingsland on the upper level.
"This property currently returns $138,000 p.a. in net rental. A new owner could continue to benefit from the existing rental income or seek other uses. With seven carparks at the front of the site, ideal for a business, the property would make a great spot for a restaurant or it could be utilised by a business such as a medical practice. Alternatively, being such a charming old building, it could be converted back to residential, the opportunities are endless," says Wefers.
Next door is 332 New North Road, which has a 72sqm single storey warehouse, 11 carparks and secure yard space on a 326sqm site.
"This property has a current rental of $50,000 p.a. and presents an opportunity for a new owner to make the site their own by utilising the current warehouse facility or building new on the site," says Wefers.
Rounding off the trio is 334 New North Road, a two level light industrial property of 209sqm which was built in the 1960s on a 266sqm site. It has a warehouse on the lower level and a two-bedroom apartment on the upper level. This property also has five carparks and a net rental of $75,000 p.a.
The total site area of all three properties is 1,161sqm, and the vendor is offering leaseback for up to 24 months on one or all the sites. Alternatively, vacant possession is available.
"The height restriction for this area of Kingsland is 21 metres and all three sites have mixed use zoning, which is popular with investors, owner occupiers and developers due to the flexibility it offers," says Hall.
Located on the edge of Kingsland and Eden Terrace, the properties are within walking distance to two train stations and are also close to bars and cafes in the vibrant Kingsland village.
Being on busy New North Road offers each property great street frontage and easy access to motorway on and off ramps to SH16 and SH1. The location allows accessibility to a notable proportion of the Auckland urban area, which can be achieved within a relatively short drive time.
Alternatively, by 2023 public transport will also enable easy access around the city, with the completion of the City Rail Link.
With the properties located in a popular area of Auckland, population forecasts for the Eden Terrace, Kingsland, Mt Eden and Sherbourne area show that between 2017-2043 the population will increase by 39 percent or 23,259 residents, with an estimated 83,330 residents living there by 2043.
From a business perspective the area experienced 20 percent growth between 2012 and 2017, with the number of businesses increasing from 10,740 in 2012 to 12,870 in 2017.
The properties will be sold through an expressions of interest campaign closing Thursday, 22 February, 2017.
Metro Sales & Leasing
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