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News Release

Auckland

Two properties on high profile Kingsland corner

JLL marketing 383 New North Road and 2 New Bond Street, Kingsland


 

 

Two central Hokitika properties for sale with upside/new-zealand/en-gb/news/901/two-central-hokitika-properties-for-sale-with-upsideTwo central Hokitika properties for sale with upside
Three office floors in top Christchurch CBD location /new-zealand/en-gb/news/902/three-office-floors-in-top-christchurch-cbd-locationThree office floors in top Christchurch CBD location


​The opportunity has arisen to purchase two high profile, freehold properties on the corner of New North Road and New Bond Street in Kingsland. The properties are being marketed together as one parcel by JLL agents Alex Wefers and Tommy Zhang, with expressions of interest to close at 4pm, Tuesday 7 August.

The building at 383 New North Road is 836sqm and 2 New Bond Street has a 280sqm building, which when combined will provides a 1,115sqm building on a 1,688sqm site across three titles.

Together the properties comprise of a high stud warehouse of 360sqm, showroom of 191sqm, offices of 285sqm, light manufacturing space of 206sqm, 74sqm of retail space, outdoor deck area of 59sqm and 21 carparks. Two tenants currently provide a return of $190,000p.a. with termination clauses in place if a new owner sought immediate possession. There is also scope to increase the rental income by leasing out a further 180sqm of showroom and six carparks, which is currently vacant.

The properties have high exposure to New North Road, with a street frontage of 30.5m and has an additional 47.2sqm street frontage to New Bond Street.

"This is a significant opportunity with great profile, which we expect would draw the attention of owner occupiers, add value investors and developers," says Wefers.

The property at 383 New North Road was built across two titles and is the biggest property, offering a showroom on the lower level with offices upstairs. It has a high stud warehouse in the rear section of the building with roller door access to New Bond Street.

"The configuration of the building at 383 New North Road would enable it to suit multiple occupants," says Wefers.

The property at 2 New Bond Street is leased by long term tenant the Bakers Cottage, who are famous for their lunches and pastries and is a well-known lunch destination. The single level building has been separated into three areas, with the largest portion at the rear of the property utilised for food preparation and baking. The front of the building houses the retail area and a deck, which functions as a dining area. This property also has five carparks.

Zoned mixed use under the Auckland Unitary Plan, the properties could suit a wide range of uses.



Wefers explains that the properties could be refurbished for occupation by the new owner, upgraded to create a live/work premise, the current leases could be extended or utilised as holding income while development possibilities are explored under the Unitary Plan.

"Under the Unitary Plan, mixed use zoning will permit activities such as residential dwellings, commercial service, entertainment facilities, retail and offices. There is a large scope and this being such a high exposure site has the potential to make all options successful," he says.

"Kingsland is a popular and busy suburb of Auckland and New North Road is essentially the main road for the area, connecting Kingsland with central Auckland and other premium suburbs such as St Lukes and Mount Albert," says Zhang.

Development of such properties over time has led to a change in the property landscape in Kingsland to incorporate a plethora of uses such as factory and warehouse buildings, showrooms and office in the more central areas with residential just outside this hub.

"A number of properties were redeveloped in the 1980s which kicked off development activity in the area," says Zhang. "More recent development has improved the overall tone of the area by providing residential apartments or mixed residential and commercial buildings such as the Garage Project brewery and Bluebells Cakery."

Kingsland is close to Auckland's CBD and easy access is available to motorway linkages at Newton Road and Khyber Pass.

"One of the perks of such a central location is that public transport is also readily available, with buses passing along New North Road on a regular basis and the Kingsland Train Station is only a short walk from the property, with the completion of the City Rail Link in 2024 expected to further improve access to the CBD," says Zhang.