Character, add value opportunity in uptown Auckland
JLL marketing 249/251 Symonds Street, Eden Terrace
Two 1910 heritage properties, which are part of a deceased estate, are being marketed for sale by Kevin Reardon and Tommy Zhang of JLL.
The vacant properties sit side-by-side on one title and are to be sold together by Expressions of Interest closing 4pm, Thursday 27 September, unless sold prior.
"This is a fantastic offering for someone looking for character properties in a pivotal Auckland location. Located at the top of Symonds Street the character properties are on a 219sqm site. They have a combined floor area of approximately 264sqm, however a new owner may decide to sell them separately in future," explains Reardon.
The basement level of each building benefits from a garden and outdoor patio. The ground floor is retail space and the first floor is a two bedroom residential apartment.
"The basement space is quite large and could be better utilised by converting it to storage or further living space," says Reardon.
Zoned Business Town Centre, the buildings form part of eight properties which are predominantly utilised as live/work, apartments, offices and retail. This zone provides for a wide range of uses including commercial, leisure and residential, community and civic services, tourism and cultural.
The zoning also covers a range of possible building heights, which depends of the use of the property. Provisions typically enable buildings of between four and eight storeys, although there may be special circumstances where other heights are appropriate.
Across the road is the French Café and council car parking. Also in the immediate area is a Thai takeaway store, bakery, café and only a five minute walk away is the Mt Eden Train Station.
"Along with its fantastic character attributes, this uptown area of Auckland provides easy access to public transport, motorway links, Auckland Hospital and vibrant areas such as Kingsland, Auckland CBD, Grey Lynn and Newmarket. It is also in the Grammar Zone and is a superb add value opportunity which would suit owner occupiers, investors or developers," says Zhang.
"The City Rail Link runs directly below the property and once complete in 2024, will enable faster train access to the CBD."
Approximately 19,151 cars pass this site per day during the working week, providing superb exposure for the retail opportunity that exists with these buildings.
"A savvy investor may opt to renovate one building, cross lease it and sell it on, while using the other building for themselves, or they could choose to renovate and on-sell both. Alternatively, both properties could be refurbished as one space," says Reardon. "The current owner is not in a position to capitalise on such an opportunity and is motivated to sell, preferring to leave this benefit to a new owner who can visualise the value to be had with these two buildings."
Auckland's population growth is ongoing and between 2017 and 2043 this area of the city, which includes Freemans Bay, Auckland Central West, Auckland Central East, Newton, Grafton West, Grafton East, Grey Lynn East, Arch Hill, Eden Terrace, Epsom North, Newmarket, Kingsland, Mt Eden North and Sherbourne, is expected to experience growth of 48,360 residents, a growth of 58 per cent.
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