With its strategic location and significant add-value potential, a prominent property in the sought-after Auckland suburb of Grafton is set to generate strong interest among a wide array of buyers.
Sitting at 10 Park Avenue, the 1900s Victorian-style property has 494sq m of total building area on a 770sq m freehold site that is zoned Residential – Terrace Housing and Apartments Buildings Zone under the Auckland Unitary Plan.
The property is currently utilised as a short-term accommodation offering and has capacity for 22 individual tenancies generating a steady gross annual income of $225,420.
The main building has 390sq m of floorspace across two storeys, while there’s a smaller building at the rear of the property that contains a laundry and two bedrooms and measures 104sq m.
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Grafton is noteworthy for its education facilities with the University of Auckland and Auckland University of Technology both having campuses in the area.
Auckland City Hospital is also in Grafton confirming its credentials as a key hub for healthcare services and research.
The suburb boasts excellent transport connections with multiple bus routes servicing the area, while train stations are easily reached. Nearby motorway interchanges provide seamless access for commuters.
Colliers Directors Ben Jamieson and Kris Ongley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 17 April, unless sold prior.
Predominantly constructed with timber cladding, corrugated iron, and slate roofing, the residence also boasts intricate timber joinery, while its foundations are firmly supported on piles.
Overall, the exquisite architectural attributes of the property have been maintained, showcasing enduring original elements such as lofty stud ceilings and fine timber craftsmanship.
Additionally, Victorian-style housing features like ornate trimmings and decorative embellishments contribute to its enduring charm.
Jamieson, Associate Director of Investment Sales at Colliers, says astute purchasers will recognise the significant underlying land value in this property in an area of Auckland that is tightly held among investors.
“There is considerable holding income available from the short-term residents of the property and the new owner may seek to acquire this asset and continue to lease it out,” Jamieson says.
“There is also scope to develop the property and add further value to truly maximise its potential.
“One significant area of appeal for buyers will be the zoning, which allows for a major redevelopment if the new owner wants to reposition the property in the future.”
The Residential – Terrace Housing and Apartment Buildings Zone is a high-intensity zone enabling a greater intensity of development than previously provided for. This zone provides for urban residential living in the form of terrace housing and apartments.
The zone is predominantly located around metropolitan, town, and local centres and the public transport network to support the highest levels of intensification.
The purpose of the zone is to make efficient use of land and infrastructure, increase the capacity of housing and ensure that residents have convenient access to services, employment, education facilities, retail and entertainment opportunities, public open space, and public transport.
Ongley, Director of Investment Sales at Colliers, says the location is another drawcard for prospective purchasers.
“The property is situated on the western side of Park Avenue nestled among key arterial routes such as Grafton Road and Carlton Gore Road. Its central location places it near local amenities and key Auckland landmarks,” Ongley says.
“There’s a host of popular local hospitality offerings in Grafton, while the Auckland Domain is one of the city’s most picturesque green spaces."
- Supplied by Colliers
