A commercial property on one of Auckland’s most iconic inner-city roads offers a versatile opportunity for purchasers who may wish to capitalise on its prominent position, desirable zoning fundamentals, and potential for refurbishment and future rental growth.
245 - 249 Dominion Road “is an exciting prospect for add-value investors and owner-occupiers alike” according to Murray Tomlinson, who is marketing the asset alongside his colleague, Sue de Jong of Barfoot & Thompson Commercial, via tender closing 2:00pm on Thursday 20th July 2023 (unless sold prior).
The character premises is sited on 568m2 (more or less) of freehold land, and essentially built as three joined buildings, two of which are tenanted and the other one currently vacant.
Construction-wise it dates back to 1923, but has undergone many improvements over time.
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It has the added convenience of 12 carparks onsite, and is nestled at the northern, CBD, end of Dominion Road - between Valley Road and Grange Road - in the heart of all the action.
“This is a stand-out property that’s only had two owners in the past 100 years,” reports Tomlinson.
“As well as presenting excellent street frontage and exposure to Dominion Road, the site also benefits hugely from a public street at the rear, designated by the council in 1981. This rear street access suggests the property could have very good future residential development possibilities on part or all of the land area.”
The address is zoned Business - Local Centre under the Auckland Unitary Plan (with a 13m height control), however it’s expected to be impacted the Proposed Plan Change 78, which will allow at least six storeys of development being permitted.
“Dominion Road remains one of the city-fringe’s most popular strips,” says Tomlinson, “and you’d be hard-pressed to find a suburb with as much appeal as Mt Eden. The area is currently experiencing serious rejuvenation, with multiple developments and refurbishments underway, and a major commercial property awakening as owners, add-value investors and developers realise the unique potential of the suburb.
“Its proximity to key commercial hubs, including the CBD, Grafton, Kingsland and Ponsonby are a major drawcard” he says. “It’s also close to the city’s motorways and on the main public transport route – plus the City Rail Link will provide a further boost, improving accessibility and making travel to and from the area super easy.
“It’s an exceptional prospect,” Tomlinson says, “as developers know this location is popular, and particularly hard to beat in terms of local amenities, growth potential and convenience.”
- Article supplied by Barfoot & Thompson
