A commercial building with significant development or add-value potential in the Auckland city fringe suburb of Eden Terrace is available for purchase.
Located at 13-17 Virginia Avenue East, the freehold property has 2240sqm of total building area spread over two levels and sits on a 1882sqm landholding.
BestStart Newton tenants 1142sqm of space on the ground floor and has occupied the premises for 13 years. BestStart’s lease provides $380,000 plus GST and operating expenses in net annual rental income.
The top floor of the building is vacant, offering the new owner the opportunity to either occupy the property for their own business operations or secure a new tenant and grow the rental stream.
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With dual street frontage to Virginia Avenue East and Charlotte Street, the building has excellent levels of visibility and is easily accessible for customers.
Eden Terrace is a rapidly changing suburb with ongoing commercial and residential development.
There is easy access to the motorway network, while the new Maungawhau Station (Mount Eden) is in walking distance and will benefit hugely from the City Rail Link when that opens next year.
The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan. This zoning is situated around centres and public transport corridors and serves as a transition area between residential neighbourhoods and higher-intensity business zones. The property’s zoning permits a building height of up to 21m.
Colliers brokers Ben Jamieson, Shoneet Chand and Ronal Prasad have been exclusively appointed to market the property for sale via deadline private treaty closing October 17.
Jamieson says this is a property that will draw the attention of buyers given it could be utilised in multiple ways in the future.
“There’s an array of options available to the new owner who could occupy the property themselves or find new tenants for the upper floor to grow the rental income,” he says.
“With the favourable zoning there is considerable scope to redevelop the asset for commercial or residential use to unlock its underlying land value while capitalising on the growing popularity of the surrounding area.”
Chand says Eden Terrace benefits from its proximity to the CBD and the area has seen numerous high-density housing developments pop up in recent years that have contributed to population growth.
“Residents of Eden Terrace can travel to all corners of Auckland via State Highway 1 and 16, which can be accessed via nearby interchanges,” Chand says.
“Popular Auckland suburbs like Ponsonby, Mount Eden, and Grey Lynn all offer appealing shopping and hospitality villages and are close by. Westfield Newmarket, which boasts world-class shopping options, is only 3km away.”
Prasad says it is rare to see a purchasing opportunity like this in Eden Terrace offered to the open market.
“This property has a range of appealing factors that will catch the eye of buyers and we encourage all interested parties to reach out to us to discuss their options.”
Supplied by Colliers
