Two neighbouring industrial buildings with Business – Mixed Use zoning in the sought-after Auckland city fringe suburb of Mount Eden will pique the interest of buyers looking to acquire an asset with considerable growth potential.
8 and 10 Haultain Street, Mount Eden are being marketed for sale by Colliers Directors Ben Jamieson and Kris Ongley via a deadline private treaty campaign closing at 4pm on Wednesday 23 August, unless sold prior.
8 Haultain Street has approximately 842sq m of building area and 10 car parks and is tenanted on a new three-year lease. The net rental is $180,000 plus GST per annum.
10 Haultain Street has approximately 900sq m of building area and 11 car parks. The current tenant has served notice to terminate the lease meaning the property will be vacant by 17 October.
Start your property search
The combined underlying site totals 2,008sq m over two freehold titles, a substantial holding in a tightly held city fringe location.
There is roller door access to both buildings, which were originally constructed in the 1980s. 10 Haultain Street benefits from dual access from both Haultain Street and Wrights Spur to the rear.
The location of these buildings will be highly appealing for prospective purchasers given it is in comfortable walking distance to Maungawhau Railway Station (formerly Mount Eden) that will be a stop on the City Rail Link when it opens and will take people to Britomart in less than 10 minutes.
Mount Eden’s popular shopping village that is full of busy hospitality spots can be reached in just over five minutes.
Jamieson, Associate Director of Investment Sales at Colliers, says there’s a range of options for buyers given one property is available with vacant possession.
“Owner-occupiers will be drawn to this offering as they will be able to acquire a highly functional premises that is in tidy condition. They can almost immediately begin trading while enjoying a steady rental stream from the neighbouring tenant,” Jamieson says.
“Alternatively, discerning investors will recognise the long-term potential available, and they may choose to tenant the vacant building, creating a split-risk investment. They could then examine options for a future development that would intensify the usage of the site and add significant value.”
Ongley, Director of Investment Sales at Colliers, says there would be flexibility for the new owner with regards to any future construction due to the favourable Mixed Use zoning that enables a broad array of uses.
“The Business – Mixed Use Zone allows a building height of up to 18m and is typically located around centres and along corridors served by public transport,” Ongley says.
“The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres. The zone does not specifically require a mix of uses on individual sites or within areas.”
- Article supplied by Colliers
