A commercial property with a substantial holding income on a large corner site between Mt Eden and Eden Terrace is ripe for redevelopment, given its location directly opposite Maungawhau Mt Eden railway station.
Brice Clark of Whillans Realty Group says the three-level building at 101 Mt Eden Rd sits on a prime 1832sq mixed-use-zoned site, and its split elevation and dual street frontage gives it light and outlook on all four sides.
While it is currently returning $289,743 a year from four tenants, its redevelopment value is substantial.
There are concept plans for two apartment buildings joined by a shared podium, delivering 94 apartments, commercial space and parking on the ground and lower floors.
Start your property search
Its proximity to the station entrance will connect any occupants with two new CBD stations and Waitematā (currently Britomart) station in less than 10 minutes, he adds.
The property is for sale by tender closing on May 2.
Clark says the new railway station is a game-changer, altering the property’s potential from a land-banking proposition to a viable project which could include a hotel, apartment complex or build-to-rent apartment investment.
“It’s a corner site with protected outlook on all boundaries and it’s unlikely that its primary views will ever be obstructed. The views will take in the city to Mt Eden and out to the Waitākere Ranges. It is in a highly sought-after area between affluent Mt Eden and the city.”
He says the location is surrounded by a large range of amenities with parks, cafes, restaurants and schools within walking distance. It is well suited to a build-to-rent style development given the desirability of this location for young, affluent renters.
In the meantime, the small amount of vacant space in the current commercial building could bring the total current rental up to $320,986 once leased, says Whillans’ Henry Thompson, who is marketing the property with Clark. Landlord termination clauses allow for vacant possession by September 2024.
Developed in the 1990s with an A-Grade seismic rating, the existing building is positioned in the middle of the site. It offers 976sq m of lettable area and 44 parking spaces.
The building contains five tenancies. The lower ground floor is accessed from Akiraho St and has a 4m stud height, housing an automotive workshop and a gym. The middle floor has direct access to Mt Eden Rd and is occupied by a Caci Clinic. The upper floor consists of two suites.
- Article supplied by Whillans
