Stringer says the car park was established about 1992 through a non notified discretionary land use consent. Illustrating the high exposure value of the site, is APN Outdoor Limited signage on the property that was approved by council with a code of compliance certificate issued in 2002.
"K' Rd is one of the main arterial streets running east and west through Auckland's central business district along the city ridge between Symonds Street and Great North Rd," says Stringer. "It provides a link between the CBD and the suburbs of Ponsonby, Grey Lynn, and further beyond to Avondale via Great North Road. The area has a colourful past and is undergoing a renaissance due to recent apartment development and public infrastructure improvements."
While already having easy access to Ponsonby, the Auckland CBD, University of Auckland, and the hospital precinct via excellent bus services, the site will be further enhanced if a mooted city rail loop goes ahead with a station planned for K'Rd.
Paterson says current zoning is for a suburban commercial and retail zone with K' Rd zoned Business 2 and Gundry St zoned Mixed Use.
"Development controls for the K' Rd portion of the land include a height limit of 12.5 metres and along Karangahape Road there is a requirement that there be a veranda along the road frontage and shop front windows," Paterson says. Permitted uses include offices, retailing, warehousing, educational and healthcare services
For the Mixed Use portion of the site on Gundry St, the height limit is 15 metres.
Permitted uses for Gundry St are for Residential including boarding houses and hostels, offices, retail business up to 500 sq m and warehouses.
The same floor area ratio of two-to-one to a maximum of four-to-one applies to both K'Rd and Gundry St.
Paterson says the zoning under the Proposed Unitary Plan is Business-City Centre in a precinct known as Karangahape Road.
"The city centre zone is at the top of the planning hierarchy and will play a pivotal role in Auckland's present and future development with controls permitting a height limit of 15 metres and a maximum floor area ratio of three-to-one without any bonuses.
"There are minimum frontage requirements, glazing and veranda controls along Karangahape Road with permitted activities including dwellings, retail outlets subject to gross floor area guidelines and offices."
Paterson says Wilson Parking New Zealand Limited has a two year lease over the site which will expire on November 30 next year and pays annual rent of $135,000 per annum plus GST - that has been temporarily reduced to $125,000 for the months December 2014 to March 2015. Wilson Parking is responsible for insurance, security, cleaning and power.
"The lessor may terminate this lease by providing Wilson Parking with three months' written notice of termination," Paterson says. "However the lessor cannot terminate the lease for the purpose of leasing the property to another party for commercial parking."
The lease for signage to APN Outdoor Limited, for an annual rental of $12,800 plus GST, commenced on December 1 last year and is for four years giving an expiry date of November 30, 2018 with one four-year renewal taking the potential final expiry date to November 30, 2022.
"The lessor may terminate this lease with three months' written notice to APN Outdoor in the event of a sale, development or disposition of the property," Paterson says.
Annual rent reviews are tied to the percentage increase in the Consumer Price Index.
What's on offer?
The property: Auckland city ridge development site.
Location: 520-536 Karangahape Rd & 2 Gundry St.
Agency: Barfoot & Thompson Commercial
Sales method: Tenders closing 4 pm,Thursday, March 12.
Features:
•Frontage of 33 metres to busy K' Rd.
•Freehold prime city corner location.
•Ideal for showroom or retail store.
•Currently a car park with signage.
•Holding income while development planned.
For more information on this property visit:
TrueCommercial.co.nz
