Mt Eden city fringe 'thirst quencher'

Brokers say a tight market needs properties like 36 Rossmay Tce, Mt Eden. Photo / Supplied

Brokers say a Mixed-Use zoned light industrial property for sale with vacant possession in Mount Eden offers a blank canvas for new owners.

Colliers International city fringe specialists Hamish Paterson and Jonathan Lynch are marketing 36 Rossmay Tce, to be auctioned at 11am, on Friday July 6, unless sold earlier.

Paterson describes the property as a "thirst quencher" for a market in desperate need of neat and tidy office and warehouse solutions close to Auckland's CBD fringe.

"Light industrial properties are becoming remarkably scarce in city fringe suburbs like Mount Eden," he says. "The remaining stock is highly sought after, due to strong demand for residential redevelopment and character warehouses for office or retail conversion.

"This trend has been entrenched by zoning changes under Auckland Unitary Plan, which have allowed much of the remaining fringe industrial land to be converted to non-industrial uses that offer higher returns."

Paterson says the 506sq m freehold property is positioned within the only Mixed-Use zoned block of its kind in the area.

"Located only 350m from Eden Park and within a stone's throw of Morningside, the property is superbly placed to capitalise on the area's ongoing gentrification. Built in the 1980s, the property comprises a tidy 385sq m warehouse and office building with excellent natural light.

"Simple construction and minimal features make it ideal for both discerning add-value investors and owner-occupiers."

Paterson says the property's Business Mixed-Use zoning permits residential and smaller-scale commercial uses. "Development of up to 18m is permitted, subject to resource consent to ensure the quality of streets within the area."

Lynch says the property is 265sq m of warehouse, 120sq m of office, a 38sq m secure courtyard and four car parks, with the potential to accommodate seven car parks.

"The warehouse is accessed via a main roller door, while a further roller door provides access to the small courtyard to the side of the warehouse. This area is handy to potentially allow 'spill-over' space for any surplus stock."

The office is split across two levels of 60sq m each, with both spaces offering ample amenities and kitchen facilities.

Lynch says the building is fitted with a modern security system, new energy efficient lighting in the warehouse and fluorescent lighting throughout the office spaces.

Construction is of concrete block external walls, aluminium joinery, galvanised iron roofing with a steel portal frame, and clear, near-new skylights.

Lynch says there are a number of new developments in Morningside underway or soon to be announced.

"One of the most transformational new developments will be a new hospitality complex akin to Ponsonby Central at 14-18 McDonald St.

"Located close to the thriving Crave cafe, this development will set the trend around change of use in the area."

Rod Duke's NZX-listed Briscoe Group is developing a new corporate headquarters and Rebel Sport store at nearby 1-5 Taylors Rd, with the intention of opening doors in mid to late 2019. This development will comprise a large-format retail space on the ground floor with modern, well-appointed offices above.

Lynch says the company also plans to redevelop its nearby site at 36 Taylors Rd, replacing the old Briscoes outlet store with a new, modern full-format store.

"The area is superbly located for renewal given its city fringe location, generous zoning, proximity to key arterial routes, and excellent accessibility to regular bus and train services," he says.

"Opportunities to acquire mixed-use properties in the area are scarce — and it's even rarer to find a versatile property with vacant possession."