Opportunity in untapped city fringe pocket

The property within the Newton precinct is identified by a blue border. Photo / Supplied

An investment property in Auckland's Eden Terrace presents an add-value opportunity with favourable terms for owner-occupiers, investors and developers alike.

Located between New North Road and Ian McKinnon Drive, this tightly held investment property has a 900sq m freehold site with Business Mixed Use zoning.

It's location in the wider Newton precinct also provides a development control that goes 3m higher than the standard Business Mixed Use zone, allowing for redevelopment up to 21m in height.

Colliers International is marketing the property at 16-22 Virginia Ave East, Eden Terrace, for sale by auction at 11am on Wednesday May 1, unless sold prior.

Jonathan Lynch, who is marketing the property with colleague Tony Allsop, says the property "ticks all the boxes for businesses who are looking for their next home, investors looking to reposition current or new leases, and developers.

"Five minutes from the CBD and 500m from the Eden Terrace retail area known as Uptown, this is a strategic landholding with medium to long term development potential.

"Eden Terrace is one of the last remaining suburbs within proximity to Auckland's CBD, which is still on the cusp of gentrification. As a result, affordable options can still be found but tend to be snapped up quickly."

Allsop says the shape, location and zoning of the site allow for a multitude of development options.

"The property comprises a 568sq m building, split into two units, plus 10 on-site car parks. It sits on a relatively level, rectangular site with 25m of frontage to Virginia Avenue East.

"The opening of the City Rail Link's Mount Eden Train Station, anticipated for 2024, is set to further improve the connectivity and appeal of the area.

"Situated within comfortable walking distance of the new station but far enough to not be affected by the activity surrounding the station itself, the property is sure to benefit from the improving infrastructure of the area.

"The zoning provides for a variety of uses, including a broad mix of smaller scale commercial as well as residential integration. While the existing units are both currently leased, final expiry dates in June mean flexibility for the new owner."

The units have polished and painted concrete floors, painted concrete block walls and exposed ceilings. Each has a kitchenette with stainless steel benchtop, sink and a hot water cylinder, plus two WCs.

The leases earns a combined $78,250 plus GST in annual holding income.

Other commercial and light industrial properties in the vicinity include workshops, offices, service centres and childcare facilities.