Sandwiched building ripe for redevelopment

The two-storey warehouse and office property at 9 Dundonald St, Eden Tce. Photo / Supplied

An Auckland building leased month-to-month and surrounded by apartments in the city fringe suburb of Eden Terrace, has been placed on the market.

"The property has an Auckland Council valuation rating of $2.2 million," says Nicolas Ching of Bayleys Auckland who, with colleague Beterly Pan, is marketing 9 Dundonald St for sale by tenders closing at 4pm on Thursday June 27.

Featured in Bayleys' latest Total Property portfolio magazine, the two-storey, 8m stud warehouse and office occupy a 612sq m freehold site.

Ching says the property was developed in the 1970s with a 313sq m floor area, including a mezzanine office and kitchenette on the first floor.

"The lower ground floor space consists of a workshop with dual roller door access and a good sized car park or yard which is accessed off Dundonald St."

He says the property is zoned Business Mixed Use under the Auckland Council's Unitary Plan which permits residential as well as smaller scale commercial activity – limiting building height limits to 18m including 2m for roof form.

Permitted activities in the zone include residential, offices, retail, food and beverage and healthcare.

"There are numerous options for this versatile property by either demolition and redevelopment or conversion to other uses, such as offices, co-working businesses or retail, like a ground level cafe with design offices above," Ching says.

"As the building is on a narrow site sandwiched between two apartment blocks it would make sense to demolish it and erect an apartment or office block," he says.

"It would be sensible for the building to be redeveloped into apartments. More than 3000 people live in Eden Terrace and 64.34 per cent of occupants live in rental accommodation.

"There would be an attractive view from the top storey and the site has the added bonus of dual entrances from Dundonald and Exmouth Sts.

"This location has a continuing demand for quality city fringe residential accommodation and commercial developments."

Ching says Dundonald St already has apartments and a smattering of office buildings.

"Although the street has hundreds of apartment owners, tenants and office workers, there are no cafes or retail outlets there, which are also possibility for this building's conversion; however, consents from Auckland Council would be required," he says.

Eden Terrace is a well-established residential area, one of Auckland's oldest suburbs, and also one of the smallest at just 47ha.

Ching says the location is well-served by public transport; near motorways onramps and close to Newton Rd - a major link to the Ponsonby and Newmarket retail strips.

He says the new $4.3 billion 3.5km City Rail Link will benefit Eden Terrace by extending the line underground from Britomart to Albert and Pitt Sts, to cross beneath Karanghape Rd before rising to join the Western line at Eden Terrace.