10-12 Exmouth Street, Eden Terrace, Auckland

Substantial Standalone Offers Massive Potential

For Sale by International Tender
Closing 4:00pm, Wednesday 29th April 2015
(The property will not be sold prior to Tender Close)
Bayleys Real Estate Limited, Maritime Square, Ground Floor,
4 Viaduct Harbour Avenue, Auckland, New Zealand

10 - 12 Exmouth Street consists of a substantial freehold standalone City Fringe property. Air New Zealand Limited, which has owned and occupied the property since first built, offers if for sale with vacant possession.

Completed circa 1977, the building was designed by Kingston, Reynolds, Thom & Allardice and purpose-built for Air New Zealand Limited. The building, which features dual street frontages with a second to Dundonald Street, has a gross floor area of approximately 3,852.73 square metres and 85 covered and secure carparks. It has an earthquake rating of 70% New Building Standard (NBS).
For owner occupiers and add value investors, 10 - 12 Exmouth Street possesses 'great bones' and offers the ability to create impressive modern and elegant working environments with large floor plates with attractive stud heights, excellent natural light, a pleasant outlook and a good carparking ratio.

Developers and land-bankers, explore all of the options this large 2,198m2 landholding provides. The flexible Mixed Use zoning allows for a wide range of uses including residential with the Proposed Auckland Unitary Plan set to allow a maximum height of 20.5 metres. The building, in its current format, is currently under-developed.

The property is located in Eden Terrace, an increasingly popular and sought after City Fringe suburb. In recent years it has become a prominent residential location following numerous apartment developments, with further complexes under construction. This location offers proximity to the CBD and motorways and is a short distance from both transport links and amenities. This includes the nearby Mt Eden Train Station which is earmarked for a major upgrade as part of the City Rail Link Project.

In summary, this substantial City Fringe property provides significant versatility plus genuine upside and should be considered by all astute owner occupiers, add value investors and commercial and residential developers.

Property Details

Gross Floor Area: 3,852.73m2 (approx)
Car Parks: 85 covered and secure
Land Area: 2,198m2 (more or less)
Tenure: Fee Simple (freehold)
Zoning: Mixed Use (Operative Auckland City District Plan 1999)
Basic Floor Area Ratio: 2:1 Maximum Floor Area Ratio 4:1
Maximum Height: 15 metres (20.5 metres under Unitary Plan)
Earthquake Rating: 70% NBS (Grade B)
Tenancy Details: Vacant Possession

For more information, please see www.10-12exmouth.co.nz