A substantial Mt Eden landholding with Dominion Rd frontage is for sale with a long-standing hospitality tenancy in place and future potential for development.
The 1313 sq m site at 692 Dominion Rd, with dual access also from nearby Queens Ave, has been home to a Thai restaurant for the past 15 years and is currently generating net annual rental income of $73,000 plus GST.
The property is among 153 commercial and industrial offerings featured in Bayleys’ latest national Total Property portfolio, launched the day after the country moved to Covid-19 Alert Level 2 which allows for a wider range of real estate activities. It is for sale by deadline private treaty closing June 10, unless sold prior.
“This an enticing city fringe opportunity with loads of possibilities which is located towards the southern end of the well established ‘China Town’ retail precinct on Dominion Rd,” says senior commercial broker Mike Adams who is marketing the property with Bayleys Auckland city and fringe division colleague Jean-Paul Smit.
“Astute add value investors and developers should consider the future potential this property provides with its favourable Local Centre zoning allowing a wide range of commercial and residential uses and for buildings up to 13 metres, subject to council approval.”
Sitting behind the 238sqm single-level restaurant building, which has just over 15m of frontage to Dominion Rd, on the ‘T’ shaped site is a 791 sq m strip of undeveloped land. It currently provides 27 carparks accessed off Queens Ave which Adams says is well in excess of the requirements for the restaurant that also has parking along its Dominion Rd frontage.
“This land is available for possible immediate or future development and the options are many and varied,” says Adams. The zoning primarily provides for local commercial services and offices plus food and beverage and appropriately scaled retail outlets. It typically enables buildings up to four storeys, with residential accommodation permitted on upper floors.
The building was developed in the 1980s, originally as office premises for AMP and then was subsequently converted to a Thai Restaurant. There is a 190 sq m dining area and a further 48 sq m of amenities and commercial kitchen space at the rear.
The restaurant has a covered outdoor dining area on either side of the main entrance and access to and from the car parking at the rear. Jean-Paul Smit says the building is in good condition with character features including high stud, sloping timber ceilings and exposed brick. It also has a seismic assessment of 70 per cent of New Building Standard.
The building is currently occupied by Manee Thai fusion restaurant which exercised the second of four four-year rights of renewal in October last year. “The longevity of this tenancy suggests that the location has worked well for this restaurant which enjoys good exposure and road frontage to the heavy passing traffic flow as well as pedestrians along Dominion Rd,” says Smit. ‘It also services a large and increasingly affluent surrounding residential catchment.”
The property is located off the eastern side of Dominion Rd, one site southeast of the intersection with Queens Avenue and near the intersection with Balmoral Rd which is part of the access way to both the Northwestern Motorway to the west and the Southern Motorway to the east.
Surrounding properties on Dominion Rd largely comprise single and two-level retail properties which service the Balmoral/Mt Eden residential population, Smit says. “Auckland Transport has proposed plans for a significant upgrade of Dominion Rd, focusing primarily on ease of travel for public transport commuters and on upgrading the quality of village centres and streetscapes to support local businesses.”