An immaculately presented character showroom on a prominent corner site in the strategic city-fringe location of Newton provides flexible use options for a rich assortment of purchasers, Bayleys salespeople say.
The vacant office/showroom on 252sqm (more or less) of freehold land at 36 Karaka Street is primed to take advantage of proximity to a range of CBD amenities, including motorway interchanges, Universities, the Auckland City Hospital, Domain and the new Auckland City Rail Link (CRL) system.
Bayleys Auckland Central salesperson Matt Gordon says the property offers exceptional potential for diverse mixed-use purposes, with a desirable location and dual street access providing options for the future.
“Purchasers are increasingly seeking premises with value upside – through rental growth, development potential, or forecast capital value uplift from the completion of critical new infrastructure.
“The Karaka Street property has capacity to hit the trifecta here, with a quality refurbishment likely to attract a high calibre tenant, preferable zoning fundamentals providing options for future mixed-use redevelopment, and forecast value growth once the nearby CRL is complete.”
Gordon is marketing the premises for sale with colleagues Alan Haydock and Damien Bullick.
The property is being marketed for sale by tender closing at 4:00 pm on Tuesday, 13th June 2023 (unless sold prior).
Occupying a high-profile position on the corner of Upper Queen Street, the premises is zoned Business – Mixed Use under the Auckland Unitary Plan, which features a 32.5m potential build height.
Bayleys Auckland City & Fringe director Alan Haydock says the favourable zoning criteria provide both conversion and development potential for a new owner seeking additional upside.
“Set in the middle of a popular mixed-use precinct, practical zoning frameworks provide significant potential for commercial use, including a showroom with storage or office accommodation, or a mixture of live/work opportunities.
“The new purchaser may wish to split the 480sqm (more or less) internal floorplate into various tenancies, which would support zoning objectives encouraging a mixture of compatible residential and non-residential activities,” he says.
Constructed circa the 1960s, the property has been extensively refurbished and features two separate entrances from Karaka Street and Upper Queen on the eastern flank.
“Previously home to high-end furniture and luxury homeware showroom Simon James, the versatile space features excellent natural light through extensive windows fronting the street, exposed painted steel beams, high ceilings, and polished concrete flooring - making it an attractive premises for a new occupant,” says Bayleys Auckland City & Fringe associate director Damien Bullick.
“A premium finish and desirable character aesthetic lends the property to occupation by another luxury retailer or professional business looking to take advantage of market conditions to upgrade their presence to a well-serviced and superbly accessible location.
“On the other side of the ledger, the strategic corner site with dual access and excellent development fundamentals makes it a natural choice for long-term redevelopment, while the new purchaser collects a handsome holding income from immediate occupation.
“High-quality premises so close to the CBD and key transport links are becoming increasingly harder to come by, raising the property’s potential as a high-powered rental asset and multi-dimensional investment,” he says.