A two-level building offering a live/work investment opportunity is for sale in the Auckland central city fringe suburb of Eden Terrace.
The 312 sq m building located at 24 Fleet St, one property away from picturesque Basque Park, comprises a ground floor office area with adjoining garaging/warehousing and a three-bedroom apartment above.
It is being marketed by Phil Haydock and Jean Paul-Smit of Bayleys Auckland City & Fringe commercial team and is for sale with vacant possession by tender closing 4pm, Thursday, June 28 unless sold prior.
Haydock says the offering has already attracted a good level of interest from small business owners looking for a property they can live and work in as well as from investors considering it either as a home and income opportunity or for renting it out as a dual tenanted property with separate access to both levels.
“There are not many opportunities in the central city where you can acquire a property with its own lawn and garden at the rear which is genuinely consented and zoned for commercial and residential occupation. This is a turn-key, live and work opportunity in a super convenient city fringe position close to both the CBD and northwestern and southern motorways and with good off-street parking for at least five cars.
“From an investment point of view it offers diversification, with risk spread across two different sectors of the property market. The property’s favourable and flexible Mixed Use zoning also allows for a wide range of uses and add-value options.”
Haydock says the building is believed to have been constructed in the 1980s as a warehouse but has subsequently undergone a significant refurbishment and reconfiguration. The ground floor comprises modern office space with polished concrete flooring, a kitchenette and two toilets linked to a good sized internal garage which offers secure parking but could also be used for warehousing, storage or more office space. There is also further ground level parking available for occupiers and visitors at the front of and along one covered side of the building.
“The top floor of the building was consented for a residential conversion in 1996 and now comprises a stylish three-bedroom apartment with two double bedrooms plus a master bedroom with walk-in wardrobe and ensuite bathroom with under floor heating,” says Haydock.
“The open plan kitchen, dining room and living areas are connected by three separate bi fold doors to a large deck area on the left-hand side of the building which captures afternoon sun and provides excellent indoor/outdoor living and ventilation options.
“There is also a flat, sheltered outdoor grass and garden area at the rear of the site which provides access to and from the apartment in addition to its main entry point via a lift at the front of the building.”
Jean Paul Smit says 24 Fleet St is located in a quiet cul-de-sac, a stone’s throw from Basque Park, a large public reserve originally created in the 1930s as a playground for children who lived between the Symonds St and Great North Road ridges.
“The park is a restful recreational oasis in a busy central city landscape and is surrounded by a multitude of low to medium rise commercial office and apartment buildings. A number of substantial new apartment buildings, including the neighbouring Sol Apartments, have recently been completed with further apartment developments currently under construction,” says Smit.
“This is now a very a popular and sought after commercial and residential location, because it’s within walking distance of the CBD and Ponsonby and is also close to other popular city fringe suburbs such as Newmarket, Mt Eden, Kingsland as well as motorway interchanges. It’s an area that will benefit significantly from the City Rail Link (CRL) and in particular the upgrade of the nearby Mt Eden train station which will provide much improved linkages with the CBD via the CRL.”