A recently refurbished character building is for sale in an increasingly popular part of central Newmarket.
Originally constructed in the 1950s for industrial use, the 566sq m building at 22 McColl St currently provides stunning commercial spaces over its two levels, says Cameron Meluish of Bayleys’ Auckland city and fringe division.
He is marketing the property with fellow Bayleys’ senior commercial broker Ben Wallace and it is among over 20 commercial and industrial properties which will go under the hammer on March 11 (unless sold prior) in Bayleys’ first portfolio auction of 2020.
The property is being offered for sale with vacant possession. “This means it has appeal for a smaller business wanting their own standalone premises and looking to make a brand statement,” says Melhuish. “A beautifully presented building with plenty of personality like this one would enable an owner occupier to do that.
“It’s also an attractive proposition for investors because there is strong tenant demand for character premises – particularly one that has been extensively renovated and has a high seismic assessment (80 per cent of New Building Standard). The property has been diligently maintained over recent years and various parts of the building have been upgraded.”
Recent improvements have included a new roof installed in late 2016 and new air conditioning throughout both floors, with alarms and cameras installed and fire services brought up to code.
Internally, new glass doors and partitioning have been added to form meeting and office areas, wall- to-wall curtains added on first floor and new carpet installed on the ground floor and to the rear of level one. There has also been a repaint throughout the building of both the exterior and interior.
Melhuish says the building offers huge versatility with potential uses including office, retail, showroom and residential or work/live. The 306 sq m upper level has previously been utilised as a loft-style character apartment with commercial on the 260sq m ground floor.
Wallace says future add value and development options are provided by the property’s underlying zoning. The building is located on 375sq m of land which is zoned Metropolitan Centre. This allows a wide range of intensive development activities including commercial, leisure, high-density residential, tourism, cultural, community and civic services. Metropolitan Centres have been identified for growth and intensification and allow for buildings up to a height of 72.5 metres, subject to other council restrictions.
“The property is also located in the ‘Double Grammar‘ zone for both Auckland Grammar and Epsom Girls schools and has excellent access to public transport which is why increasing numbers of multi-level apartment buildings have been developed in Newmarket in recent years,” Wallace says.
“The property is equidistant from two nearby train stations, Newmarket and Grafton, and a short walk away from frequent bus services along Khyber Pass Rd.”
Melhuish says 22 McColl Stis part of the 'Roxburgh Hub', a vibrant area that is experiencing significant change and growth and is home to an increasingly diverse range of businesses including the popular Maison Vauron wine store, L'Atelier du Fromage, Little & Friday and L'Affare cafes.
“It’s also close to the University of Auckland’s Newmarket Campus on the other side of Khyber Pass Rd which will be a key driver of Newmarket’s continuing growth. Located on the former 5.2 ha Lion Brewery site, it will be developed over the next 30 years to create a mixed-use campus, with purpose-built teaching and research facilities, student accommodation, business development and other facilities.”