A rare CBD-fringe industrial property for sale is expected to appeal to business occupiers, add-value investors and developers seeking to capitalise on growth sparked by Auckland’s city rail link (CRL).
The versatile warehouse-and-office property with Mixed Use zoning sits prominently within five minutes’ walk of Mount Eden Station, which is undergoing a major redevelopment for the CRL’s expected opening in 2025.
The CRL is set to double rail network capacity and unlock major residential and commercial development potential around the station, whose greatly improved connections will include a nine-minute travel time to Britomart.
Owned and occupied for nearly 15 years by a leading commercial waterproofing and engineering company whose projects include work on the CRL, the nearly 550-square-metre Burleigh Street property is now available with vacant possession.
The freehold land and building at 18 Burleigh Street, Mount Eden, Auckland, are being marketed for sale by James Were and Jean-Paul Smit of Bayleys Auckland Central.
The site will be sold by way of a tender closing on Tuesday 12 March, unless it is sold earlier.
Positioned near the intersection with Mount Eden Road, the approximately 533-square-metre building sits on some 549 square metres of land with six car parks. The building has an A-plus grade Initial Evaluation Procedure seismic rating of 118 percent of new building standard.
The building was constructed in the 1980s and has been occupied by the current owner since 2009, during which time various improvements have been undertaken to accommodate their growing business.
The more than 190-square-metre warehouse comprises a clear-span area with a stud height of some 5.5 metres, which is accessed via a roller door.
The building contains nearly 340 square metres of office and amenity space over two floors.
The Burleigh Street site forms part of the sought-after Business – Mixed Use zone under the Auckland Unitary Plan.
Were said the existing office and warehouse uses were permitted activities under this flexible zoning, which also allows numerous other uses such as residential, retail, food and beverage and healthcare.
“Surrounding properties embody a wide mix, including office, retail and light industrial properties and a growing number of successful residential developments.
“Future redevelopment possibilities at the site for sale are underpinned by a building height allowance of up to 21 metres, five metres higher than typically allowed in this zone (subject to height overlays).
“The Auckland CBD is easily accessible from this location. In addition to its extensive bus and future world-class CRL rail connections, the Burleigh Street site offers handy access to the motorway network. Future residential possibilities would be supported by its position within zone for enrolment at Auckland Grammar School,” said Were.
Located a short distance from the site is the lively Mount Eden village retail and hospitality hub. The increasingly popular Symonds Street ridge precinct is also within a short walk.
Smit said buyers would recognise this as a highly strategic city-fringe location which would benefit greatly from completion of the CRL.
“The CRL is New Zealand’s biggest-ever transport infrastructure project, enabling the rail network to at least double its capacity. The redeveloped Maungawhau/Mount Eden Station is in a key position where the CRL will connect with the Western Line as well as new underground stations at Karangahape Road and mid-town, plus Britomart.
“With a capacity to move more than 50,000 people an hour at peak times, the CRL is tipped to stimulate commercial and residential real estate activity around key stations.
“Following its completion, land surrounding Mount Eden station has an identified potential to provide for over 100,000 square metres of residential and commercial development,” Smit said.