Strategic Mt Eden Site Offers Options & Upside

A character dual-tenancy building for sale in Mt Eden offers options to invest or occupy, plus major redevelopment potential, in one of Auckland’s most strategic city-fringe locations.

The single-level property sits at a prominent corner on Mt Eden Road. Its position midway between Mt Eden Village and the vibrant Uptown precinct places it amid an abundance of cafes, restaurants and amenities, and handy to the city centre, universities, hospitals and motorways.

A duo of smart street-front tenancies is fully leased to an upmarket homeware outlet and a store specialising in hemp outdoor clothing. These generate a combined net rental return of $99,838 plus outgoings and GST per annum.

Bayleys salespeople say flexible lease terms allow new owners to add value through renewals or repositioning, or to move to future owner-occupation.

Intensive mixed-use zoning, and in-zone status for Auckland Grammar School, supports potential to unlock further value through redevelopment, in an area tipped for enormous growth driven by the soon-to-open Mt Eden City Rail Link (CRL) station.

Available for the first time in over 20 years, the freehold property at 90 Mt Eden Road is being offered to buyers by way of a tender closing on Tuesday 23 June, unless it is sold earlier.

The sale is being marketed by Phil Haydock and James Were of Bayleys Auckland Central.

Haydock said it was rare for a prime corner site to come to market in such a desirable location.

“The versatile standalone building of some 314 square metres is divided into two self-contained retail/showroom tenancies, supported by three secure on-site car parks – a real drawcard in such a central location.

“Underpinned by more than 500 square metres of land, the site benefits from exceptional exposure to at least 10,000 cars that pass on an average day.

“Although the two well-established tenants are currently on short-term leases, providing flexibility for new owners, both have indicated their strong preference to secure renewed terms for their ongoing presence in this location,” said Haydock.

In the longer term, there are substantial opportunities to be explored for redevelopment, he said.

The surrounding area is home to a dynamic mix of office, retail and industrial properties, plus a burgeoning concentration of modern apartment blocks, taking advantage of the favourable development controls and Auckland Grammar zoning.

Were said prospects at the site for sale were underpinned by an exceptionally strategic city-fringe location with a confluence of infrastructure investment and upzoning set to turbocharge future growth.

“Positioned on a flat, rectangular freehold landholding, free from flood plains, this property’s Business – Mixed Use zoning, proximity to Mt Eden CRL station, and ‘Grammar zone’ status, make for a compelling future development proposition,” he said.

Current planning provisions enable wide-ranging commercial, residential and mixed-use activities and a building height of up to 18 metres.

Were said the site’s “Walkable Catchment” designation under Auckland Council’s proposed Plan Change 120 could add further to the allowed building height.

“A short walk around the corner, Mt Eden Station has been comprehensively redeveloped as part of the CRL project. Once completed, the surrounding land will provide more than 100,000 square metres for residential and commercial construction.

“This will make way for potentially over 1,100 new homes with associated retail, hospitality and commercial ground-floor activation – transforming and intensifying this area forever, and positioning property owners to reap impressive long-term capital growth,” Were said.