Grey Lynn building plans approved

However, Barfoot and Thompson commercial sales agent Reese Barragar, who is selling the property with his colleague Andrew Ma, points out that it is the future plans for site that have really engaged the attention of prospective purchasers.

Auckland Council has issued building and resource consents for extensive development on the freehold city-fringe property of 962sq m.

The council has given the green light for construction of a seven-storey building comprising 50 apartment or hotel units, plus a retail tenancy on the ground floor, says Barragar.

"This is an attractive and exciting concept, making the most of the 27-metre height limit on the site; plus the sought-after location in an affluent suburb of Grey Lynn."

The design allows for 50 residential units, breaking down to 24 studios, 18 two-bedroom units and eight three-bedroom units. Parking space on-site allows for 34 cars.

Location

Barragar says the property effectively sits in the middle of Scanlan St, about 80m east of the Williamson Ave intersection and 350m west of Great North Rd. Ponsonby Rd is a further 370m away.

"A mere two blocks away is the new Countdown Supermarket, office and retail project, which is collectively known as the Cider development. A favourable mixed-use zone and ongoing development continue to fuel the insatiable demand for residential accommodation in this increasingly desirable suburb," he says.

"As you can well imagine, this is regarded a wonderful part of town to live, or conduct a business in."

Rating value

The property’s frontage on Scanlan St is 23m; its rating value is now given as $2.2m and annual rates are now $15,384 net.

The warehouse building now occupying the site has tenants who are mostly on casual monthly agreements.

Among these, Fuel Tax Back pays rent of $26,000 per annum, with a final expiry of its lease of July 31.

European Antiques & Furnishings returns $16,956 pa, operating on a lease requiring three-months-notice.

The balance of the building is occupied by Ponsonby Electrical, Mara Sommer Photography and various storage units.

However, all these tenants will have moved out by September 6, granting the new owner vacant possession at that stage.