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Eastern Bays neighbourhood mixed-use property splits risk

The mixed-use property at 237 West Tāmaki Road, Glendowie is a standalone building offering a total of around 350.7sqm space, on a 204sqm freehold site within a popular suburban retail strip.

The original 1960s commercial building has been extensively remodelled and refurbished to provide modern office space plus workshop/garage at ground level, and a high-specification four-bedroom plus study apartment over two levels, above.

The property sits at the corner of West Tāmaki Road and Taniwha Street, providing it with good exposure to passing traffic, while to the rear is a paved yard and off-street carparking.

The property is 100 percent NBS-rated, is being sold with vacant possession and has an inherently flexible Business-Neighbourhood Centre zoning which allows development up to 11 metres height with a 2-metre roof form.

Phil Haydock, James Were, and WeiWei Elder of Bayleys are marketing the property, with tenders closing 4pm, Tuesday 11th April, unless sold prior.

Identified as a growth hub by Auckland Council, the Tāmaki area which incorporates Glen Innes, Point England and Panmure, is set to benefit from the Tāmaki Regeneration Programme – one of the largest urban regeneration projects in the country – which will dramatically increase housing stock and community amenity.

Haydock said more than 10,500 new homes are proposed to be built over the next 25 years in the Tāmaki catchment enhancing the commercial and residential credentials of the subject property which is around 10 km from the CBD.

“We’re seeing high levels of investment from both the public and private sectors into Tāmaki’s continued development with a new, better-connected community planned.

“This will be supported by more streamlined infrastructure, cycleways and pedestrian links to provide a direct route to St Heliers, the Glen Innes town centre, and the coast.

“The property we’re selling in West Tāmaki Road is strategically positioned to leverage off these growth fundamentals, in turn enhancing the value equation of such a versatile and adaptive building.”

The ground floor retail or office space was previously home to a local real estate company, and is configured to offer well-presented open plan commercial premises, bathroom and kitchenette to suit a variety of businesses needing street frontage and profile.

This circa-53sqm self-contained commercial tenancy was previously returning a net annual income of $33,000 plus GST.

To the rear, is an 85sqm lined garage which has been utilised by the current owner as a workshop but could be incorporated into the front tenancy as storage or additional workspace.

The ground floor has separate access from both the rear, and the street front.

Upstairs and cantilevered across two floors is the fully-compliant and newly refurbished four-plus bedroom penthouse apartment with quality fixtures and fittings, views towards Rangitoto from the front balcony, and an outlook over Wai o Taiki Bay from the rear balcony.

“At more than 200sqm plus balconies, this apartment essentially has the footprint of a generous family home and for an owner-occupier would be ideal for a live/work scenario or alternatively, they could live upstairs and get an income stream from the downstairs commercial component,” said Were.

“Equally, an investor who is more comfortable or familiar with the residential sector, but would like to dip their toes into the commercial side, has the best of both worlds here and can split the risk across two sectors.”

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