Nestled in the centre of the tightly held Kingsland Village on a 356sqm freehold site at 478 New North Rd, the circa 270 sq m two-level building is located amongst a host of hospitality businesses and is a one to two minute walk from the suburb’s busy train station.
The property is being put up for sale by the Society of St Vincent de Paul which has operated a charity shop from the premises for the past 30 years. It has appointed Phil Haydock from Bayleys’ Auckland City & Fringe division to market the offering. Featured in Bayleys’ first Total Property portfolio for 2019, it is for sale by tender closing at 4pm Tuesday March 5, unless sold prior.
While the building is being offered for sale with vacant possession, there is a small portion of land, approximately nine square metres, on the rear boundary which is leased to Two Degrees Mobile Limited for use as a telecommunications facility. This is generating annual holding income of $5,298 plus GST.
“The early 20th century building retains a lot of its original charm and features, including ornate ceilings and cornices, tongue and grove timber flooring as well as a secure walk-in vault which harks back to the time when the Post Office was also a savings bank,” says Haydock. “While some refurbishment and seismic strengthening work is required, it represents an exceptional opportunity for add-value investors or owner occupiers to secure a standout Kingsland trophy property.”
Designed by architect John Campbell, the 1911 building features on the New Zealand Heritage list and has been described as blending Edwardian classical revival style and arts and crafts elements. It remained in use as a post office until 1989
“There is a big opportunity here to build on the building’s heritage value and the prime city fringe location right in the heart of the vibrant Kingsland Village that attracts people from near and far with its range of popular bars, restaurants, cafes and boutique shops,” Haydock says. “Furthermore, the popularity of the location is set to hit new highs when the 2019 season of the popular tv show, The Block NZ, starts the refurbishment of the old Kingsland Fire station a few doors up the road.”
The building is set on a flat, north facing site with onsite parking for three car parks at the rear of the property which overlooks Sandringham Rd and Eden Park.
“The site has a Business - Local Centre zoning which permits a wide range of potential uses including retail, office and (at the upper level) residential,” says Haydock.
“The highest and best possible use for the ground level, in terms of maximising its rental return, would probably be a food and beverage or hospitality tenancy. However, this floor would also suit speciality retail or showroom use.
“In terms of owner occupation, the whole building could provide stand out character office accommodation for a business looking for a point of difference in an excellent location.”