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Shifting employment dynamics post-pandemic have driven investor appetites in live-work units, evidenced by the strong interest in five newly built freehold properties in Auckland’s northwest.

The individually titled freehold units at 2-6 Honowai Street feature an average floorplate of 120sqm (more or less), suitable for a various commercial operators including retail, professional services, studio or medical use.

Bayleys Northwest salesperson Beterly Pan says the properties are offered to the market in a time of strong demand for alternative property types, as the shift to more agile working environments and rising business and living costs encourage occupants to look beyond traditional options.

“Start-up opportunities have increased in the wake of pandemic lockdown restrictions, creating new business lines and driving demand for goods and services. As a result, more Kiwis have launched small businesses, and demand for suitable live-work accommodation has risen.

“New Zealand has an exceptionally high percentage of small and micro-businesses, a number which has kept growing with close to 550,000 small businesses in New Zealand accounting for 97 percent of all firms.

“At the same time, rising operational, rental and housing costs have increased the attractiveness of live-work units, which also satisfy local authority objectives of wanting to ease road congestion by enabling more people to work close to, or at home,” she says.

Ms Pan is marketing the Honowai Street units for sale with Bayleys colleagues Matt Mimmack and Richard Moors.

The properties will be sold together by deadline closing at 4:00 pm on Thursday, 13th April 2023 (unless sold prior).

Five units are available for sale in a modern block of six. Each unit features four car parks and west-facing decks.

Bayleys North Shore director of Commercial & Industrial Matt Mimmack says the units have been built to a very high standard by well-regarded commercial design and build experts Statesman Projects.

“The units offer a mixture of commercial and residential areas with ample designated car parking on-site.

“Each unit comprises a two-bedroom residential dwelling on the first floor, entirely separate from the ground-level commercial accommodation, and benefits from generous stud heights and an outdoor entertainment area.

“The ground floor provides a flexible and predominantly open-plan area suitable for retail, office or commercial use.

“These offerings are unique to the market as the properties are approved for live-work use and are on their own freehold titles, making them an extremely attractive investment proposition ready for immediate occupation.

“An investor keeping a keen eye on rising rental rates would see this as a first-grade opportunity to purchase brand new assets forecast to deliver upside income potential,” he says.

The attractive properties are located in dual Business – Town Centre, and Residential – Mixed Housing Urban zone, both of which allow a high level of intensification, indicative of the growth plans for the local area.

“Huapai-Kumeū is a key growth node for Auckland’s north-western corridor and significant local investment to the tune of $1 billion – encompassing upgraded, and new public amenities, schools, and major transport infrastructure signals a bright future for the area,” says Bayleys North Shore salesperson Richard Moors.

“The properties are located within a new subdivision, elevated just above Kumeū’s main arterial road – an area identified by council planners as central to the region’s growth story.”

He says the best-laid plans for Kumeū’s growth are being realised with many new housing options, employment opportunities, good freight and road access, public transport amenity and a vibrant town centre, all serving to attract new residents to the area.

Click here for more information on the listing.

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