A significant Mt Eden commercial property leased to a vehicle care centre on Dominion Road is for sale with an adjoining residential site giving a combined total of 2057m² of freehold land on a major Auckland arterial route.

High profile

"The combined land area has a high profile 50 metre frontage to Dominion Road," says Cam Paterson of Barfoot & Thompson Commercial who is marketing 448 Dominion Rd and 428-430 Dominion Road for sale by tender closing at 2pm on August 24 unless the properties are sold earlier by negotiation.

"The commercial building at 448 Dominion Rd, on the corner with Herbert Road, sits on a 674m² site parcel comprising a workshop/warehouse and office building, used a firm of mechanics who have access to the property from both frontages," Paterson says.

The property is leased to Mt Eden Vehicle Care Centre Ltd for a short term at $104,000 per annum plus GST and outgoings.

At 428-430 Dominion Rd, six residential units occupy a 1383m² site and are let on a standard periodic basis generating $130,520 gross rental per annum.

"These are two superbly located investment or development opportunities with stable holding income on a major commuter route into central Auckland which can be purchased separately or on a combined basis," Paterson says.

Zoning

"They are zoned Business 1 under the current operative Auckland plan which is applied to small centres throughout Auckland, but the zoning changes to Mixed Use under the Proposed Auckland Unitary Plan which would allowing for development on the sites up to 16.5 metres."

"It is worth noting the recent development at 433 Dominion Road is the same B1 zone and features a significant commercial and residential development,"

Paterson says. "This zone is in line with general council policy of encouraging accommodation density in areas with nearby access to public transport."

Location

Paterson says the properties are located 750 metres south of the Valley Road intersection and 525 metres north of the Balmoral Road intersection. 

"Both Dominion Road and Balmoral Road are major inner city arterials linking the suburbs of Eden Terrace, Mount Eden, Balmoral, Epsom and Mount Roskill to the city and to the motorway network. Dominion Rd is a key transport route to the city with bus lanes which may benefit from the development of light rail in the future."

He says the suburb of Mt Eden is a popular residential area of Auckland due to it being close to the CBD, as well as having favourable school zonings.

"Commercial businesses in the precinct are well supported so property investments are sought-after in this location with very few retail vacancies.

"Overall, we believe this to be a very good location that will grow and improve as Auckland's population continues to expand in the surrounding residential areas."

Paterson says the total land of 2057sq m is a rectangular shape approximately 50 metres wide and 42 metres deep.

The site

"The site at 448 Dominion Road was originally a 693m² site reduced to 674m² after 19sq m was taken in 1981 for future road widening.  That site is a long rectangular shape with approximate boundaries of 40 metres to Herbert Road and 17 metres of frontage to Dominion Road."