Auckland Dominion Rd site among 153 offerings in Total Property portfolio
An underutilised site on Dominion Rd, Mt Eden is for sale offering future development options .
A substantial Mt Eden landholding with Dominion Rd frontage is for sale with a long-standing hospitality tenancy in
place and future potential for development.
The 1313 sq m site at 692 Dominion Rd, with dual access also from nearby
Queens Ave, has been home to a Thai restaurant for the past 15 years and is currently generating net annual rental
income of $73,000 plus GST.
The property is among 153 commercial and industrial offerings featured in Bayleys’ latest national Total Property portfolio, launched the day after the country moved to Covid-19 Alert Level 2 which allows for a wider range of
property related activities including the reopening of restaurants. It is for sale by deadline private treaty closing
June 10, unless sold prior.
“This an enticing city fringe opportunity with loads of possibilities which is located towards the southern end of the
well-established ‘China Town’ retail precinct on Dominion Rd,” says senior commercial broker Mike Adams who is marketing
the property with Bayleys Auckland city and fringe division colleague Jean-Paul Smit.
“Astute add value investors and developers should consider the future potential this property provides with its
favourable Local Centre zoning allowing a wide range of commercial and residential uses and for buildings up to 13
metres, subject to council approval.”
Sitting behind the 238sqm single-level restaurant building, which has just over 15m of frontage to Dominion Rd, on the
‘T’ shaped site is a 791 sq m strip of undeveloped land. It currently provides 27 carparks accessed off Queens Ave which
Adams says is well in excess of the requirements for the restaurant that also has parking along its Dominion Rd
frontage.
“This land is available for possible immediate or future development and the options are many and varied,” says Adams.
The zoning primarily provides for local commercial services and offices plus food and beverage and appropriately scaled
retail outlets. It typically enables buildings up to four storeys, with residential accommodation permitted on upper
floors.
The building was developed in the 1980s, originally as office premises for AMP and then was subsequently converted to a
Thai Restaurant. There is a 190 sq m dining area and a further 48 sq m of amenities and commercial kitchen space at the
rear.
The restaurant has a covered outdoor dining area on either side of the main entrance and access to and from the car
parking at the rear. Jean-Paul Smit says the building is in good condition with character features including high stud,
sloping timber ceilings and exposed brick. It also has a seismic assessment of 70 per cent of New Building Standard.
The building is currently occupied by Manee Thai fusion restaurant which exercised the second of four four-year rights
of renewal in October last year. “The longevity of this tenancy suggests that the location has worked well for this
restaurant which enjoys good exposure and road frontage to the heavy passing traffic flow as well as pedestrians along
Dominion Rd,” says Smit. ‘It also services a large and increasingly affluent surrounding residential catchment.”
The property is located off the eastern side of Dominion Rd, one site southeast of the intersection with Queens Avenue
and near the intersection with Balmoral Rd which is part of the access way to both the Northwestern Motorway to the west
and the Southern Motorway to the east.
Surrounding properties on Dominion Rd largely comprise single and two-level retail properties which service the
Balmoral/Mt Eden residential population, Smit says. “Auckland Transport has proposed plans for a significant upgrade of
Dominion Rd, focusing primarily on ease of travel for public transport commuters and on upgrading the quality of village
centres and streetscapes to support local businesses.”