Commercial premises on the ground floor of a recently developed building on Great North Rd in Grey Lynn are for sale
offering a wide range of opportunities for both investors and owner occupiers.
189-197 Great North Rd
Featured in Bayley’s latest Total Property portfolio, the 337 sq m ground floor commercial unit is part of a mixed-use complex at 189-197 Great North Rd, known as
‘North Residences’. Bayleys’ Phil Haydock says the versatile, double-stud height offering provides plenty of business
accommodation options and comes with six secure basement car parks.
He and Bayleys Auckland City & Fringe colleagues Dean Budd and Alan Haydock are marketing the property by tender, closing 4pm, Tuesday, April 27
unless sold prior.
Phil Haydock says the unit has a stud height of approximately 4.5 metres with floor to ceiling glazing along its road
frontage. “This provides the premises with plenty of natural light as well as excellent profile and visibility to busy
Great North Rd, a main arterial route to and from the CBD. It will have appeal to owner occupiers looking for a presence
in this increasingly popular city fringe location or an investor seeking to add value by leasing up the property.”
Already in occupation in the neighbouring ground floor unit is Harvey Norman’s first Design and Build Studio which
showcases the latest in kitchen, laundry and bathroom designs, with world-leading brand appliances, and provides a full
planning and installation service for customers. This unit was sold with a new eight-year lease to Harvey Norman by
Bayleys Auckland City & Fringe division for $3,600,000 + GST (if any), representing a yield of 5.1%.
“With its high stud and full height glazing, the remaining unit which we now have for sale would also be ideally suited
to a showroom use,” says Haydock. “However, it offers plenty of other possibilities ranging from striking office
accommodation to food and beverage outlets.”
Dean Budd says the unit can be accessed through two lots of double doors fronting Great North Rd, a shared lobby
entrance or via a lift from the basement car park.
“The unit could be easily split into two tenancies accessed through separate street front entrances that are already in
place. This would provide a diversified cashflow for an investor and maximise the property’s rental return. An owner
could also potentially occupy part of the unit and rent out the adjoining space to help offset any mortgage costs.”
The unit is part of a seven-level development designed by Paul Brown Architects with five upper residential levels
comprising 43 apartments and townhouses, ground floor commercial premises and basement car parking for both residential
and commercial occupants accessed off Turakina St.
A Mixed Use zoning along this part of Great North Rd, introduced under the Auckland Unitary Plan, allows for moderate to
high intensity residential as well as commercial development. “The North building is one of a number of high quality,
predominantly residential developments that have sprung up along the Great North Rd ridge following the introduction of
the unitary plan and which have helped rejuvenate this part of Grey Lynn,” says Alan Haydock. “Retail and commercial
businesses are also being attracted to the area, the largest examples of which is the nearby Bunnings Warehouse store
and the Ponsonby Countdown supermarket.”
The property is approximately 600 metres from the intersection of Great North Rd with Ponsonby, Karangahape and Newton
Rds and is approximately three kilometres from Downtown Auckland. Great North Rd is the main arterial route between the
central city and popular city fringe suburbs, such as Grey Lynn, Arch Hill, Westmere, Kingsland and Mt Eden. Frequent
bus services connect these and other suburbs to the CBD via Great North Rd, with bus stops located close to the
property.