Commercial -
Kingsland character times two
Two adjacent mixed-use buildings in Kingsland village, at the gateway to Eden Park, are for sale providing split-risk income, rental and redevelopment upside, and potential to leverage growth initiatives in the broader area.
The freehold buildings at 434-448 New North Road and 460-466 New North Road have favourable Business - Local Centre zoning and sit on either side of short, no-exit Edendale Road with its pedestrian overbridge to Kingsland Station.
It is the first time the properties have come to the market in decades, giving an opportunity for a forward-thinking new owner to secure one or both of the high-profile character buildings in an area earmarked for significant upzoning and regeneration.
434-448 New North Road is a two-level circa-1910s building on a 749sqm freehold corner site. It has 615.3sqm of lettable area across five ground-floor retail tenancies and three upper-level residential apartments. The property is fully leased and has 14 on-site car parks, a definite advantage in the busy suburban node.
Arguably under-rented, the property returns annual income of $270,522, with a well-balanced mix of commercial tenants including a boutique retail shop, Emporium, hospitality businesses Gyros Kebabs, At Bangkok, and Kingsland Bakery, along with Laboratorie hair salon. The trio of generously sized circa-100sqm character-filled flats upstairs have high ceilings and enjoy good natural light throughout.
On the opposite corner of Edendale Road on a prime triangular 341sqm freehold site is the heritage-listed Page’s Building, named after Arthur W. Page, who is widely considered the founding father of the Kingsland town centre. Page first established his general store on this corner in 1885; however, the building that stands today was part of a major redevelopment of the site around 1913-1914. Arthur and his brother Charles, a builder, were also behind the adjacent Forage and Grain stores, now the Kingslander Bar, and the Portland Buildings directly opposite.
“Page’s Corner” has long been a pivotal and commercially significant site, and the building at 460-466 New North Road is Kingsland’s flagship property. It has a total floor area of around 796.02sqm across two levels and sits on 341sqm of land.
There are three retail tenancies on the ground floor - Little Q café, Kingsland Social café, and Barba men’s hairstylist - a fourth retail tenancy at the lower ground level occupied by Taiko Japanese restaurant, and a residential apartment above. The property returns an annual income of $255,560.
The two properties will be sold individually or together, with tenders closing 4pm Tuesday 2nd December, unless sold prior, through Phil Haydock, Alan Haydock and Damien Bullick of Bayleys Auckland Metro team.
Phil Haydock says the properties both have compelling fundamentals with proven leasing histories owing to the strategic city fringe location and signals that Kingsland is earmarked for strong future growth which would further underpin commercial and retail activity across the two buildings.
“Both buildings have a great profile to the main thoroughfare, New North Road and enviable foot traffic given the overbridge access to Kingsland Station, which is set to benefit from greater passenger usage when the new City Rail Link (CRL) network opens next year.
“Additionally, Auckland Council’s proposed Plan Change 120, which is currently open for public consultation, would allow significant upzoning around CRL stations, meaning there will be more housing and more people in the Kingsland catchment.
“This is in line with the Government’s National Policy Statement on Urban Development, which targets greater housing density near city and suburban centres and through public transport corridors.”
Phil Haydock says the properties for sale, along with immediately neighbouring sites, have a 13-metre height limit to protect the character of the village, while further along the retail strip, 50-metre or 15-storey development is proposed.
“Council has also backed the Eden Park upgrade proposal, a massive $100m-plus staged redevelopment which would boost the number of headline events allowable for the venue.
“Such growth initiatives will support businesses in the Kingsland area, and it bodes well for existing commercial properties that provide hospitality, retail and services.”
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