Buy now, develop later in prime Mt Eden spot

• Published date: 27 May 2023

Boasting approximately 100m of street frontage, 496-510 Mt Eden Rd is split into two properties and is spread across five titles with a total of 3506sq m of freehold land

The property is home to multiple high-profile tenants, anchored by a Mobil service station that includes a Dunkin’ Donuts store as well as two automotive tenancies, a construction sector occupant, Indian restaurant and two residential units.

With expansive elevated views, multiple access points, and a prime corner position in the double grammar zone, this property is the definition of a prime offering.

The property is zoned Business–Mixed Use under the Auckland Unitary Plan.

The weighted average lease term across the various tenancies is 4.6 years and the property provides $790,836 plus GST in passing annual rental income.

The existing lease agreements include CPI or market reviews due for renewal on 1 January 2024.

Colliers directors David Burley, Kris Ongley and Shoneet Chand are marketing the property for sale via deadline private treaty closing at 4pm, Wednesday June 21 unless sold prior.

496-504 Mt Eden Rd spans 2952sq m and offers 877sq m of total lettable area with Mobil fronting Mt Eden Rd. The three basement workshop units are occupied by Midas, Salute Construction and Eden Tyres. There are a total of 44 on-site carparks.

The workshop units have premium fit-outs that include ducted air, toilets, showers and lunchroom facilities and can be accessed via a circular driveway that wraps around the property.

510 Mt Eden Rd (the adjoining property) has...