August 02, 2017

Development opportunity in affluent heart of Devonport

Topics: NAI Harcourts, Press Release 0

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An opportunity to develop a parcel of freehold land in Devonport/ Cheltenham is now available.

66 Vauxhall Road in Devonport is for sale by auction.

Sitting on two adjoining titles, the property totals 1,084m² of land and enjoys a large, dual road frontage onto Vauxhall and Tainui Roads. This positioning offers excellent profile, access and development potential.

Marketed by Dave Lane of NAI Harcourts North Shore, in partnership with Phil Clark of Harcourts Devonport, auction of the property takes place in NAI Harcourts auction rooms at 1pm on Tuesday 29 August, unless sold prior.Dave Lane.jpg

Lane says it’s a large parcel of commercial land in a very sought-after location.

“It’s approximately 250m from Cheltenham Beach and sits in a dense residential area. There is outstanding development opportunity with this property.”

66 Vauxhall Road has easy access to local amenities including the Waitemata Golf Club, Devonport Bowling Club, North Shore Rugby Club, Takapuna Grammar School, Vauxhall Primary School and local restaurants and boutique retail shops. It also has good access to Devonport ferry services.

Lane says its zoning under the Unitary Plan favours development. It falls under Business – Neighbourhood Centre Zone, which allows for buildings of up to three storeys, or 13m, high. He says it is anticipated that the 13m height would be taken from Vauxhall Road and, as the property’s contour slopes to a lower level at the rear of the site, there is potential for additional lower level/s.

 Permitted uses include commercial services, office and retail, food and beverage and integrated residential development.

The building at 66 Vauxhall Road was constructed in the late 1960s, purpose-built to be a service station. General construction is concrete foundations, reinforced concrete block walls, timber joinery and long-run galvanised iron roofing with a decramastic facade.

Currently tenanted by vehicle repair business, Tainui Motors, the lease runs until 29 September 2020 and brings in a rental income per annum of $37, 858.75 + GST. This can be a modest holding income while consent is granted. The tenant pays all outgoings.

It includes a total lettable area of approximately 211.20m² encompassing showroom, office and amenities (50.21m²), workshops (147.31m²) and mezzanine lunchroom (13.68m²).

Tainui Motors is a long-standing vehicle repair business specialising in service and repairs, WOF and tyres. When the current lease expires on 29 September 2020, there are no rights of renewal.

Lane says this premium location opportunity is not to be missed.

“In terms of location and development opportunity, there aren’t many properties like this left in Devonport/ Cheltenham. The lease and zoning are both working in any potential developer’s favour.”

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