Property listing ID: 64313
The high demand for housing is changing the composition of inner city suburbs as commercial precincts are making way for higher value residential accommodation. The greater number of residents will increase demand for retail and commercial space and further demand for accommodation as suburbs gain momentum. 37-39 Crummer Road has been in the same family for 29 years. The property is a 965m² freehold parcel with over 27 metres of frontage to Crummer Road offering easy access to bus routes and an easy stroll to the Ponsonby and Grey Lynn shops. The existing Mixed Use zoning allows for commercial and residential development to 15 metres, this is furthered to 24.5 metres under the Proposed Unitary Plan. The improvements consist of three buildings totalling over 1,000m² and 17 car parks. The structures are divided into three tenancies including two attractive residential apartments (1 x 2 bedroom of 109m², 1 x 4 bedroom of 346m² that could also suit office use) that are subject to short term occupancy arrangements, and a commercial tenancy which occupies the majority of the ground level with a lease in place until September 2020 (no RoRs). The tenancy arrangements provide options for a purchaser to occupy (commercially or residentially), or lease out for a well positioned investment with the potential to develop in the future. This is a sound property in a buoyant location worthy of closer consideration - contact now for details.
Listed by Barfoot & Thompson , Cam Paterson (City Commercial)