Known for its bold presence in the bustling strip of Dominion Road’s ‘Chinatown’, the ‘Zap Thai’ freehold and building, a staple of Auckland’s Asian restaurant scene is up for sale with vacant possession by way of Deadline Private Treaty closing 4pm, Wednesday 10th March 2021 (unless sold prior).
The property consists of three titles, each previously a shop of their own and all since combined into a restaurant and residence. There is a west facing yard that enjoys all day sun. The sites land area totals 510sqm with the Business – Local Centre Zone allowing for a build height of 13m providing potential for future apartment and commercial development.
Balmoral’s Chinatown precinct is well known for its hugely popular eateries creating a low vacancy area highly demanded by investors. With its 10 minute commute to Auckland’s CBD and large residential catchment, the prospect of growth in the area is high as apartment buildings and development surround the site.
Add-value investors will see the potential in the three titles, allowing for refurbishment, leasing and the potential to sell them down individually. Developers will see the ability to create holding income whilst strategising the ideal development to capitalise on the tightly held area. Additionally, there is a chance for an owner occupier to acquire a new home and have options to obtain income on the side.
Features:
- Three titles totalling 510sqm
- Business Local Centre Zoning allowing for 13m build height
- Ability to add value to each title or sell down individually
- Key fringe location 10 minutes from Auckland CBD and on a main arterial
- Well renowned building being tenanted by a popular restaurant
More information: https://www.colliers.co.nz/p-NZL67013705
