617 New North Road, Morningside, Auckland

Nestled in the vibrant heart of Morningside, Auckland, this Freehold property at 617 New North Road boasts a 505sqm floor area and a spacious 943sqm land area. Constructed in 1910 with wood walls and an iron roof, both in average condition, the property includes a generous 6 carparks. It is a commercial investment opportunity with two buildings and two tenants, providing a net rental income of $108,398. The property's Capital Value (CV) has seen a rapid increase from $2,750,000 in 2017 to $4,100,000 as of June 2021, reflecting a growth of 49%. The HouGarden AVM estimates the property's value at $3,930,000, while the latest sales were recorded at $4,000,000 in August 2024 and $4,300,000 in June 2021.

For families, the property falls within the decile 8 Pasadena Intermediate and Western Springs College zones, and is also in proximity to Mt Albert School (decile 6), Mt Albert Grammar School (decile 7), Kowhai Intermediate School (decile 7), and Auckland Girls' Grammar School (decile 3). This prime location is not only opposite the Morningside train station but also enjoys convenient access to the Kingsland village and excellent transport links, set to improve further with the completion of the Waterview tunnel and City Rail link.

With its dual street frontages and Business Local Centre zoning (18m height limit), this property presents a strategic land holding in a high-growth area, making it an attractive investment opportunity.

Updated on October 09, 2024