First‑time offering anchors Northcote investment

A high-profile mixed-use investment positioned within one of Auckland’s most significant urban regeneration precincts is being brought to market for the first time, offering investors and owner-occupiers a rare opportunity to secure a flexible, income-producing asset with embedded future upside.

Bayleys North Shore Commercial’s Dean Gilbert-Smith, together with colleague Michael Nees, is marketing the 607sqm (more or less) freehold site at 1 Lydia Avenue in Northcote for sale by deadline, closing at 4pm on Thursday, 7th May 2026 (unless sold prior).

The offering comprises a split-level, multi-tenanted investment, with a vacant upper-level office component, totalling approximately 467sqm.

The ground floor sustains a diversified mix of tenants, including a convenience store, hair salon, takeaway and speciality retail, generating a current net income of $93,978 per annum, with the potential to lift revenue to $149,978 once fully leased.

Gilbert-Smith says the property has been held by the same family since construction and meticulously maintained throughout its life, while occupying a prominent corner position on an elevated ridgeline site that gains sweeping views back towards Auckland’s CBD.

“Aside from position, the asset’s defining feature is its flexibility, an increasingly sought-after attribute in a market where investors are prioritising versatility alongside income.

“The diversified tenancy profile provides split-risk holding income, but it’s the vacant upper-level that provides opportunity. There is immediate scope for owner-occupiers seeking profile and presence, or the ability to convert for residential use, creating a true, mixed-use configuration aligned with evolving buyer demand.”

Zoned Business – Neighbourhood Centre, the site supports a range of commercial and residential activities, with provisions for development up to three storeys and residential use permitted on the upper floors – further reinforcing long-term adaptability.

The offering comes to market as Northcote experiences a coordinated, government-backed programme of public and private investment, including large-scale residential intensification, town centre redevelopment, and significant upgrades to infrastructure, amenity and green spaces.

“Northcote is transitioning from a traditional suburban centre into a more connected, higher-density urban node,” Bayleys North Shore Commercial’s Michael Nees says. “That shift is being driven by planned infrastructure, new housing supply, and improved amenity, all of which support long-term occupier demand and underpin land value.”

Positioned approximately four kilometres from Auckland’s CBD, the property benefits from direct access to State Highway 1, proximity to key public transport routes and the Northern Busway, and connectivity to major employment hubs including Takapuna, Smales Farm, and the wider North Shore.

Surrounding residential catchments, including Birkenhead, Hillcrest and Northcote Point, continue to provide a stable and established customer base, while ongoing regeneration is expected to introduce new residents, businesses and opportunity into the immediate area.

Gilbert-Smith says assets of its nature, combining holding income, profile and future flexibility, are increasingly difficult to secure in tightly held, city-fringe locations, particularly those experiencing such significant regeneration.

“For investors, the subject property offers a chance to secure a well-located landholding with income today, and multiple pathways to add value over time, whether through repositioning, intensification or conversion.

“With its elevated position, strong street profile, and alignment with broader urban transformation, 1 Lydia Avenue represents a compelling opportunity to secure a foothold in a regenerating North Shore precinct where infrastructure, connectivity and growth are converging.”