631 Remuera Road, Remuera, Auckland

Sold Under the Hammer - Unparalleled Opportunity

A mixed use freehold residential and commercial property up for sale on Remuera Road with it's underlying intensive residential zoning providing a future development opportunity. It comprises a 475sqm (approx) building with a restaurant at it's street frontage and a large villa behind.

The offering is underpinned by a half share of a 1,540sqm (approx) land holding which is zoned Terrace Housing and Apartment Buildings, which permits the highest density of residential development possible under the Auckland Unitary Plan. It allows for intensive five to six storey buildings up to a height limit of 16 metres.

It has excellent exposure to foot and vehicular traffic and is handily located to public transport links and amenities as well as the Greenlane motorway interchange.

The property was originally developed in the 1930s as a 312sqm (approx) three-level villa which currently has 5/6 bedrooms with car parking at the rear of the site. A more recent extension at the front portion of the site provides 132sqm (approx) of commercial accommodation on the road frontage.

The recent additions to this part of the property include a new entrance with a deck and a sliding gate. In addition to the dining area, there is also a commercial kitchen, toilets, storage and office space. It is currently used as a Thai restaurant at night. 10 year lease commencing from 1 June 2016, returning $67,826.09 with further right of renewal.

There are many options here and this is a rare opportunity to secure a big piece of tightly held Remuera Rd and providing a great prospect for development in the near future.