New leases, title issued - priced to sell


10 Victoria Road, Devonport

Asking Price NZD $5,800,000 + GST (if any)

Download Email
New leases, title issued - priced to sell | 10 Victoria Road, Devonport | 1503423 |      X Close
Image
Description

New leases, title issued - priced to sell


•Diversified income stream of $301,698pa + GST across retail, office & residential tenancies

•NBS% of 67% and 100% (two structures)

•High socioeconomic consumer catchment

Herein lies a rare opportunity to own a high profile trophy building that will be the envy of your friends and neighbours underpinned by a robust diversified income stream in one of the most tightly held commercial property precincts in New Zealand.

As a testament to the calibre of the asset and quality of the building following COVID-19 hitting New Zealand's shores in early 2020 the property has proved countercyclical now boasting in late 2020 a significantly improved tenancy profile with a new six year initial Lease to an established business secured over the buildings largest tenancy and a four year Right of Renewal exercised by the head retail tenant in addition to other improvements across the tenancies.

This Art Deco masterpiece is the magnum opus of Devonport. Purpose built in 1938 as Devonport's local post office, the building has been painstakingly refurbished back to its former glory. A colour scheme in keeping with the original palette, ornate ceiling details, a jaw dropping glazed atrium and stairwell and exposed kauri flooring are just some of the outstanding character features endemic to this stunning piece of Devonport history. This award winning project, received the New Zealand Institute of Architects 2009 Auckland Architecture Award (Heritage category) and the Registered Master Builders Association 2009 Commercial Project Silver award. In 2009 the building featured in Commercial Design Trends magazine.

A strong yield relative to the quality of the property in a location that is second to none. With bank returns diminishing by the day and a war chest of capital coming of term deposits don't miss out on your opportunity to secure this special asset.

Contact the sole agents for more detailed information.