Unparalleled Opportunity Provides Many Options


631 Remuera Road, Remuera

Auction

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Unparalleled Opportunity Provides Many Options | 631 Remuera Road, Remuera | 1751762 |      X Close
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Unparalleled Opportunity Provides Many Options


A mixed use freehold commercial and residential property up for sale on Remuera Road with its underlying intensive residential zoning provides a future development opportunity. It is comprised of a 475 sqm building with a restaurant at it's street frontage and a large villa, currently a rental property, behind it. The offering is underpinned by a half share of a 1,540 sqm land holding which is zoned Terrace Housing and Apartment Buildings, which permits the highest density of residential development possible under the Auckland Unitary Plan.The property was originally developed in the 1930s as a 312sqm three-level villa which currently has six bedrooms with car parking at the rear of the site. A more recent extension at the front portion of the site provides 132sqm of commercial accommodation on the road frontage.

The recent additions to this part of the property include a new entrance with a deck off it and a sliding gate. In addition to the dining area, there is also a commercial kitchen, toilets and storage and office space. It is currently used as a cafe during the day and a Thai restaurant at night which is generating annual rental income of $86,956 plus GST. There is a monthly tenancy arrangement in place which means there is plenty of flexibility for the next owner, they could continue to bank the current solid cash flow, and perhaps attempt to negotiate a fixed term, while considering longer term plans for the property. It also increases the property's appeal for an owner occupier who could run a business from the front premises while receiving rental income from the residential accommodation at the rear. Conversely, the large dwelling could be refurbished and reconfigured as a home and the owner could draw income form the commercial accommodation. 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.

Please phone for viewing times at Harry Cheng - 021 230 6877 & Nicolas Ching - 021 396 890