A high profile property in Remuera Village with a mix of retail, food and beverage and office tenancies is for sale fully leased.
Located on 229 sq m of freehold land at 371-373 Remuera Rd, the 598 sq m building is generating total net annual rental income of $201,434 plus GST from three established tenants plus signage.
“This immaculately presented property occupies a prominent position in Remuera Village, a sought-after boutique commercial precinct in one of Auckland’s most established and affluent residential suburbs,” says Alan Haydock, Bayleys Auckland City & Fringe division manager. He is marketing the property with colleagues Andrew Wallace and Damien Bullick.
Featured in Bayleys’ Total Property portfolio, the offering will go up for auction on December 5 unless sold prior to that date.
The three-level mixed-use building, constructed in the 1970s, has two floors of retail and office accommodation with frontage onto Remuera Rd plus a basement accessed via a service lane to the rear.
The largest occupant is the Remuera Local café, bistro and bar which leases 319 s qm of ground floor and basement space on a 10-year lease that runs until mid-2023 with two six-year rights of renewal.
The café and bistro restaurant occupies 122 sq m of the ground floor with an internal stairwell leading to the 206 sq m basement level which is also accessed from Clonbern Lane, just off Clonbern Road.
“In 2015, part of the basement fronting Clonbern Lane was converted into the boutique Laneway Bar which has become a popular extension of Remuera Local and which will benefit from the proposed regeneration of neighbouring sites in the future,” says Andrew Wallace. “The balance of the basement is a food preparation area, with a built in chiller and a commercial freezer, which services both the adjoining bar and the café and bistro above.
“The other ground floor occupant is Hedgerow which is something of a Remuera institution having been in business for over 20 years specialising in high quality home wares and gifts.”
The Northern Masonic Association Trust Board occupies the 194sq m of upper level office space on a new five-year lease from April 2018 with two four-year rights of renewal. This floor is accessed via its own stairwell off Remuera Rd that leads to modern, well-appointed office accommodation, says Wallace. It has a spacious reception, boardroom and meeting rooms as well as offices. To the rear is a kitchen unit, storage and bathroom facilities along with access to a rear stairwell.
Damien Bullick says one of the most appealing attributes of the property from an investor’s point of view is its high profile position in the heart of the Remuera Village, one property away for Clonbern Rd and opposite Victoria Ave, with a large public car park at the rear.
“This long established commercial precinct comprises a mix of character and modern buildings with high profile ground floor retail and office or residential uses above. It offers a variety of service and consumer retail, focused particularly on local convenience retailing, including banks, real estate agencies fashion shops, jewellers and food and beverage outlets.”
Other long standing tenants include the nearby New World supermarket, Remuera Medical Centre and Remuera Pharmacy located next door.
Haydock says the Remuera Village is expected to undergo an exciting redevelopment of the laneway properties as well as those on Remuera Rd. This combined with the redevelopment of the public car park fronting Clonbern Rd, in conjunction with the New World site, would be very beneficial to 371-373 Remuera Rd. “The proposed redevelopment has not been made public yet but it is understood that a minimum of 225 public car parks will be retained.”
Because of its strategic location, the property for sale could lend itself to further development in the future, says Haydock. Its Town Centre zoning has a height limit of 18m and permits a wide range of commercial and residential activities.
“This zoning is typically found on main arterial roads with good public transport access and provides a focus for commercial activities and growth as well as residential development or conversion on upper levels.”
Remuera Rd is a main arterial route extending from the intersection with Broadway at its western end to Meadowbank in the east and consequently carries high volumes of traffic.