Fully-tenanted with character and history in Devonport
69-71 Victoria Road, Devonport, North Shore
- Early 1900s’ building , extended in late 1980s
- Offers 443m² retail, residential and office space on a 371m² site
- Fully-leased with net annual rental of $143,650
- Spread of risk with a variety of tenants, lease terms, renewals and expiry dates – some out to 2028
- Town Centre zoning
- Strong historic rental track record
- CV: $2million
- National Total Property marketing campaign with tender method of sale
- More than 180 people registered for information
- 8 tenders received
- SOLD for $2,150,000 at a 6.68% yield
- Sold to a Palmerston North-based investor with other North Shore properties in his portfolio
Devonport is one of Auckland’s earliest-settled areas, home to the Royal New Zealand Navy and is notable for its Victorian-era property and quaint seaside village feel.
The well-maintained property in Victoria Road, Devonport had all the hallmarks of a traditional early-20th century commercial building and was offered for sale for the first time in nearly 40 years.
Adam Curtis, Adam Watton and Nick Howe-Smith of Bayleys North Shore Commercial marketed the property by way of tender and say they felt the buyer would likely have some previous connection to the North Shore.
“As it turned out, half of the tenders we received were from North Shore locals and the eventual buyer has other investment properties around the North Shore so was delighted to add this one to the mix,” says Adam Curtis.
“The path to tender date was strategically-planned, and we were able to guide prospective buyers through a few hoops such as seismic strengthening requirements.
“Taking the question marks away for buyers is important and in identifying and addressing the underlying challenges, all parties knew where they stood and were able to put their best foot forward”
Secretary for the Devonport United Friendly Society, Maurice Handisides, explains the reasons for the sale.
After decades of service to the local community, the Devonport United Friendly Society, established in 1924, has decided the time is right to start liquidating its investment portfolio.
The Society purchased 69-71 Victoria Road in 1978 and since that time, Maurice has been closely involved in the operation and maintenance of the character-filled property.
“It’s fair to say that the property is dear to my heart and I was pleased that it was sold to a like-minded buyer who recognises the intrinsic value of the property and who shares similar ideals,” says Maurice.
The Devonport United Friendly Society approached six real estate agencies asking them to submit proposals for the sale of the property. They ultimately selected Bayleys based on the professionalism of the presentation, the depth of information provided and an endorsement from one of the society’s board members who had had a previous positive experience with Bayleys.
“Given the seismic and other issues that needed to be addressed, the tender process worked well in allowing prospective buyers to do their homework and put in an informed tender figure,” says Maurice.
“We felt that the eventual sales price was an accurate reflection of the current market for a building of this era and standard.
“The Society was impressed with the work, the time and the expertise that Bayleys provided and it was a good outcome.”
Read more customer stories
Subscribe to receive the latest commercial news and insights from Bayleys Total Property