Grey Lynn icon with two titles
Aprominent Grey Lynn corner site occupied by tenants the Gypsy Tea Room and Amica Boutique is for sale through Colliers International. Located at the centre of thriving West Lynn village, the character property is featured in the latest Colliers Portfolio.
It comprises two separate titles with a combined area of 574sq m, including undeveloped land at the rear, with split income from multiple tenancies.
Colliers’ city fringe sales specialists Kris Ongley and David Burley are marketing 453 and 455 Richmond Rd, for sale by deadline private treaty.
Offers on the property’s two freehold titles, available either individually or as one parcel, close at 4pm on September 5, unless sold earlier.
Ongley calls it a rare chance to acquire a trophy investment in a soughtafter Auckland suburb.
“This local icon offers multiple income streams, strong tenant covenant, and the opportunity to add significant value through redevelopment of the land at the rear of the site. Located on the high-profile corner of Richmond Rd and Wilton St, the fully leased property returns about $129,000 plus outgoings in net annual rent.
“Its well-known local tenants include the Gypsy Tea Room and Amica Boutique, as well as a first-floor residential sub-tenancy and a billsticker license.
“The rear of the property has about 350sq m of undeveloped land ripe for an add-value development. Generous Business Local Centre zoning permits retail, office and residential development up to 13m in height.”
Built in the 1920s, the two-storey character property comprises two retail tenancies on the ground floor, with offices and a three-bedroom apartment on the first floor.
The building is split by a party wall between the two titles.
● The 291sq m title at 455 Richmond Rd is located at the southern end of the site, on the corner of Wilton St.
It has resource consent in place for a commercial and residential townhouse development on the relatively level, undeveloped land at the rear of the site.
The character building at the front is fully leased to GTR Holdings Ltd, which operates the Gypsy Tea Room bar on the ground floor and utilises the office space above.
The company is signed to a new six-month lease returning $62,000 and outgoings in net annual rent.
A 50sq m bar area fronts Richmond Rd, while a 38sq m amenity area to the rear of the building includes a kitchen, bathroom and laundry.
The 58sq m first floor office, accessed by centrally located stairs, is divided into three separate offices and a bathroom. It has good natural light and a pleasant outlook.
Long a staple of the Grey Lynn hospitality scene, Burley says the Gypsy Tea Room is a favourite with locals and visitors alike. “With its quirky decor and eye-catching street appeal, the extremely popular local watering hole is synonymous with the West Lynn village,” he says.
“Anyone wanting to keep this establishment operating at its current location will have no challenge convincing the owner and his local patrons.”
● The 283sq m title at 453 Richmond Rd, located at the northern end of the site, underwent a significant renovation in 2013-14. It is leased to Amica Ltd, which operates the Amica Boutique hairdressing salon in a 60sq m ground floor retail tenancy. The company is signed to a two-year lease returning $62,000 plus GST and outgoings in annual rent. The lease expires in February
2020, with no rights of renewal. Burley says the salon was established in 2015 and has subsequently grown to be a popular local destination serving a loyal client base.
“Having solidified itself as a key component of the West Lynn village shops, the hairdresser plans to continue to cement its place in the area.”
Amica sublets the 55sq m firstfloor apartment to a residential tenant.
The apartment includes a 10sq m kitchen and laundry to the rear of the ground floor, accessed via French doors off a timber deck and courtyard. A small billboard on the side of the building, leased to Phantom Billstickers, returns $5000 net in additional rental income.
As with 455 Richmond Rd, there is an area of undeveloped land to the rear of the site.
The character building across both titles is generally constructed of concrete, steel and timber structural framing upon a concrete base.
The property’s Business Local Centre zoning is not subject to any significant volcanic viewshatfs, allowing the permitted build height for this zoning to be maximised at 13m.
However, it is subject to a Built Heritage and Character Overlay which would require planning advice as to what aspects of the building may be protected.