Mixed use property in Remuera Village
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 229sq 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 soughtafter 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 earlier.
The three-level 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 cafe, bistro and bar which leases 319sq m of ground floor and basement space on a 10-year lease that runs until mid-2023, with two sixyear rights of renewal. The restaurant occupies 122sq m of the ground floor with an internal stairwell leading to the 206sq m basement level, which is also accessed from Clonbern Lane, just off Clonbern Rd.
“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 cafe and bistro above.”
The other ground floor occupant is Hedgerow, 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 fiveyear 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, office accommodation, says Wallace. It has a reception, boardroom and meeting rooms. There a kitchen unit, storage and bathroom facilities along with access to a rear stairwell.
Bullick says one of the most appealing attributes of the property from an investor’s point of view is its high-profile position, one property away from Clonbern Rd and opposite Victoria Ave.
The property could lend itself to development, says Haydock. “Its Town Centre zoning has a height limit of 18m and permits a range of commercial and residential activities.”