Remuera Road corner property

A freehold corner retail-office property, with development potential is for sale, at 363-365 Remuera Rd, Auckland.

On a 225sq m site in the Remuera commercial precinct, the tenanted three-level freehold property is being marketed by John Bedford and James Lee of CBRE.

It will be auctioned at 11am, on March 20, unless sold earlier.

Bedford describes a prime, strategic real estate holding that would a key growth asset in any property investment portfolio.

He says it is in both Auckland Grammar School and Epsom Girls Grammar School zones, plus being zoned its Business-Town Centre zoning under the Unitary Plan.

Built in the 1920s, the classicalstyle building offers retail and office facilities of varying sizes over a gross floor area of 385sq m over two floors and basement. It also has on-grade carparking at the rear of the property.

It is divided into a ground-floor retail tenancy with a single tenant, plus a basement retail and storage area for the retail outlet. Two office tenancies share the first-floor space, with separate access to them on Clonbern Rd. With the occupants on short-term leases, the property now generates $164,100pa plus GST, with potential to be increased, says James Lee.

“Tenanted investments like this one, in the sub-$5m price range, are tightly held and in high demand.

“Ultimately, a corner freehold property in this location creates outstanding potential for future redevelopment or conversion of existing buildings for alternative use.”