Pedigree and position on Remuera Rd
A highly visible retail complex in the affluent Auckland suburb of Remuera offers investors and developers the opportunity to acquire an asset with considerable add-value or redevelopment potential.
Sitting at 320 Remuera Rd, Airlie Court is a popular local shopping centre that is home to a complementary mixture of tenants. The property is zoned Business–Town Centre Zone under the Auckland Unitary Plan.
The multi-level plaza sits on an elevated corner site that spans 1495sq m and there is 1631sq m of total building area as well as 44 carparks. With dual entries from Remuera and Garden roads, the property is highly accessible for customers.
The net passing income from the property is approximately $286,400 plus GST and operating expenses but market estimates from Colliers suggest this could be grown if minor vacancies within the property were to be filled.
Existing tenants include a pharmacy, cafe, medical practice, shoe repair store and further retail offerings. Many of the tenancies are short term or have a final expiry in 2025 providing considerable flexibility
for the new owner.
Situated in the heart of Remuera village, this property combines scale, location, and significant potential.
Colliers directors Peter Herdson, David Burley and Kris Ongley are marketing the property via deadline private treaty closing 4pm, Wednesday April 17, unless sold prior.
Herdson says there are multiple options available to prospective purchasers.
“With strong holding income the new owner of the property will be able to
strategically plan their future moves. There is scope to enhance the existing retail offering with an add-value approach that could drive greater rental income and attract luxury tenants, or buyers may view this location as too good to pass up for an apartment or townhouse development.”
The property is zoned for Auckland Grammar and Epsom Girls grammar schools, with further access to multiple private schools in the surrounding catchment.