Character buildings with steady income
A freehold commercial property comprising two single-level character buildings with reliable income is for sale in the Auckland North Shore suburb of Birkenhead.
“This is a rare opportunity that meets all the criteria for a premium trophy investment in a highly sought after suburb which typically remains tightly held due to limited vacancies coming to the market,” says Nick Brown, of Barfoot and Thompson North Shore Commercial.
Brown and his colleague Simon Farland are marketing the property at
102-108 Hinemoa Street, for sale by deadline private treaty closing at 4pm on October 8, at Barfoot and Thompson’s North Shore Commercial Office at 129 Hurstmere Rd, Takapuna - unless sold earlier.
“Midway along the popular Hinemoa Street, the site has a total land area of 860 sq m housing two buildings totalling 260sq m and six onsite car parks,” Brown says. “Subject to three tenancies on various lease terms, the site generates a total net income of $154,000 plus operating expenses and gst, offering a number of options for both investors and owner occupiers.”
Farland says the business uses of the tenants include a barber shop, insurance consultants and a wellestablished child care facility.
He says the properties have been very well-maintained and presents beautifully in accordance with, and consistent with, the personality of this prestigious neighbourhood. “The road front structure of approximately
110sqm dates to the mid-1920s and the internal space is well appointed and divided into two versatile tenancies being the barber shop and insurance consultants measuring approximately 45sqm and 65sqm respectively.
“At the rear of the property sits a beautifully presented villa spanning approximately 150sqm, and is occupied by the childcare. It’s fully fenced and has an outdoor recreation area and ancillary dwelling with a boundary wall converted to an arts and crafts space.”
Brown says the property is zoned Business Neighbourhood Centre under the Auckland Unitary Plan which typically provides residents and passers-by with frequent retail and commercial service needs. “Provisions enable buildings of up to three storeys high and residential use at upper floors is permitted; however, it should be noted that the front building does have a heritage overlay and while internal renovation is not restricted, further investigation into external modifications is recommended.”
“The properties immediate location comprises mostly of suburban living with a condensed strip of special character hospitality, retail, commercial and convenience shopping along the main thoroughfare that adjoins the Highbury shopping centre and access to Northcote Point and the northern motorway,” says Farland. “The rectangular site is flat in contour and has a north-easterly aspect and approximately 22 metres of road frontage onto Hinemoa Street.” .