Mortgagee tender for premises in Browns Bay
Seven new self-contained commercial units in an upmarket mixed-use complex in Browns Bay town centre have come onto the market in a mortgagee sale.
With lettable areas ranging from 82-150sq m, the units are well suited to retail, commercial services or hospitality occupiers in an affluent catchment on Auckland’s North Shore.
They sit on the ground floor of the landmark The Victor apartment complex, completed last year on a high-profile former New World supermarket site on Bute Rd.
Units 1B, 1C, 1D, 1E, 1F 1G and 1H, 4 Bute Rd are offered through Layne Harwood, Paul Dixon and Michael Nees of Bayleys Real Estate. They will be sold in one line, or on an individual basis, by mortgagee tender closing Thursday May 23.
Harwood said the sale presented attractive opportunities for owneroccupiers and investors.
“Six of these freehold strata-titled units are vacant, offering the chance for immediate occupation or to secure tenants.
“The seventh, approximately 118sq m unit with one carpark is leased to a chiropractic business, generating an annual net rental return of $52,000 plus outgoings and GST.
The current lease runs through to 2027, with two further four-year rights of renewal.
“A new owner would also have the option to sell down the units separately, if they were bought in one line,” said Harwood.
Dixon said the properties were excellently presented, reflecting the complex’s high-quality construction and came with a 100 per cent NBS seismic rating.
“Designed to be self-contained, each of the premises offers a high stud and a full-height display window which maximises the benefit of their road or laneway frontages,” he said.
Five of the units come with dedicated basement carparks and storage areas and all benefit from further off-street parking beside the main entrance to the complex.
The complex is zoned as part of Browns Bay’s town centre under the Auckland Unitary Plan.