A site occupied by an upmarket wine store in the trendy Auckland suburb of Orakei is being marketed for sale by private treaty by Harold McCracken of CBRE on behalf of four private partners who have owned the property for nearly 20 years.
The property comprises 710sq m of five inter-connected buildings on a 1426sq m corner site at 29 Coates Ave, said McCracken.
"It has excellent potential for future development and the benefit of good holding income from a single tenant occupying all the existing buildings on the site in the meantime."
The buildings generate a holding income of net $45,000 a year, with a three-month cancellation clause.
McCracken said the buildings were built in the 1940s for a service station and convenience shops.
"The property is on the western side of Coates Ave, intersecting with Ngaiwi St. A well-known and upmarket wine outlet occupied the property after BP left the site in 2005," he said.
Directly opposite is a shopping centre housing Bettjemans hairdressing salon, a bakery, butchery, drycleaner, several eateries, a convenience store and a nail salon.
McCracken says the property sits high on the Coates Ave hill, making it ideal for a future development to capitalise on views of nearby bays and Auckland harbour.
"Properties in Orakei and the eastern bays of Auckland are in high demand due to it being an attractive suburb to work in with all levels of schooling and amenities close by," McCracken said.
"Homes in Coates Ave and the surrounding areas are typically above average to superior in nature and often command above average selling prices, exceeding $1 million," said McCracken.
"Orakei has a direct and scenic route to the CBD along Tamaki Drive, and numerous bus routes passing through it. Well-known Paratai Drive is within walking distance of Coates Ave with its large, sprawling mansions and landscaped gardens."
Orakei residents also have quick access to the Eastridge Shopping Centre and cafes, restaurants and services in Mission Bay. Nearby beaches are at Okahu Bay, Mission Bay, Kohimarama and St Heliers Bay.
The property has Residential 7A zoning, which provides for high density development.
"As of right, the property could be developed to have one unit per 200sq m with a maximum total of seven units on the site," said McCracken.
"If the site was developed into residential apartments, units on the first floor and up would have 270-degree views, taking in the surrounding urban area and the picturesque Orakei Basin, Waitemata Harbour and the city skyline. On the northeast side, the views would extend to Rangitoto Island."