Balmoral beauty sitting pretty for the future

The building's five residents pay a total of about $90,000 per annum. Photo / Supplied

A 600 square metre commercial building on a 671sq m site at 555-563 Dominion Rd, which is occupied by a five tenants, is being offered for sale by auction on July 4 through Cam Paterson, commercial broker with Barfoot & Thompson Commercial.

"There really aren't many properties like this one with strong retail presence that offer the mix of income streams and high profile on a busy arterial route and with the added bonus of its own car parking in the Balmoral shops," Paterson says.

The building - on the corner of Dominion Rd and Wiremu St - in the Balmoral shopping precinct, is close to a new McDonald's outlet on Balmoral Rd.

Paterson says the "basic brick" property "looks to have been constructed in the 1926s with all the characteristics of properties of that era including parapets and high stud retail".

The ground level comprises four separate shops totalling about 300sq m with an upper level restaurant of 300sq m accessed off Dominion Rd.

"It has car parking accessed off Wiremu St offering rear access to tenancies for servicing."

The site is zoned Business 2 which has an objective of providing retailing office and commercial service activity at a medium intensity suburban level.

A cross-section of permitted activities allowed as of right include: care centres, educational facilities, retail premises less than 500sq m in area, healthcare services, offices, work rooms and residential units in existing buildings.

In terms of development controls, the Business Activity 2 zone incorporates a maximum height of 12.50 metres, a basic floor area ratio of 2:1 and a maximum floor area ratio, inclusive of bonuses, of 4:1.

"The current tenant mix is a sign of the times in the Balmoral precinct with a strong Asian flavour across the lessees" says Paterson.

He says the tenants pay a total of about $90,000 net with varying lengths of tenure giving an owner security of cashflow.