With four commercial tenants, plus storage, 19 Williamson Ave has an area of 412sq m. Photo / Supplied
With four commercial tenants, plus storage, 19 Williamson Ave has an area of 412sq m. Photo / Supplied
A "foodie facility" which has hosted Gordon Ramsay, Rick Stein and Anthony Bourdain is among the tenants at a Grey Lynn property that's been placed on the market.
The two-storey property at 19 Williamson Ave, is for sale by tender through Bayleys Auckland, closing 4pm on September 20.
It featuresin the agency's latest Total Property portfolio magazine.
Salespeople Mike Adams, Laurie Bell and Jean-Paul Smit are selling the property whose tenants have included, Cook The Books — Cookbook Store and Kitchen.
The business, which is staying on as a tenant, has built up a strong and loyal clientele during that time. In addition to hosting famous international chefs, the associated demo' kitchen has promoted local authors and cooks, such as Peter Gordon, Peta Mathias, Julie Le Clerc, Ruth Pretty, Peter Chaplin, Richard Till, Julie Biuso, and Al Brown. Live cooking demos cater for up to 20 guests-per-month, with the venue also hired out for "foodie' functions" and product launches. The two "foodie entities" are part of a mixed tenancy schedule generating $94,600 net per annum.
"The location near Ponsonby Rd works perfectly for the tenant which has enjoyed a long and prosperous occupancy," says Adams.
The premises for sale has a total of 412sq m of space — excluding basement car parks and storage areas — on a 278sq m freehold site, zoned Business-Mixed Use.
The upper level contains an upmarket 130sq m two-bedroom owner/occupier flat, with an additional 45sq m of north-facing decking. Accessed from Williamson Ave, this has a rental appraisal of between $950 to $1100 a week, providing opportunities to either owner/occupy or increase the total rent income.
Cook the Books has a street-facing retail unit with a lease running through until 2023. Photo / Supplied
The tenancy schedule is:
• Treats and Morsels – trading as Cook the Books - on a lease running through until 2023, paying annual rent of $40,000 net for its street-facing retail unit.
• Treats and Morsels' demonstration kitchen space, on a separate lease running through until 2023. This pays annual rent of $28,900net.
• On-line fashion clothing label The Mercantile, on a lease running through until 2020, with two further three-year rights of renewal, paying annual rent of $25,000 net.
• Florist Nina for Flowers on a lease running through until 2020 with two further three-year rights of renewal, paying annual rental of $10,400net.
• Eight individual storage lockers on various short-term arrangements, paying combined annual rental of approximately $26,000 and occupying the equivalent of two car park spaces.
"The diverse revenue stream from multiple tenancies makes the property an attractive investment," says Adams.
Bell adds that the concrete block and tilt slab building was substantially refurbished in 20014/15 — including strengthening and the addition of the apartment.
Smit points to a character neighbourhood with a mix of 100-year-old villas and bungalows, modern terraced housing units and pockets of commercial and light-industrial units.
"Over the past decade there has been a trend toward removing or demolishing existing 'old housing stock' and redeveloping the land with a mix of retail/office and residential premises," he points out.
Auckland Council's Business – Mixed Use zoning allows for the construction of buildings up to 18m high, which Smit predicts will appeal to developers.
"The building is rated at 100 per cent of New Building Standards, featuring reinforced concrete columns, reinforced concrete masonry walls and interior steel columns on reinforced concrete slab flooring."
