The largest occupant is the Remuera Local cafe, bistro and bar which leases 319sq m of ground floor and basement space on a 10-year lease that runs until mid-2023, with two six-year rights of renewal.
The restaurant occupies 122sq m of the ground floor with an internal stairwell leading to the 206sq m basement level, which is also accessed from Clonbern Lane, just off Clonbern Rd.
"In 2015, part of the basement fronting Clonbern Lane was converted into the boutique Laneway Bar, which has become a popular extension of Remuera Local and which will benefit from the proposed regeneration of neighbouring sites in the future," says Wallace.
"The balance of the basement is a food preparation area, with a built in chiller and a commercial freezer which services both the adjoining bar and the cafe and bistro above."
The other ground floor occupant is Hedgerow, something of a Remuera institution having been in business for over 20 years specialising in high quality homeware and gifts.
The Northern Masonic Association Trust Board occupies the 194sq m of upper level office space on a new five-year lease from April 2018, with two four-year rights of renewal. This floor is accessed via its own stairwell off Remuera Rd that leads to modern, office accommodation, says Wallace. It has a reception, boardroom and meeting rooms along with a kitchen unit, storage and bathroom facilities, and access to a rear stairwell.
Bullick says one of the most appealing attributes of the property from an investor's point of view is its high-profile position, one property away from Clonbern Rd and opposite Victoria Ave.
The property could lend itself to development, says Haydock. "Its Town Centre zoning has a height limit of 18m and permits a range of commercial and residential activities."
