A large freehold Remuera investment property with 11 tenancies and earning over $400,000 a year in rent has been put on the market for the first time in 16 years.
"This commercial property has a high-profile location in the heart of the upmarket Remuera Village," says Cam Paterson of Barfoot & Thompson Commercial who, with colleague John Stringer, is selling 333 Remuera Rd by tender closing at 2pm on Wednesday November 8 - unless sold earlier by negotiation.
"Formerly known as the Tudor Picture Theatre building, it is now known as Tudor Mall with the conversion to the present format completed in 1985-1986," Paterson says.
The three-level building with an estimated floor area of 1816sq m and broad frontage to Remuera Rd occupies a 2131sq m site.
Also having rear access off Norana Avenue, the 1980s building encompasses office, retail and hospitality tenancies which generate total annual income of $409,916 net per annum.
Paterson says the basement floor, which is on-grade, has an area of 562sq m and is tenanted by a Chinese restaurant.
"The ground level retail mall with eight shops leasing a total area of 541sq m has direct access off Remuera Rd; while the first floor has office accommodation of 714sq m," Paterson says.
He says the site is L-shaped with a frontage of about 19m to Remuera Rd and a depth of approximately 76m.
"The original contour of the land comprised a fall from the Remuera Road to the south which allowed the development of the basement level. This adjoins the car park housing 44 vehicles with access provided from Norana Ave."
Paterson says an 821sq m area encompassing the building and facing Remuera Rd has a Business Town Centre zoning with a maximum height restriction of 18m; while the rear lot of 1310sq m comprising mainly car park is designated Terrace House & Apartment with a height restriction of 16m.
Stringer says the building's construction is of concrete foundations and floor slab, reinforced concrete frame with beams, and precast concrete flooring to the upper levels. The boundary walls are infill concrete block masonry panels. Exterior claddings include aluminium joinery and feature wood panels.
"The exterior of the building is well presented and maintained with a veranda along the Remuera Rd frontage that has been upgraded with panel board and aluminium sheets providing an attractive and stylish presentation to the facade."
In addition to a single lift with a 13-person or 910kg capacity at the rear, the building has through access with a return staircase connecting from the retail mall through a common full width passage to the rear parking yard. Steps at the rear of the building lead to landscaped areas adjoining the car park and a wooden ramp. A second staircase provides a fire egress.
Stringer says Tudor Mall is one of the most prominent properties in the popular Remuera
shopping centre that services the immediate wealthy catchment with banks, postal services, several cafes and restaurants and professional services.
"Remuera Rd is a major arterial route connecting Newmarket, Ellerslie, Parnell, Remuera, Meadowbank, St Johns and Orakei; with all occupants in this retail district benefiting from the substantial passing vehicle trade," Stringer says.
"The surrounding neighbourhood is one of the most affluent in New Zealand and in recent times the density has increased as more intensive residential development takes place. This increase in population of the immediate catchment bodes well for the future demand of both tenancies and properties in this location."