A landmark Dominion Rd property that has long been the home of Auckland retail institution Geoff's Emporium has been placed on the market.
Situated on a prominent 705sq m freehold site, the large character building at 274 Dominion Rd, Mount Eden, has exposed brick walls, timber rafters, and excellent natural light.
Colliers International brokers Kris Ongley, Jonathan Lynch and Ned Gow have been exclusively appointed to market the property for sale by deadline private treatyclosing at 4pm on March 7, unless the property is sold earlier.
Ongley says it presents an add-value prospect.
"In the heart of Dominion Rd's busiest retail strip, adjacent to Countdown and within the popular Eden Quarter precinct, this property is superbly positioned in one of Auckland's most vibrant areas.
"All four tenants are on lease structures enabling short-term occupation, including the well-known Geoff's Emporium, which occupies almost the entire ground floor retail premises.
"The remaining small portion of the ground floor, fronting Dominion Rd, is leased to the neighbouring Clare Inn. Two residential apartments are on the first floor also fronting Dominion Rd.
"With a combined annual holding income of $112,050, flexible zoning, and excellent profile, 274 Dominion Rd has an array of options for adding value and capitalising on the central location."
Lynch says anchor tenant Geoff's Emporium is an Auckland institution that has been part of the fabric of Dominion Road for decades.
"In an era before the proliferation of discount shops, Geoff's was the go-to destination for party supplies, knick-knacks and oddities from essential household wares to unexpected quirky discoveries.
"The city's huge economic and population growth have put immense pressure on the demand for land, and the time has now come for this under-rented property to be unlocked for a new future," Lynch says.
The site's Business Local Centre zoning allows for intensive redevelopment of up to 13m under Eden Valley height controls.
Gow says the site is flat and regular in shape, with the benefit of a right of way over neighbouring properties, ensuring vehicle access to a rear roller door. "The building effectively sits across the entire 705sq m site. However, the exact building areas are unknown, as no detailed floor plans of this older-style, pre-1930s structure exist.
"The property is mostly single story with a small two-storey portion fronting Dominion Rd.
"In the single-storey section, brick perimeter walls support a timber roof system. In the two-storey section, which houses ground-floor retail and first floor apartments above, the timber mid-floor is supported by perimeter brick walls and internal columns."