A freehold corner retail-office property, with development potential is for sale, at 363-365 Remuera Rd, Auckland.
Situated on a 225sq m site in the Remuera commercial precinct, the tenanted three-level freehold property is being marketed by John Bedford and James Lee of CBRE.
It will be auctioned at 11am, on March 20, unless sold earlier.
Bedford says the prime, strategic real estate holding would be a key growth asset in any property investment portfolio.
He says it's in both Auckland Grammar School and Epsom Girls Grammar School zones, plus being zoned Business-Town Centre zoning under the Unitary Plan.
Built in the 1920s, the classical-style building has retail and office facilities of varying sizes with a gross floor area of 385sq m over two floors and basement. It also has on-grade carparking at the rear of the property.
It is divided into a ground-floor retail tenancy with a single tenant, plus a basement retail and storage area for the retail outlet. Two office tenancies share the first-floor space, with separate access to them on Clonbern Rd. With the current occupants on short-term leases, the property now generates $164,100 per annum plus GST, with potential for increase, says James Lee.
"Tenanted investment properties like this one, in the sub-$5m price range, are tightly held and in high demand.
"Ultimately, a corner freehold property in this location creates outstanding potential for future redevelopment or conversion of existing buildings for alternative use."