Parnell's Gladstone Rd shops for sale

The shops at 64-72 Gladstone Rd are identified by a blue border. Photo / Supplied

Parnell's Gladstone Rd shops, comprising a prominent retail strip in one of Auckland's wealthiest suburbs, are for sale.

Close to the Parnell Rose Gardens and five-minutes' drive from Auckland CBD, the shops at 64-72 Gladstone Rd, combine retail, medical and residential tenancies on a high-profile 818sq m site.

Colliers International's city fringe specialists David Burley and Kris Ongley are marketing the premises by deadline private treaty with offers closing at 4pm on November 21, unless they sell earlier.

"The two adjacent buildings, with eight commercial tenancies and five residential units, generate a combined income of $406,651 plus GST, in net annual rent," says Burley.

Burley says the sale represents an unusual opportunity to acquire a retail investment property with redevelopment potential, in tightly-held Parnell.

"Neighbourhood Centre zoning allows for development of up to three levels, providing flexibility for future add-value redevelopment. So, here's a chance to purchase a multi-tenanted property, in a sought-after location, diversified split-risk income stream and with development potential," says Burley.

He says the property is in two separate titles, each generating diversified incomes; its two titles being for sale either individually or together.

• The 473sq m freehold title at 64 Gladstone Rd, on the corner of Avon St, houses a two-level building with retail on the ground floor and residential on the first floor. Built in the 1960s, it has six retail tenancies with a combined area of 275sq m and four one-bedroom apartments with a combined area of 156sq m. A 150sq m service and driveway area is to the rear. The retail units are leased to a butcher, greengrocer, convenience store, sushi shop, fish and chip takeaway outlet; and liquor store. The property earns $301,919 plus GST in annual rent, of which about 72 per cent is generated by commercial tenancies.
• The 345sq m title at 72 Gladstone Rd, immediately to the north of No 64, has a mix of commercial and residential tenancies. It comprises a 1920s wooden house with a more recently constructed concrete block addition at the front. A pharmacy and a physiotherapy clinic occupy a total of 115sq m at the front and side. The 60sq m one-bedroom residential unit, with a 70sq m garden, is at the rear down a 100sq m driveway. The property earns $104,732 plus GST in net annual income, of which almost 73 per cent comes from the commercial tenancies.

Ongley says the shops are well-positioned. "They are off Parnell's main retail strip, but still in a high-traffic position; close to Judges Bay and Parnell Baths, and within walking distance of the Auckland Domain, Spark Arena and Tamaki Dr.

"There's superb access to Auckland's main motorway junction, bus routes, walkways, bike paths and the newly-opened Parnell Train Station."

Ongley says the property's Neighbourhood Centre zone applies to single corner stores, or small shopping strips in residential neighbourhoods.

"Properties with this zoning are limited in number, making this a scarce landholding. Parnell is one of the best-established suburbs in Auckland, combining its village atmosphere with an attractive mix of residential, retail and commercial premises."