A character building on an arterial road with a mix of retail, office and residential space is for sale after three generations of family ownership.
The 493sqm building on a 444sqm site, in two equal titles, at 14 and 16 to 18 St Johns Rd, Meadowbank is for sale by tender as part of Bayleys’ latest Total Property portfolio closing May 19, unless sold prior.
The property is being marketed by Alan Haydock, Cameron Melhuish, and Damien Bullick of Bayleys Auckland office.
The fully leased property has a net annual rental income of $172,359, with the ground floor occupied by three retail tenants and the upper floor split into office and residential space.
According to Melhuish, the ground floor space occupied by The Video Shop could be reinstated into two separate retail shops to lift rentals.
“The land’s two titles are 222sqm each, with the building separated into two self contained premises by a common wall,” said Melhuish.
“While the property is being offered for sale as one lot, there would be flexibility to sell one of the titles with its tenancies at some stage in the future. The property may also have appeal to an owner occupier as there could be an option to move into 14 St Johns Rd and use the rent from the other part of the building to help fund the acquisition.”
The tenants are a 102sqm liquor store, 66sqm dairy, and 90sqm upstairs flat. The commercial tenants are on four to eight year leases.
Haydock says the property enjoys a high profile position on St Johns Rd near the corner with Meadowbank Rd, which provides access to the rear of the premises via a right of way.
It is located in the centre of a popular retail strip on Meadowbank Rd, which includes the Meadowbank bakery and cafe located in the corner position opposite a BP Service Station, Meadowbank Roasts, and a pharmacy and the Meadow restaurant, which are located either side of the property.
“St Johns Rd is a busy arterial which connects St Heliers and Remuera and provides access to the southern and northern motorways via the Greenlane interchange,” says Haydock.
“Retail tenants enjoy plenty of exposure to high traffic flows and also benefit from being surrounded by a sizeable and affluent residential population.”
It is currently zoned Business 1, which allows for a wide range of activities and local centre under the Proposed Auckland Unitary Plan. This zoning applies to a large number of centres throughout Auckland where good public transport is available and provides for the local convenience needs of surrounding residential areas.
