Thorndon retail property cherry ripe for picking

Bayleys, Tinakori RoadThe retiring owners of a popular Thorndon antique shop have placed the Tinakori Rd retail building on the market for sale by auction.

Cherry Orchard Antiques has operated from the Tinakori Road premises since 1999 after the owners relocated the business from their family home in Napier.

The store’s location in the Tinakori Road village, close to the Botanic Gardens, has been conducive to profiling the business which specialises in French and English antiques which are sourced and restored for an eager market.

Fraser Press and Mark Walker of Bayleys Wellington are marketing the commercial property, which will be sold with vacant possession, ahead of the auction on December 3.

The stratum in a freehold ground floor retail unit is set back from the road and adjacent to the neighbourhood favourite Sprig and Fern Tavern. A bricked pathway, courtyard and mature trees add personality to the property.

The unit is 97.2 sqm and is part of a mixed-use building with a separately accessed residential component above. The residential part of the building is not for sale.

Press says the retail unit has been occupied by “house proud” owners for the past 15 years.

“The building was constructed in the 1990s and is a good example of modern retail premises that work well in the Tinakori Rd character context.

“Echoing the traditional architecture of Thorndon, the ground floor space has substantial character-styled doors and large retail-front windows.

“The unit has the potential to be split into two separate units so a new owner could feasibly occupy all or just some of the space.”

A pure investor could take heart from the fact that Thorndon, and Tinakori Rd in particular, is highly sought-after by boutique tenants, according to Press.

“Thorndon has direct links to Wellington’s early settler history and it has tenaciously survived the growth of the city and motorway development while retaining a certain

quaintness,” he says.

“With Katherine Mansfield’s former home and the Prime Minister’s official residence Premier House in the neighbourhood, Thorndon has strong underlying credentials which endear it to business operators.”

Press says the retail premises have been independently assessed as having a potential net rental of $33,397 plus GST per annum.

“This property would be ideally suited to destination retail use or office use.”

As they are retiring, the owners say the Cherry Orchard Antiques business brand, supplier and customer data base is also for sale.

For further information, contact:

Fraser Press, Bayleys Wellington: 04 499 6022

Mark Walker, Bayleys Wellington: 04 499 6022

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