A multi-tenanted freehold commercial property anchored by a popular pharmacy and variety store has gone up for sale in the heart of Devonport.
The modern three-storey building at 31A Bartley Terrace sits on a town centre site in the fashionable Auckland suburb with significant potential for future redevelopment. The property is being offered to the market for the first time.
The building’s ground floor is occupied by Devonport 7 Day Pharmacy and a $2 & More Mart discount store. These tenants occupy some 152 sq m and 144 sq m respectively on leases which run through to 2025, with rights of renewal which, if exercised, would extend to 2029 and 2031.
Three office tenancies on the first and second floors are leased to two legal practices and a financial services provider.
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The property currently generates net annual rental income of $249,053 plus outgoings and GST, with four small vacant tenancies offering future rental upside.
The property is being marketed for sale by tender on Thursday 16 September (unless sold prior), through Bayleys North Shore and Bayleys Auckland Central.
Salespeople Matt Mimmack and Mike Adams said the property for sale had a floor area of some 812 sq m plus a 32 sq m deck on approximately 318 sq m of land across two freehold titles.
The building has an Initial Evaluation Procedure seismic rating of 121 per cent of new building standard, equivalent to an A+ grade.
“The existing tenancies provide diversified income from two retail and three office occupiers, with options for a new owner to either occupy or lease out current vacancies totalling around 214 sq m,” said Mimmack.
“The site’s Business – Town Centre zoning under the Auckland Unitary Plan is also conducive to future redevelopment. Provisions typically enable buildings of between four and eight storeys.
“With consents, this would present possibilities to redevelop the site with a high-density apartment complex while retaining retail at ground level to make the most of the high-profile frontage.
“Within the existing building, the office accommodation on levels one and two could be readily converted to apartments.
“Alternatively, a buyer could choose to bank the existing return while the land and buildings appreciate over time,” Mimmack said.
“As a package, buyers will see this property as a highly versatile opportunity to develop, occupy or lease out the remaining vacancies.”
Adams said current and potential future uses were supported by the property’s location.
“Positioned in the commercial heart of sought-after Devonport, surrounded by a wealthy suburban catchment, and within a 12-minute ferry ride of Auckland’s central business district, this location has a lot going for it.
“Further supporting the property is the fact that it fronts onto a free public parking area,” said Adams.
“It sits right next door to a New World supermarket, with other neighbours including national brands such as Kiwibank, New Zealand Post and Hammer Hardware, along with the boutique galleries, cafes and eateries along nearby Victoria Road.”
-Article supplied by Bayleys
