Two ‘blue chip trophy’ Remuera buildings

5:00 AM Saturday May 2, 2015 Colin Taylor

The two commercial buildings for sale at 586 & 594-604 Remuera Rd, Remuera.

Two commercial properties in Auckland’s highly sought-after affluent Remuera precinct have come on the market offering a spread of multiple income from a number of tenancies.

“These blue chip trophy buildings are for sale together as one property or separately as two individual properties,” says David Palmer, commercial sales with Barfoot & Thompson Commercial who, with colleague Grant Hargrave, is selling them by tenders closing at 4 pm on Thursday, May 14, unless they sell earlier by negotiation.

Palmer says the freehold commercial property at 586 Remuera Rd comprises a two level 505 sq m building constructed the inthemid1920son a one title land site of 597 sq m. 

The ground floor is leased by an auto repair shop while the first floor is divided into three residential apartments each having its own stairway entry and one used as a museum by the Bruce McLaren Trust.

 “The one tenant, Kiwi Motors Ltd, pays a contract rental of $115,000 plus outgoings and GST on an eight year lease that commenced on June 1, 2012,” Palmer says. “The first floor is sublet by Kiwi Motors.

The gross ground floor area of 262.13 sq m is subdivided to provide a small officewith the balance of consisting of workshop space, a small toilet facility and tub.Excluding stairwells, the upper floor, is 243.56 sq m.

The building’s construction is concrete column and beam framing, brick infill panels, with metal and timber frame windowjoinery - along with iron and tile roofing.

A feature of the property is its wide street frontage to Remuera Road of 19.44 metres.  The site has an average depth of about 23 metres with only a slight contour gently falling from the high point on the Remuera Road frontage down to the rear far northern boundary.

“The property also has rear tenant parking and off-street customer parking on the forecourt,” Palmer says.

At 594-604 Remuera Rd, the property for sale is a two level building over two titles with the original construction of two buildings on the site dating back to the mid 1940s.

“Situated on the corner of Remuera Rd and Upland Rd, the mixture of retail and office tenancies, benefit from a high exposure to both traffic and pedestrians,” Hargrave says.

Six retail tenants occupy the ground floor and a Ray White real estate agency leases most of the first floor which is also addressed as 2 Upland Rd.

Other tenants include the Villager pub, Jasmine Rice, Soi Japanese, Uplands Kebabs, Sylvia Bakery and CiGiSi..

Current total annual rent earned is $483,640 per annum plus operating expenses and management fees.

The two freehold titles at 594-604 Remuera Rd encompass a combined freehold land area of 1222 sq m that, as one parcel, have street frontages to Remuera Rd of about 40 metres and to Upland Road of about 32 metres.

“Over time the two original buildings were joined together with the first floor tenant taking space across both titles and buildings,” Hargraves says.

He says construction appears to be of double brick perimeter with inter-tenancy walls which have been hardplastered but generally painted. The frontages at ground floor include plate glass windows set intimber or polished steel framework with some tiling.

Hargrave says both properties are zoned Business Activity 1 under the current Auckland Council District Operative Plan and Neighbourhood Centre under the Proposed Auckland Unitary Plan. 

David, Grant.jpg

Grant Hargrave (left), and David Palmer (right) of Barfoot & Thompson.