A fully leased high-profile character investment property in the heart of Ellerslie village, best described as an affordable bottom-drawer investment opportunity with future upside, has been placed on the market for sale.

The 174sqm single level building at 107-109 Main Highway along the busy village retail strip is home to the proven and established Barfoot & Thompson Ellerslie office and is surrounded by a range of independent retailers, service and hospitality operators.

The property returns net annual income of $115,680 plus GST. Barfoot & Thompson has been on site since 2018, renewing for a further term last year and the lease having two additional rights of renewal.

The building dates back to the 1910s and features a verandah structure with decorative fretwork, reflective of the Victorian-influenced architecture that typified store frontages during Ellerslie’s early trading days.

The building has been refurbished and upgraded making it suitable for contemporary business use, it has a bankable seismic rating, and the large double-bay glazed frontage with stepped-back entrance works well as display space for the real estate agency. The layout comprises a mix of open plan-and partitioned space plus staff amenities, and there are six car parks to the rear accessed by a sealed driveway off Main Highway.

The circa-402sqm freehold site has intensive Business – Town Centre zoning, a favourable designation that supports the future value and usage of the property.

Tenders for the property close Thursday 22nd May, unless sold prior, through Damien Bullick, Alan Haydock, and Mike Adams of the Bayleys Auckland Metro team.

Bullick says this is a rare opportunity for an investor or developer to secure a prime landholding in the tightly held Ellerslie village precinct where property fundamentals are undeniable.

“This is a strategic and well-connected location with easy access to motorways and public transport networks, a strong sense of community, and where new residential development supports retail and service business growth in the village itself.

“For investors looking to add a well-priced commercial asset with sound leasing credentials to an existing portfolio, or a buyer with funds coming off term deposit and looking for an alternative investment vehicle, this property fits the bill.”

Consideration must also be given to the future potential of the underdeveloped site, says Haydock.

“The intensive Business – Town Centre zoning gives this property an added tick for forward-thinking buyers who will recognise the future intensification potential under the favourable designation.

“The property is less-than 100m from the Ellerslie Train Station which operates services on the Southern and Onehunga lines, and there’s efficient connectivity to the motorway and arterial road network making Ellerslie a really convenient residential or commercial location.”