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Parkside commercial offers potential for glamourous gains

Perched on the edge of a Remuera park gaining views out to Hobson Bay, one versatile commercial premises fully tenanted by two beauty businesses offers an attractive mix of investment fundamentals amid buyer interest for turnkey assets.

The standalone property on 175sq m (more or less) of freehold land at 13 Shore Road is well-positioned on the main arterial linking the upscale neighbourhoods of Parnell, Remuera, and Orakei via the Hobson Bay periphery.

Bayleys Auckland Metropolitan Markets salesperson James Were says the property is offered to the market following long-term ownership and is one of a handful of commercial opportunities which service the immediate residential catchment.

“The Eastern Bay corridor features some of the most desirable housing across the city, with a high level of amenity required by a discerning population. The subject property is superbly positioned to benefit from local demand for services, further aided by the location on a main public transport route and opposite Thomas Bloodworth Park and sports fields.

“Two reliable tenants are generating stable returns, with the split-risk nature of tenure and rental upside a coup for lenders. At the same time, those with their eyes on the future may consider residential conversion (subject to appropriate council consent) to leverage the property’s broad appeal and lifestyle potential.”

Mr Were is marketing the property for sale by auction, scheduled at 2:00 pm on Wednesday, 26th June 2024 (unless sold prior).

The property forms part of a small retail block on the corner with Seaview Road, which includes a convenience store and the popular Shore Road Café.

“The ground floor is tenanted by hair salon Marilyn’s – a Remuera stalwart of four decades which draws a loyal client base from across the city.”

The tenancy has pedestrian access front and rear and one car park. It features a high-quality interior fit-out and returns $66,100 net pa plus GST from a four-year lease to August 2026 plus three four-year renewal rights.

The first floor is accessed via stairs at the back of the property. It comprises a versatile mix of open-plan space and partitioned rooms. The top-level features decks that extend both front and rear, gaining views of the Shore Road Reserve, Hobson Bay, and the Hauraki Gulf.

Skin clinic Silk Space has a three-year lease for the upstairs tenancy until July 2025, plus three three-year renewal rights and biennial rent reviews to market. The lease returns $28,700 plus GST net pa.

“Together, the tenancies offer a net annual income of $94,800 plus GST, with scope for further upside from lease renegotiations and the potential for capital appreciation.”

“Remuera is one of Auckland’s most prestigious suburbs with a strong local economy that attracts reliable, high-value tenants. The subject property benefits from a superb location and dual tenancy, which delivers a stable and diversified income – all the integral elements for a prime passive investment with flexible future use potential.”

Click here for more information on the listing.

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