Four tenants at Devonport

3:41 PM Friday November 17, 2017 True Commercial

The building at 8 Victoria Rd is a short walk from the Devonport ferry. Photo / Supplied

A fully tenanted 1960s retail property, standing beside Devonport’s refurbished public library and just a short stroll from its well-used ferry terminal, is for sale through NAI Harcourts.

The freehold building at 8 Victoria Rd is scheduled to go to auction on November 30, unless it is sold earlier.

The two-storey structure with four tenancies is being marketed by Harcourts’ commercial agent Isaac Tankard.

“This is an unusual opportunity to buy into one of the oldest, most charming suburbs of Auckland,” he points out.

“The tenants — a bar, cafe, dental practice and a two-bedroom apartment — provide combined net rental of $173,222 per annum.”

 They are:

  •  Buzzed Ltd pays $51,920 net to occupy 75.20 on the ground floor, on a three-year lease (expiring in July), with four further three-year rights of renewal.
  • Bettes Bar and Eatery pays $59,102 to occupy 85.5sq m on the ground floor, on a three-year lease with four rights of renewal.
  • Devonport Dental pays $31,200 net to occupy 73.76sq m on the first floor, having a two year lease (expiring in August) with six further two-year rights of renewal.
  •  The apartment, which has an area 85.5sq m on the first floor, and is rented out for $31,200pa becoming available with possession March 1,  2018. 

“A stairwell located on Victoria Rd provides public access to the first floor, while private access to the apartment is via a stair well at the back of the building.

“The total area is about 319.06sq m on a flat 324sq m site, with building is positioned on the western boundary with frontage onto Victoria Rd.

“Carparking is behind the building, with access via a right of way off Flagstaff Terrace.”

A detailed engineering assessment completed last November assessed the structure’s seismic strength at 70 per cent of the New Building Standard.

“With a rich archaeological, maritime and boat building history, Devonport is a sought after affluent suburb that has become a tourist destination,” says Tankard.

“And this is a well presented and highly functional building with excellent views to Auckland City.

“Surrounding properties comprise a range of older style character buildings occupied by more than 165 buildings, which form a convenient hub for local residents and visitors.”