Snooker building looks a good one to pocket
This Royal Oak commercial building housing a snooker club is for sale.
A commercial building which is home to a snooker and billiards club is for sale in the Auckland suburb of Royal Oak.
“The property is being offered to the market with short term holding income or vacant possession,” says David Palmer of Barfoot & Thompson Commercial who, with colleague James Marshall, is selling 713 Mt Albert Rd by tender closing at 4 pm on Thursday February 18.
“It’s a substantial 1970s building providing five distinct levels over two floors making up about 969 sq m of floor space on a freehold 822 sq m site,” Palmer says.
The ground floor frontage is mainly retail and showroom space with substantial glazing and includes a recessed entry behind a roller door security point.
Palmer says each level of the building, which contains gaming machines and a commercial kitchen, has a reasonable stud height and could suit a range of purposes, possibly with each area having its own access and security.
“The property is strategically located in the heart of Royal Oak and is north facing with access from both Mt Albert Road at the front and via a right of way off Erson Ave at the rear. It has six open car parks at the Mt Albert Rd frontage and 12 covered stacked car parks at the rear.”
Palmer says the buildings, land size and a favourable zoning will particularly attract add-value investors, owner occupiers and developers.
“The land is relatively flat and rectangular shaped. The northern, or Mt Albert Rd boundary, is 20.82 metres wide and the site has an average depth of 33.46 metres, with a rear width across the right of way of around 20.80 metres.”
The building has a front ground floor area of 185.07 sq m, a middle-intermediate area of 125.56 sq m, rear lower space of 167.87 sq m, a front first floor area of 196.08 sq m, and rear first floor space of 294.65 sq m - giving a total lettable area of 969.23 sq m.
Palmer says the building is currently leased in its entirety to the Auckland Confederation of Billiard Sports Incorporated for $138,517.33 per annum plus GST with a final lease expiry of March 31.
“The tenant intends to vacate the building on or before a prescribed settlement date of June 24, so the building is offered with vacant possession.”
Marshall says the building is of a conventional construction with concrete and pre-cast concrete flooring to all levels, concrete column and beam framing with exterior walls of mainly concrete block. “We are advised the longrun steel roof was resurfaced circa 2005.”
The property has a Business 2 zoning under the Operative District Plan but potential for redevelopment under the Proposed Auckland Unitary Plan (PAUP) with a Town Centre – Royal Oak zoning that permits a height limit of 24.5 metres.
“The PAUP zoning applies to suburban centres that are typically located on main arterial roads with good public transport. It permits a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services,” Marshall says. “It also enables the redevelopment or construction buildings of between four and eight storeys with the increased height designed to increase office and residential living options for the upper floors.”
Marshall says the Royal Oak retail and commercial area services a large surrounding residential catchment and is anchored by the Royal Oak Mall directly opposite the property for sale.
“The building has high exposure to heavy traffic flows on a main arterial route and there is a bus stop is immediately in front of the property.
“The Auckland CBD is easily reached via Pah Rd and Manukau Rd. Motorway access to the north and west, including airport, is only minutes away via State Highway 20 while the north-south State Highway One motorway is quickly accessed via Campbells Rd and either the Greenlane or Penrose interchanges.”
David Palmer (left) and James Marshall (right) of Barfoot & Thompson