One of Devonport’s most prominent character buildings has gone up for sale fully leased to four diverse tenants offering investors a rare opening in the tightly held suburb.
The two-storey commercial building dating to the early 1900s occupies a high-profile freehold site at the corner of Victoria Road and Fleet Street in the heart of the North Shore suburb’s heritage-rich town centre.
It is fully leased to an optometrist, two architecture practices and Bayleys Real Estate, generating a total net rental return of $164,530 plus outgoings and GST per annum.
There is a potential opportunity for a new occupier to take up the ground-floor retail tenancy currently leased to Bayleys ahead of the scheduled lease expiry in 2025.
The freehold property at 83-85 Victoria Road, Devonport, Auckland, is being marketed for sale by Adam Watton and Michael Nees of Bayleys North Shore Commercial.
It will be sold by deadline private treaty closing on Thursday 7 September, unless sold prior.
Nees said the approximately 440-square-metre building sat on some 340 square metres of fee simple land with flexible zoning providing for a variety of uses.
“Originally constructed around 1910 and known as the Watkins Building, this immaculately presented property has been lovingly maintained by a proud local landlord. This is evident in its presentation and tasteful accentuation of the character features typical of its early-1900s era construction.
“The building presents an Edwardian baroque-style façade to Victoria Road with tall windows and to the first floor has a segmented arch head. Other period features such as wooden floors and window joinery, pressed metal ceilings and exposed brick internal walls provide an air of character and history throughout,” Nees said.
The original single ground-floor shop has been altered to provide two retail tenancies fronting Victoria Road, currently leased to Devonport Optometrists and Bayleys. These are complemented by a ground-floor office to the rear on Fleet Street, and a large first-floor office space, occupied by Geoff Richards Architecture and Dave Pearson Heritage Architects respectively.
“Situated with unmissable exposure to high-street vehicle and foot traffic, this is one of the standout buildings in a township which is home to one of Auckland’s most vibrant concentrations of character premises, boutique shops, restaurants, cafes, galleries and museums,” said Nees.
The Victoria Road site sits within the Business – Town Centre zone under the Auckland Unitary Plan. This provides a focus for commercial activities and growth, supporting diverse activities including commercial, residential, leisure, tourism, cultural, community and civic services.
Nees said these attributes underpinned the property’s history of high occupancy, with the current income diversified across four tenancies, ensuring it would be of interest to commercial property investors.
“Devonport is a much sought-after location for commercial investment given its desirability as a place to live and the resulting high demand for residential real estate.
“The village is undergoing a wealth of public and private investment and can go for years without a commercial transaction given how valuable and tightly held properties of this nature are. The site at 83-85 Victoria Road represents a truly rare opportunity to buy in such a coveted location,” he said.
Dating from the mid-1800s, Devonport is one of Auckland’s most historically authentic villages.
Nees said the bustling commercial centre serviced an affluent local population and a range of visitors and tourists who come throughout the year.
“Victoria Road is the township’s main street and is home to a lively mix of retail, hospitality and local businesses. Recent investment in the suburb is evident including both public and private projects that enhance this unique pocket of Auckland.
“The property for sale also benefits from its proximity to Devonport ferry terminal which provides quick connections to Auckland’s CBD for commuters and access to the township for predominantly cruise ship tourists who flock in summer months,” said Nees.