A landmark building for sale in the centre of Remuera’s commercial and retail precinct offers investors, developers and occupiers the opportunity to secure a high-profile corner site with strong underlying credentials.

355-365 Remuera Road comprises circa-664sqm north-facing land held in three contiguous freehold titles, with buildings constructed in the 1920s. The landholding has almost 50 metres of street frontage wrapping around the corner to Clonbern Road where a Council-operated public car park and the Remuera New World supermarket are in close proximity.

With lettable floor area of approximately 1,043sqm and a rear yard accessed from Clonbern Road used for on-grade parking, the property is leased a to a range of tenancies across a mix of ground floor retail, upper level office, and basement studio and gallery space. It is anchored by the longstanding family-owned business Jems of Remuera, a well-known destination jewellery store.

The property returns current income in excess of $271,000 plus GST, with capacity for lease enhancement and rental uplift.

Business-Town Centre zoning, which has an 18-metre height limit overlay, offers potential to intensify the site with a mixed use retail and commercial development in the future.

Mike Adams, Quinn Ngo, and Karen Yung of Bayleys Auckland Metro team are marketing the property with a tender campaign closing Wednesday 24th September.

The corner location, street profile, income, and future redevelopment potential given the favourable zoning elevate the property in the current market, with Adams saying there’s strong demand for city fringe commercial buildings and especially those on corner sites.

“Buying the corner has long been a strategic investment mantra and it holds true in upmarket suburbs like Remuera as evidenced by two recent Bayleys’ sales of 2 Dilworth Avenue and 118 Remuera Road, both high-profile corner sites.

“Remuera is arguably New Zealand’s wealthiest residential catchment and commercial property ownership tends to be intergenerational with opportunities to gain entry to the suburb very limited.

“It’s also popular with occupiers as it’s an area with high pedestrian counts, with the surrounding residential catchment very loyal to the suburban retail and service precinct, and the proactive Remuera Business Association championing local business making it a welcoming environment.”

There has been significant private investment made in and adjacent to this Remuera commercial centre location in recent years, with a number of multi-million projects either completed or underway. These include the 1050 Precinct, only 100m to the south, which combines eight contiguous sites into an integrated urban hub offering food, coffee, fashion, and beauty, and a new building at 303 Remuera Road designed by Fearon Hay Architects and anchored by Bayleys Real Estate which opened earlier this year.

The upmarket Victoria Lane 23-apartment complex designed by Leuschke Group Architects is a flagship residential project, while at 333 Remuera Road another Fearon Hay-led design project saw the extensive refurbishment and repositioning of a commercial building to a modern multi-discipline health hub. Two more sites within 100m have been bought for potential further upmarket developments, with six private and public schools in the vicinity attracting families to the area.

“355-365 Remuera Road is well-positioned at the centre of all this activity, supported by the wealth of the surrounding Remuera area,” says Adams. “As such, it is a secure long-term investment, whether as a land banking opportunity for investors, or for a development entity with an eye to the future.

“It falls into the coveted Double Grammar school zone, and has strong transport connectivity being 1km from the Greenlane roundabout and the Remuera Railway Station, has easy access to the motorway network, and there are regular bus services running along Remuera Road.

“All the investment hallmarks are there, and with the vendor’s long-term Remuera families wishing to move on, it’s a rare chance for a buyer to secure a slice of Remuera history overlaid by opportunity going forward.”