A 1920s character building on one of Auckland's busiest retail strips has been placed on the market for sale.
The two-storey property at 555–563 Dominion Road in Mount Eden houses five restaurant and fast food businesses and has an annual rental income of $200,700 plus GST.
It is being auctioned on August 5 by Bayleys Auckland.
Sales agents Oscar Kuang and James Chan said the property was on one of the busiest city-fringe urban intersections and offered buyers a 685-square metre building on some 680 square metres of land.
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“With some 20 metres of street frontage onto Dominion Road, the rear of the building – accessible from Wiremu Street - has parking for approximately six vehicles and contains various food waste disposal units for the five tenancies,” Kuang said.
The five tenancies within the block include:
• Sichuan cuisine restaurant Lao Sze Chuan occupying the prime 80-square metre corner location on a current lease running through to 2024 with rent reviews every two years;
• BBQ restaurant and bar Gogo Music Café – renowned for its spicy chicken casserole and hand-pulled noodles - occupying 320 square metres on a current lease running through to 2024 with rent reviews every two years;
• Spicy House restaurant – renowned for its chilli-fried boneless chicken and fried rice - occupying 80 square metres on a current lease running through to 2021 with rent reviews every two years;
• Bao bun eatery Bun Hut occupying 80 square metres on a current lease running through to 2022 with one further six-year right of renewal and rent reviews every two years; and
• Bubble tea house Wu Cha occupying 80 square metres on a current lease running through to 2026 with one further six-year right of renewal and rent reviews every two years.
The building's Commercial 8D / Business – Local Centre zoning means it could potentially be extended by another two storeys.
Chan said 555–563 Dominion Road could either be strengthened up to modern standards while retaining its art deco facade, or could be replaced with a modern and higher structure. The property has a new building standards rating of 19 percent.
“The property sits at the gateway to a suburban hub of Chinese and Asian food stores along Dominion Road and is appropriately tenanted to service this population make-up,” Chan said.
