A Devonport character commercial property dating back to the turn of the 20th century with four established tenants is now for sale, as a private local investor divests the asset after 30-plus years of ownership.
The two-storey building at 53-55 Victoria Road plays an important part in the streetscape, typifying Devonport Village’s early architectural and commercial history.
There is a total 305.77sqm of space spread across the two levels on a 354sqm parcel of Business-Town Centre zoned land, with an enviable rear west-facing backyard space.
The building has enjoyed a sound leasing history with one of the current tenants – Skin Sense Beauty – having occupied the generous upper level tenancy for three decades.
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The three ground floor tenancies provide functional well-sized retail/service space for tenants Vic Road Wine Bar and Cellar, Directors Cut Barbershop and House of Travel Devonport.
The freehold property returns net annual passing income of $133,307 plus GST and outgoings, with varying lease terms and final expiry dates from July 2026 to December 2033.
It is for sale by Deadline Private Treaty closing 7th December, unless sold prior, through Michael Nees and Peta Laery of Bayleys North Shore Commercial team.
Recent reporting that a high-profile investment entity had acquired a clutch of heritage commercial properties in the heart of Devonport’s retail centre confirms the enduring popularity of commercial stock in one of Auckland’s most characterful villages, says Nees.
“Since coming to the market we’ve fielded really good interest from a mix of local and out-of-town investors which is par for the course with Devonport commercial investment properties whenever they become available as buyers really seem to connect with the village’s vibe and history,” he says.
“It’s a unique and affluent seaside suburb with a strong community spirit and pride in its real estate and surroundings.
“This is a particularly well-maintained building that has been in long-term ownership by a passionate local landlord who understands the importance of preserving Devonport’s charm and heritage fabric.”
Formerly known as Verran’s Building, the property has a Category B classification on Auckland Council’s Heritage Register due to its central position in the village’s Historic and Special Character precinct and for making a strong contributions to Devonport’s sense of place.
Laery says the offering is that Goldilocks property with today’s investment fundamentals covered, along with the heritage that comes with the package.
“Location, profile, reliable and diverse income, good condition and appealing tenancy sizes – it has it all,” she says.
“The leasing market is strong in Devonport with little to no vacancy, these tenancies are an accessible size to suit a wide range of occupiers, and there’s rental growth potential to be realised as leases roll over.”
Victoria Road has one of the most intact collections of Victorian and Edwardian commercial buildings in Auckland and Devonport has become a popular weekend shopping and dining destination thanks to its quick connection to Auckland’s CBD via ferry.
Article supplied by Bayleys
