A highly visible retail complex in the affluent Auckland suburb of Remuera offers investors and developers the opportunity to acquire an asset with considerable add-value or redevelopment potential.
Sitting at 320 Remuera Road, the property, known as ‘Airlie Court’, is a popular local shopping centre that is home to a complementary mixture of tenants.
The property is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
The multi-level plaza sits on an elevated corner site that spans 1,495sq m and there is 1,631sq m of total building area as well as 44 car parks.
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With dual entries from Remuera and Garden Roads, the property is highly accessible for current customers.
The net passing income from the property is approximately $286,400 plus GST and operating expenses but market estimates from Colliers suggest this could be grown if minor vacancies within the property were to be filled.
Existing tenants include a pharmacy, cafe, medical practice, shoe repair store, and further retail offerings.
Many of the tenancies are short term or have a final expiry in 2025 providing considerable flexibility for the new owner.
Situated in the heart of the Remuera village, this property combines scale, location, and significant potential.
Colliers Directors Peter Herdson, David Burley, and Kris Ongley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 17 April, unless sold prior.
Herdson, National Director of Capital Markets at Colliers, says there are multiple options available to prospective purchasers.
“With strong holding income the new owner of the property will be able to strategically plan their future moves,” Herdson says.
“There is scope to enhance the existing retail offering with an add-value approach that could drive greater rental income and attract luxury tenants or buyers may view this location as too good to pass up for an apartment or townhouse development opportunity.”
The location of the property means it is zoned for Auckland Grammar School and Epsom Girls Grammar School, while there is further access to multiple private schools in the surrounding catchment.
There are also outstanding views across this prestigious suburb’s northern slopes towards Rangitoto Island and the Hauraki Gulf.
Ongley, Director of Investment Sales at Colliers, says this first-rate location means a range of amenities are on the doorstep.
“Remuera village has an outstanding mixture of hospitality and retail offerings, alongside a New World supermarket, providing convenience for the residents in the area,” Ongley says.
“The suburb also neighbours Newmarket while Auckland’s CBD can be easily reached. Buses regularly travel through Remuera and the local train station is nearby. Motorway access is only a few minutes away, offering further connectivity across the city.”
Burley, Auckland Director of Investment Sales at Colliers, says the zoning of the property means any future redevelopment has the potential to provide a major enhancement to the look and feel of Remuera that has seen high-quality apartment developments pop up in the area recently.
“According to the Auckland Unitary Plan, the Business – Town Centre Zone applies to suburban centres throughout Auckland. The centres are typically located on main arterial roads, which provide good public transport access,” Burley says.
“The zone provides for a wide range of activities, including commercial, leisure, residential, tourist, cultural, community, and civic services, providing a focus for commercial activities and growth.
"Most centres are identified for growth and intensification. Expansion of these centres may be appropriate depending on strategic and local environmental considerations."
- Supplied by Colliers
