The freehold building housing a well-known central Auckland Thai spa has been put on the market for sale.
The dual-tenanted standalone property for sale at 87 College Hill sits at a prominent city-fringe location in the heart of Freemans Bay.
The tenancy fronting the busy arterial route is leased to Surin Thai Spa, one of the city’s best-known spa businesses. The long-established Surin business has built a reputation as a ‘spa to the stars’, posting on social media this year about visits by supermodel Rachel Hunter and chart-topping singer/songwriter Gin Wigmore.
Surin’s team of traditional Thai massage therapists offer a range of relaxing massage therapies, facials and body scrubs with two couple’s rooms and two single massage rooms available for client bookings.
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A second self-contained tenancy at the College Hill site contains a three-bedroom dwelling providing city-fringe living in one of Auckland’s most sought-after residential locations.
The two tenancies generate combined rental income of $94,500 plus GST per annum.
The College Hill property is being marketed for sale by deadline private treaty closing on Thursday 9 September (unless sold prior), through Bayleys Auckland Central.
Salespeople James Were and Phil Haydock said the property for sale consisted of a building of some 244 sq m on approximately 312 sq m of freehold land.
“The property comprises two well presented, fully self-contained tenancies, each with city views,” said Were.
“The front tenancy provides some 113 sq m of well-appointed, recently refurbished office space with excellent profile to College Hill. This tenancy benefits from three car parks and excellent city views.”
Surin Thai Spa, which has a long trading history on College Hill, pays annual rent of $47,000 plus GST for this space. Its current lease runs through to 2022, with two further two-year rights of renewal.
“The tenancy to the rear of the building is a well-presented three-bedroom residence of approximately 131 sq m, whose upper floor enjoys north-facing city views,” said Were.
“This tenancy includes a courtyard area, a covered and secure car park, a good-sized storage unit plus an area for a stacked carpark.”
The dwelling generates net annual rent of $47,500 plus outgoings and GST on a lease extending to 2023 with a further two-year right of renewal.
The College Hill property has an Initial Evaluation Procedure seismic rating of 69 per cent of new building standard.
Haydock said the site’s prized Business – Mixed Use zoning under the Auckland Unitary Plan would provide new owners with future development possibilities.
This zoning allows for a mix of compatible moderate to high-intensity residential and commercial development to a height of up to 13m.
“This is a highly sought-after zoning, particularly when combined with standalone freehold tenure, and one which has driven transformational development in many parts of the city fringe. This includes a number of residential and commercial developments taking shape in the Ponsonby/Freemans Bay area,” Haydock said.
Major occupiers near the site for sale include New World, MediaWorks, Warner Bros, Leighs Construction, project managers RCP and Auckland Police Station. Victoria Park and the recently revamped Victoria Park Market round out an impressive range of amenities in the area.
Haydock said the location was hard to beat, just moments from the CBD and within walking distance of the cafes, bars and restaurants of Ponsonby and Jervois roads.
“College Hill is a main link into the city centre offering exposure to high traffic flows. Originally dominated by early-1900s villas, its high-profile nature and convenience to numerous amenities have driven significant growth and development.
“Buyers will recognise 87 College Hill as a rare opportunity to acquire a fully leased multi-use property in a prime location, with diverse income streams and possibilities for future development,” Haydock said.
- Article supplied by Bayleys
