For the first time in 25 years, investors can purchase a building steeped in history and with plenty of future potential.
243 Hinemoa Street is situated in the heart of Birkenhead opposite the newly built Birkenhead library and near Highbury Mall on a 412m² section.
It is being marketed for sale by NAI Harcourts North Shore commercial specialists Isaac Tankard and Nick Young.
Tankard says character buildings such as 243 Hinemoa Street are a rarity in this tightly held market.
“The building was constructed in approximately 1913 and has had a very colourful history over the years.”
When first constructed, the building was the first general store in Birkenhead, known as the S. Roberts General Provider.
A substantial double building, it was one of the first commercial buildings in the area and stood proud on its rather sparse surroundings, says Tankard.
On the second storey was the Highbury Cash Store, which was set up in anticipation of the large potential market within the Birkenhead / Highbury area. Soon after commercial development boomed, with blocks of shops erected to house businesses.
Tankard says while the village grew around it, the store remained an important part of the heart of Highbury and was extended in the 1960s to fit requirements.
Today, with its prime street frontage onto Hinemoa Street, the property remains a sought after commercial location.
243 Hinemoa Street comprises of two tenancies returning a total of $72,000 pa.
Popular restaurant Mulan Southeast Asian Cuisine holds the tenancy. The lease for the restaurant occupies both the ground floor and the first floor as residential accommodation. In addition, a billboard positioned on the south-eastern side of the building provides a further source of income.
Young says with a strong covenant and future add-value, this is an investment opportunity any astute investor should want to capitalise on.
“Remember this is the first time in 25 years this property has been offered up for sale. Filled with character and opportunity, this is a great investment.”
The property is in Town Centre Zoning, which allows for a building height of 21m, and it is only four kilometres northwest of the Auckland City centre. It should also be noted, the Birkenhead ferry terminal is at the base of Hinemoa Street, which provides daily commute to the CBD for many.
The building is free hold and comprises a general construction of weatherboard and concrete block exterior wall cladding, with aluminium long run roofing on the road front portion of the building.
The 412m² site is a rectangular shape with approximately 9.4m of frontage on to Hinemoa Street.
The property is being offered for sale by auction (unless sold prior) at 1pm on Thursday 5th October at the NAI Harcourts auction room at 128 Hurstmere Road, Takapuna.