Part of Devonport’s history which was the seaside suburb’s Post Office for over 50 years is up for sale offering options for both investors and owner occupiers.
Encompassing 712 sq m of character retail and office space at 10 Victoria Rd, the offering will provide the next owner with initial net annual rental income from 11 tenancies of $294,488 plus GST and outgoings.
Purpose built in 1938, as part of the first Labour Government’s expansion of post office services, the property was purchased in a vacant and rundown state in 2007 by Devonport residents Eddie and Sharon de Heer, who undertook an award-winning restoration of the building.
They have now appointed Bayleys Commercial North Shore to sell the ground floor retail and upper level office components of the building by deadline private treaty closing on April 16, unless sold prior.
One of the trophy listings in Bayleys’ latest Total Property portfolio, the offering is being marketed by Michael Nees, Adam Watton and Adam Curtis.
“This is an opportunity to purchase a piece of Devonport’s history which has been painstakingly refurbished back to much of its former glory,” says Nees. “Exposed kauri flooring, ornate ceiling details and a glazed atrium and stairwell at the rear of the building are among its outstanding character features.
“The property also has a high seismic rating which is not always the case for a heritage building like this.”
Adam Watton says there are a diverse mix of tenancies spanning service retail, food and beverage, retail, office and residential uses. The building has recently taken on more of a French flavour. So French Home is a new homewares store that stocks a wide range of authentic French home and personal products This store is complemented by the Le Poste Bistro and the French Garden Café which are extensions of the So French Café that has proven very popular Takapuna, says Watton.
Other tenants on the fully leased ground floor include Japanese eatery Makoto Sushi and Donburi, Clean Green Computer which offers sales and repair services, Main Street Barbers and the Honey Beauty salon.
A legal firm has recently vacated a158 sqm upper level office tenancy and another 71 sq m office suite is also vacant. “These have been left unoccupied because they may be of interest to an owner occupier who could utilise this floor and use the considerable income generated by the ground floor tenancies to service mortgage payments on the property,” says Adam Curtis.
“The vendor will provide a rental underwrite over this space for six months from settlement to provide flexibility for the purchaser to consider their options for this area.”
There is also a 77 sq m two-bedroom apartment on this floor which currently has a periodic tenancy. Two larger apartments in the building are not part of the sales process, however a first right of refusal will be formally available to the purchaser of the commercial component of the property, says Curtis.
The property, which has a Category 2 Historic Place classification, was Devonport’s main post office from 1938 until 1991. It was then sold to Bryan Jackson who extended the building to house Jacksons Museum, with the original old Post Office building being converted into a restaurant.
Working with heritage architects Salmond Reed, the der Heers’ Omega Trust undertook a redevelopment of the building in 2007-2008 into a mix of retail, office and apartment space. Five layers of flooring were stripped off before the original kauri timber flooring was discovered, all non-original partitions were removed and the exterior of the solid concrete building was repainted in its original 1930s colours.
The project received the New Zealand Institute of Architects Auckland Architecture Award (Heritage category) in 2009. In their citation, the judges noted: “For many years the value and significance of this wonderful building as the heart and soul of the Devonport community remained undervalued. The skill of the Salmond Reed team and Omega Trust has been to balance the heritage and art deco values of the building with the need to perform an ongoing commercial role within Devonport’s main street. They have achieved this with masterful success.”