Commercial office space and residential dwelling for sale

Monday, 15 June 2020, 11:17 am
Press Release: Bayleys

High profile mixed-use commercial office space and
residential dwelling placed on the market for sale

A high profile mixed-use property comprising a standalone suburban commercial office suite and an adjoining residential dwelling has been placed on market for sale.

The property at 2 Wilding Avenue on the corner of Kennedy Road in the Napier suburb of Marewa features a 22-square metre office building, and an adjacent four-bedroom home sitting on some 778-square metres of flat land.

With its own separate entrance off Wilding Avenue, the property’s commercial unit previously housed footcare clinic Marewa Podiatry and consists of a reception area, central workspace, kitchenette and bathroom amenities. It is now leased as commercial office space.

The now vacant commercial space generates annual net income of $23,400 plus GST per annum. Meanwhile the residential dwelling is let on a separate tenancy for $27,560 per annum.

Now the freehold land and buildings at 2 Wilding Avenue are being marketed for sale at auction on June 26 through Bayleys Napier. Salesperson Mark Evans said the commercial portion of the property was leased to the administrative offices of a childcare operator through until April 2021, while the occupants in the home were on a fixed term tenancy running through to early next year.

“The permutations for future uses of the property are varied – consequently appealing to a wide buyer pool motivated by different drivers,” Mr Evans said.

“The property could be bought by a small professional services business
owner-operator seeking a continuation of its existing mixed-use format - underpinned by both commercial and residential components.

“Alternatively, the property could be bought for redevelopment, subject to council consenting, into a solely commercial site to house a medium-sized professional services entity in what is now the main dwelling. The residential aspect of 2 Wilding Avenue has sealed off-street parking for four vehicles.

“Such professional suite style use is already evident in the immediate Marewa neighbourhood - with healthcare service providers such as Dementia Hawke’s Bay and Ocean Orthodontics operating from converted residential premises. Interestingly, both those companies are also on corner sites comparable to 2 Wilding Avenue.

“Should this option be explored, the installation of signage fronting the property’s 20 metre border along the main arterial route of Kennedy Road would be an obvious marketing component of a business tenancy,” Mr Evans said.

“Or under a third alternative, 2 Wilding Avenue could be bought purely as a residential property with a view to utilising the office amenities as a teenager’s sleepout or potentially as a short-let accommodation.”

Mr Evans said the 1930s bungalow home came with a double garage and was zoned Main Residential under the Napier City Council plan, with the current use a permitted activity.

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