Auction Offers Distinctive Properties
A unique group of commercial properties – in locations that are rarely available for businesses – is about to be offered to investors.
The three properties, in Merivale, St Albans and the Victoria Precinct, will be auctioned on Wednesday 27 August by Harcourts Holmwood.
Harcourts Holmwood general manager Rosa Carter-Holt says the auction will provide a range of options for business owners or investors looking for a distinctive alternative to the commercial properties usually on offer in the CBD or local office parks.
“For this commercial auction, we’ve put together a group of properties that combine high-profile locations with strong commercial opportunities,” says Rosa Carter-Holt.
“It is also rare to find commercial property becoming available in these locations – something we’re seeing reflected in interest for the auction.”
A self-storage business in Warrington Street – a high demand location – is a good example of the auction’s exceptional investment opportunities, according to Harcourts Holmwood marketing agent Donna Malcolm.
“This is an excellent business, right in the heart of a popular residential suburb,” says Donna Malcolm.
“These secure units, which are currently operating at close to 100% occupancy, offer strong rental returns, with good potential to increase the property’s income.”
The 32 units, at 51 Warrington Street, St Albans, range in size from 10m2 to 60m2. The units, which will be auctioned as one lot, are situated on a 1372m2 property with a single freehold title. Aged between 1-2 years old, the recently constructed units are individually alarmed and monitored. (Click to view more).
Another rarely available property to be included in the auction is a suite of offices in the Victoria Mansions, one of the city’s landmark buildings and a unique example of art deco architecture.
Harcourts Holmwood marketing agent Wendy Gilchrist says the choice of two units would provide a prestigious city address for any professional business.
“This is the ideal investment for any business looking for a smart, up-market premises with real personality,” says Wendy Gilchrist.
“And because the Victoria Mansions are zoned for both residential and business use, the suites would give an investor the opportunity to enjoy the benefits of both markets.
Units 3 and 18 Victoria Mansions, at 91 Victoria Street, include two offices plus bathroom and kitchen. They will be offered for sale separately.
The third property at auction, at 5 Innes Road, Merivale, could also combine the benefits of the commercial and residential markets – and offer a high profile address for a professional business.
The 350m2 building, currently tenanted by a private language school, is situated on a 1087m2 property, close by the Merivale Mall and Christchurch’s main arterial routes from the North and West.
“This property represents excellent downstream development potential,” says Harcourts Holmwood commercial property consultant Simon Rowland-Jones.
“With the appropriate resource consents, the property could be suitable as medical rooms – drawing on the potential of the developing network of medical practitioners and services in the area – or as professional offices.”
The commercial properties at 51 Warrington Street, 3/91 Victoria Street and 5 Innes Road will be auctioned from 3.00pm on Wednesday 27 August 2008 at the Harcourts Holmwood Auction Rooms 397-399 Ilam Road Christchurch.
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