Listing Description
CAPITOL PROPERTY
602 - 616 Dominion Rd, Mount Eden, Auckland City, Auckland
Details
| Attribute | Value |
|---|---|
| Property use | Retail |
| Agency reference | 61513 |
| Apply Online | http://www.tmsandbox.co.nz/Browse/Jobs/ApplyOnline.aspx?mode=apply_online&referenceId=4117960&sellerId=0 |
Description
Located in the heart of the Balmoral shopping precinct; this historic holding has provided a core income stream to the current owner for over 30 years, but time moves on and that presents opportunities for others.
Built in 1922 as the largest theatre in Auckland, this property has re-invented itself several times over the last 90 years. The nature of the original theatre construction now provides an ideal facility for the recreational climbing business Clip'n' Climb, together with a substantially remodelled and independent theatre business. The structure is located on a 930m² Freehold site with broad frontage to Dominion Road and rear access off Rocklands Avenue.
The two anchor tenants, Clip'n' Climb and Capitol Theatre, together with the five retail and two communications tenants, will provide an ideal split risk investment. The nine tenancies provide an income circa $240,000 leaving plenty of opportunity for rental growth and, considering the ever increasing catchment, ongoing future growth.
Due to the age and nature of the property the owner has undertaken a full engineering assessment including costs to upgrade the property to 70% of New Build Standard, this report is available to purchasers.
This a great opportunity to purchase a property that not only is a true landmark but also has strong prospects for rental growth in a position that is subject to strong growth. Contact now for your information pack.
