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Mortgagee sale brings new Browns Bay commercial units to the market

Seven brand new self-contained commercial units in an upmarket mixed-use complex in Browns Bay town centre have come onto the market in a mortgagee sale.

With lettable areas ranging from 82 square metres to 150 square metres, the units are well suited to retail, commercial services or hospitality occupiers in the heart of an affluent catchment on Auckland’s North Shore.

They sit on the ground floor of the landmark The Victor apartment complex, completed last year on a high-profile former New World supermarket site on Bute Road.

Units 1B, 1C, 1D, 1E, 1F 1G and 1H, 4 Bute Road, Browns Bay, Auckland, are now being offered for sale through Layne Harwood, Paul Dixon and Michael Nees of Bayleys Real Estate.

They will be sold in one line, or on an individual basis, by way of a mortgagee tender closing on Thursday 23 May.

Harwood said the sale presented attractive opportunities for owner-occupiers and investors.

“Six of these freehold strata-titled units are vacant, offering the chance for immediate occupation or to secure tenants.

“The seventh, approximately 118-square-metre unit with one car park is leased to a chiropractic business, generating an annual net rental return of $52,000 plus outgoings and GST. The current lease runs through to 2027, with two further four-year rights of renewal.

“A new owner would also have the option to sell down the units separately, if they were bought in one line,” said Harwood.

Dixon said the properties were excellently presented, reflecting the complex’s high-quality new construction, and came with a seismic rating of 100 percent of new building standard.

“Designed to be self-contained, each of the premises offers a high stud and a full-height display window which maximises the benefit of their road or laneway frontages,” he said.

Five of the units come with dedicated basement car parks and storage areas, and all benefit from further off-street parking beside the main entrance to the complex.

The Victor complex is zoned as part of Browns Bay’s town centre under the Auckland Unitary Plan.

“The quality of the units for sale, and their location in the heart of this popular beachfront suburb, will support a wide array of commercial, retail, hospitality and professional

service uses. Their newly built status will give them added occupier appeal in an area where many commercial premises are older by nature,” said Dixon.

Nees said Browns Bay’s town centre was home to a good mix of hospitality, retail and service amenities, plus two supermarkets.

“The local community centre, leisure centre and library sit directly alongside The Victor. The area is sprouting a growing number of residential developments, including Oceania’s highly regarded aged care complex.

“Together this makes this a vibrant commercial centre with few vacancies. The area leverages its proximity to the beach and Browns Bay reserve, and is well served by a range of public transport,” Nees said.

Click here for more information on the listing.

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