Zoned Outer Residential, they will be sold by a tender process closing at 4pm on June 27.
"Patrisha's Original Pie Shop, formerly Trisha's Pies, has been a fixture of the Island Bay community for years," says Walker.
"Its founder, Patricia Bartlett, (the baker, not the moral crusader of the same name) passed away last December and the pie business is now run by her daughter."
Originally built for the local butcher and with the Parade Butchery insignia remaining on the 1920s facade, the pie shop premises is on the corner of Humber St and The Parade.
Walker and Mabruk are marketing the land and buildings (but not the bakery business) on behalf of Patricia Bartlett's estate.
"Clearly there are strong family ties to this property, however the time has come to sell the property assets," says Walker.
"We've had no problem explaining the back story to this market offering, as the pies sold here are legendary. People are known to come from all over the region for a taste of one."
Walker adds that in the present configuration, the freehold property has a potential combined annual net income from tenants of around $70,000.
The Patrisha's Pies operation occupies the corner retail shop.
It has use of the courtyard fronting The Parade, along with a rear lean-to on an adjoining garage in Humber St.
The second retail space, fronting onto The Parade, was occupied until recently by Illusions Beauty Therapy.
Walker says the main home on the property comprises two double bedrooms, a combined living/dining/kitchen area and a recently refurbished bathroom.
In addition, at the rear of the former beauty therapy premises there is a one-bedroom flat.
"An energetic buyer with an eye for character could well recognise the inherent value of retaining some or all of the existing buildings, as the two-bedroom home has some really nice features and lies well to the sun," he adds.
Mabruk says the popular seaside suburb of Island Bay is undergoing a residential revival in the form of new development.
Identified as a special housing area (SHA) under the National government's Special Housing Accord in 2015, work is underway on the Erskine College site, where The Wellington Company is creating new residential precincts.
"A townhouse development by Gibbons Co. in Trent St, Island Bay, sold down off the plans before hitting the open market and Wellington council is advocating for medium density residential development for the suburb," says Mabruk.
"In one guise or another this premises has served as retail space for close on 100 years — but zoning and market trends suggest it is now ripe for redevelopment."
