Trio of Epsom shops ideal for family trust

These three shops occupying Charlotte Buildings are for sale at 51 Ranfurly Rd, Epsom.

Charlotte Buildings, an Epsom retail property comprising a block of three standalone shops on freehold titles, is being marketed as a good commercial investment in a popular location and an ideal buy for family trusts.

"Opportunities to secure such a prime investment property in this upmarket Auckland suburb are rare," says Steven Glucina of LJ Hooker Ponsonby who, with colleague Dee McDade has a sole agency to sell 51 Ranfurly Rd by auction at 6.30pm on Wednesday May 27 at 190 Ponsonby Rd.

"The vendors have owned this investment property for seven years and it won't be sold prior to the auction," Glucina says.

The Business 1 zoned retail block on a freehold 343 sq m is generating rent of $75,100 per annum plus operating expenses and GST from three tenancies: the Beauty Nova beauty therapy clinic; the Florentine café and delicatessen; and the Red Hair hairdressing salon.

The property has a Council valuation of $1,140,000.

The building is of concrete block construction with a long run steel roof was built in 1964.

"This is a single level boutique block of shops with a combined floor area of 144 sq m fronting on to Ranfurly Rd, close to Manukau Rd, in the heart of Epsom's retail district," says Glucina.

The property has one level retail access in an area with a good pedestrian count. Five onsite car parks are supplemented by public car parking with no time restrictions at the front of the property and across the road.

It has a north facing aspect with views from an upper level towards Mt St John and is within an easy walking distance to the Newmarket commercial district and Greenwoods Corner village.

"The property has good access to nearby motorway links, is near top schools and is surrounded by fine character bungalows and villas in an area of high disposable incomes," Glucina says. "The street also has two retirement villages with their residents being among many of those in the immediate vicinity who support the businesses in Charlotte Buildings."

McDade says the building has the potential to add another level subject to Council consent. "So it might also appeal to small developers looking to add value to the investment by adding on a couple of professional suites or apartments."

McDade says property was purchased for £4000 in 1964 by Herbert Tichauer, a dental surgeon, and his wife Charlotte - after whom the building is probably named.

She says Ranfurly Rd is a link road connecting Gillies Avenue and Manukau Rd and carries a continuous flow providing a high level of exposure for tenant businesses.

"The area is also a hub for dining and shopping, interior design, antique shops and restaurants."

McDade says Charlotte Buildings should be considered as a "trophy property" for family trusts and private investors. "It is probably the best boutique, standalone, block of retail shops available on the market at the moment," she says.