Investors Seek Skin In The Game As Landmark Health And Beauty Premises Go Up For Sale

Published: Tue 24 Nov 2020 04:03 PM
The landmark character building housing one of Auckland’s best-known skin and beauty spas has been placed on the market for sale.98-100 Jervois Road
The property at 98-100 Jervois Road sits at a high-profile intersection bordering the wealthy Auckland suburbs of Herne Bay and Ponsonby. The well-presented century-old premises are leased to long-established tenant Equipoise Skin Clinic and Spa.
Equipoise has become an integral part of the local fabric with its luxury spa offering a wide range of skin and beauty treatments including facials, hair removal, tanning and massage. With a frontage to Jervois Road of some 25 metres, it is an instantly-recognisable feature of the city-fringe streetscape.
Herne Bay Spa Health & Beauty Limited, trading as Equipoise Skin Clinic and Spa, has occupied the site at 98-100 Jervois Road for more than 20 years. Its current lease runs through to 2021, with two further three-year rights of renewal, and incorporates rent reviews to market every two years.
Net rental income currently sits at an interim level of $78,000 plus outgoings and GST per annum, subject to agreement.
The property at 98-100 Jervois Road is now being marketed for sale by auction on 2 December (if not sold prior) through Bayleys Auckland Central.
Salespeople Matt Lee and James Chan said the property consisted of a building of some 176 square metres on a half-share of an approximately 341-square metre crossed-lease site.
“Constructed in the early 1900s, this character building is split between a ground level of around 117 square metres, and a mezzanine floor with additional space and storage areas totaling some 59 square metres,” said Lee.
“The exterior walls comprise a mixture of brick and solid plaster over brick and concrete block, while interior walls feature a mix of exposed brick and plaster board.”
Situated at the elevated intersection of Jervois Road and Curran Street, the site for sale is surrounded by one of New Zealand’s most affluent residential catchments.
Lee said the suburbs of Herne Bay and Ponsonby, which the site borders, recorded median house sale prices of $2.1 million and $1.8 million respectively in the past year.
The Jervois Road site is part of the Business – Town Centre zone under Auckland Council’s unitary plan, which provides for a wide range of uses such as commercial, leisure, residential and tourist activities.
Chan said this zoning contributed to making this a vibrant location and offered potential for a variety of future use possibilities, including mixed-use options, at the site.
Properties within a few hundred metres included upmarket eateries, shops, hair salons, boutique offices, two bowling clubs, accommodation providers and a pair of BP service stations, said Chan.
Just a few doors along Jervois Road is the New Zealand music industry’s iconic Stebbing Recording Centre.
“Jervois Road is a main arterial route connecting Ponsonby, Herne Bay and surrounding residential suburbs to Auckland’s CBD, which is less than 10 minutes away by car,” Chan said.
“Across the intersection, Curran Street provides access to the Northern Motorway. Handy public transport options are also available with bus stops located within 50 metres of the Jervois Road site.
“Laden with so many possibilities on a highly-visible and strategically-located site, the property at 98-100 Jervois Road will earn consideration from a range of investors, including those seeking add-value opportunities. It is also likely to attract the attention of developers and potential future owner-occupiers,” Chan said.
Bayleys Realty Group
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
Contact Bayley's Real Estate
09 375 6868
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