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Commercial opportunity with Remuera postcode and future upside

With commercial property in Remuera traditionally tightly-held and as development sites are limited, agents marketing a strategically-located and favourably-zoned offering which is currently leased to two medical-aligned tenants say, “smart buyers will be taking note”.

The property at 89 Green Lane East, Remuera, at the corner of Ohinerau Street, comprises a single level 275sqm building on an 842sqm freehold corner site close to MercyAscot Greenlane Hospital, Remuera village, and motorway access points.

The building is currently configured as two, roughly equally-sized medical suites each with their own access, reception and waiting areas and clinic rooms, along with four associated carparks each, and returns net annual income of $124,616pa plus GST.

Tenancy 1 is occupied by Dental on Greenlane, a long standing, entrenched tenant which has a further 11 months on its current lease and has indicated it would like to renew, while tenancy 2 is home to Hawke Urology, currently on a month by month lease.

The property is being marketed via tender closing 4th June, unless sold prior, by James Were and Ben Wallace of Bayleys.

Given the existing lease terms, Were says the door is open for an owner-occupier to take the space which will be vacated by Hawke Urology while benefitting from the income on the balance, or for an investor to re-lease in line with market rates.

“The property has had a sound leasing history to businesses in the health field, but would work well for the professional services sector, consultants, or other service providers such as beauty practitioners or a hairdresser, for example.

“As it stands, and with the two separate tenancies, it’s a split-risk property for a pure investor but clearly offers scope for an owner-occupier who may ultimately look to take over the whole space in due course.

“It is perfectly located for a medical-aligned business due to the proximity to MercyAscot Greenlane Hospital but the prominent corner site provides great profile and visibility for any number of business types.”

The favourable Business - Mixed Use zoning underpins the value of the property says Wallace, and it will broaden the buyer base to include developers and landbankers.

“This is a highly-desirable city fringe property with a zoning overlay that allows for residential activity, food and beverage, retail, office and healthcare,” he says.

“Development to a height of 18 metres (subject to the necessary consents) is provided for and as the property lies within the coveted double grammar zone, and there is a significant residential component in the immediate area, there’s clearly future value to be unlocked.

“It’s a pivotally-located site very close to transport links, the city centre and urban amenities so developers will appreciate the intensive zoning, corner position, and the tactical postcode.”

Click here for more information on the listing.

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