Flowers Manuela building for auction

Last updated 12:39 16/02/2013
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CUBA ST STYLE: The Flowers Manuela shop in upper Cuba Street.

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A two-storey Edwardian shop in upper Cuba St is expected to draw a lot of interest when it comes up for auction next month.

The building, next to the Salvation Army headquarters, was built in the 1920s and has a category 2 Historic Places Trust listing which protects its streetscape value.

Bayleys agent Mark Sherlock said he expected a lot of interest "because it's small, because it's going to be affordable and essentially because it's Cuba St. "Property in this part of town always attracts attention. "Cuba St has always been a sought-after location by tenants and investors, they see it as a low-risk location."

The property, owned by Wellington investor Bill Barrett, has been tenanted by Flowers Manuela for more than a decade.

The florist's most recent six- year lease has expired and it was now on a monthly tenancy.

While they were keen to stay a new owner could negotiate a new lease or renovate it to suit their own needs.

The site had a net annual return of $48,069 with the florist's rental bolstered by billboard space rental.

"This property is cute and very real potential exists to optimise the building's functionality by creating a residential component upstairs which is currently fitted out as office space.

"The 156 square metre property was originally built as a residential structure; there is an internal staircase and also exterior access plus there's a rear yard which could be reworked to create a courtyard.

"An engineer's report is available for the property outlining some strengthening needed before 2026 and given the size of the property, this is not a huge task."

It could be done for about $120,000, Sherlock said.

The property, which has a 2012 rating value of $680,000, will be auctioned on March 7.

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- The Dominion Post

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