A Remuera property with residence at the rear and a restaurant on the streetfront has been sold by Bayleys at a mortgage auction.
631 Remuera Rd:
Features: cross-lease, half share in 1540m², residential & commercial property zoned terrace & apartment, 475m² building allowing development up to 16m, 132m² restaurant on streetfront, villa behind, 6 bedrooms, 2 bathrooms, parking at rear
Rent: $67,826.09/year net + gst from 10-year lease to Thai restaurant from June 2016, with right of renewal
Outcome: sold for $1.79 million at mortgagee auction
Agents: Harry Cheng & Nicolas Ching
Attribution: Agency release.