Prominent Remuera site creates opportunity

A landmark commercial property in the heart of Remuera Village, known locally as The Gables and home to the Bank of New Zealand for nearly four decades, is for sale.

Offering scale, holding income, broad appeal to the occupier market, and substantial future development potential, the 683sqm freehold site at 338 Remuera Road is one of the few remaining underdeveloped holdings in the tightly-held town centre.

Occupying a prominent site set back from the street, the single‑level 1970s’ building comprises approximately 318sqm of versatile floor area with 10 on‑site car parks, elevating it for both staff and customers in this high‑demand location.

Currently fully leased to BNZ and with an ATM kiosk occupying one of the car park spaces, the property has a standard BNZ interior fit-out, including customer banking facilities, together with a staff lunchroom and amenities located toward the rear left-hand corner of the building. A small externally-accessed room on the western side of the building has previously been utilised by the New Zealand Police.

The property returns holding income of $208,809 plus GST per annum until the bank’s scheduled exit in August this year. This forthcoming vacancy unlocks immediate flexibility for owner‑occupiers, developers, or investors seeking to reposition the property. The wider area is typified by a blend of character and modern buildings, with retail predominantly at street level and residential or commercial above.

The property is being marketed via an International Tender campaign closing Thursday 9th April, unless sold prior, through James Were and Ben Wallace of Bayleys.

The building is in good condition overall and could be readily repurposed to accommodate a range of alternative commercial or service-based occupiers, says Were.

“The property is positioned for exceptional long‑term upside as Remuera continues to experience significant private investment and intensification.

“This is a prime commercial site with multiple value‑add pathways, enhanced by the Business – Town Centre zoning and the regular‑shaped landholding.

“There’s genuine scope to refurbish, reconfigure, or undertake comprehensive redevelopment, supported by nearby private development activity and the success of recent high‑end projects such as the Victoria Lane apartments to the property’s rear boundary.”

Remuera remains one of Auckland’s most affluent and established catchments, sitting within the double grammar zone and at the centre of a suburban retail strip anchored by cafés, specialty retail, professional services, and growing healthcare facilities.

The property benefits from excellent visibility, strong pedestrian activity, and frequent bus services along Remuera Road, with immediate access to major transport links including Remuera Train Station and SH1 via Green Lane East. Its location, just 2.4 km from Newmarket’s commercial precinct and 6.2 km from Auckland’s CBD, provides convenient access to key employment, retail, and entertainment hubs, strengthening its suitability for long term commercial or mixed use occupation.

“Recent and ongoing private investment including Bayleys’ new Remuera office at 383 Remuera Road, is further reinforcing the village’s appeal to commercial and mixed‑use occupiers,” explains Were.

“There’s also a growing healthcare presence in Remuera, and the building for sale would suit specialist consultants, or other medical-aligned businesses.”

BNZ first opened in Remuera in 1929 in the Skelton's Building, before a move in the late-1940s to the corner of Norana Avenue and Remuera Road. The bank then moved to 371-373 Remuera Road until 1988, when it moved across the road to its present location at The Gables.