A portfolio of units on offer in new commercial property developments are catering to the growing hunger for bite-sized retail and food and beverage premises on Auckland’s North Shore.
Bayleys North Shore Commercial is currently offering 37 units for sale and/or lease in four new complexes in the fast-growing Albany area.
The units are clustered close to arterial routes and the North Shore’s two main highways, state highways 1 and 18, providing excellent connectivity across the Shore and the wider Auckland region.
Catering to small and entry-level owners and business occupiers, the freehold strata-titled units of between about 70 and 250 square metres are all either recently completed or selling off the plans. Supported by flexible zoning, they are suited to a range of showroom/retail/office uses and, in some cases, foodservice operations. All units are being sold and/or leased by negotiation through Bayleys.
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“Together, the Albany and Rosedale units on offer represent bite-sized, entry-level retail properties backed by superb locations and a supportive surrounding occupier mix along with a high-quality North Shore catchment,” said Bayleys Senior Broker Steven Liu, a sales and leasing team member for all four offerings.
“With vacancy rates in some areas at historical lows, and significant potential for an ongoing rise in tenant demand, there is growth in the market for units of this nature which is yet to be fully realised. The demand, lack of greenfield development sites and cost of construction all add up to an opportunity with these units that may be difficult to replicate in the future,” said Liu.
-In the high-profile Apollo Square Retail Centre, at 40 Rosedale Road, 10 retail units are on offer for sale or lease. The premises range in size from approximately 89 to 164 square metres.
Completed in 2019, they form part of the first stage of a wider complex with plenty of onsite parking, which incorporates retail, restaurants, motel accommodation and three high-quality apartment blocks. Apollo Square also boasts some 7,500 square metres of recreational areas and feature gardens.
The available units offer opportunities for a range of buyers with one for sale with vacant possession, two for lease, five for sale and lease, and two for sale as tenanted investments.
Apollo Square is well positioned on Rosedale Road, a key access route to Albany, Browns Bay, Mairangi Bay and the Apollo business park. It sits close to cafés, schools, medical and aged-care facilities and major commercial tenants, in an area zoned for General Business under the Auckland Unitary Plan.
-A few hundred metres to the south, the boutique architecturally designed Milenio Business Park is about to take shape on an approximately 1.3-hectare elevated site at 15 Apollo Drive.
The project’s first stage offers 12 units of some 101 to 116 square metres for sale and lease, with opportunities for tenants, owner-occupiers and investors. With a stud height of approximately 6.5 metres, generous mezzanine areas, upgrade options, plus ample shared car parking and complex-wide CCTV security, they are being promoted for uses including showroom, retail and office. Pricing starts from $795,395 plus GST.
Also forming part of the General Business zone, these units lie in the heart of a busy commercial and residential precinct, close to the AUT Millennium high-performance sport centre and within walking distance of numerous amenities. They are accessed from Apollo Drive, which carries average daily traffic flows of 20,000 vehicles, according to Auckland Transport.
-In the heart of Albany’s intensive Metropolitan Centre, the latest mixed-use project by acclaimed international developer Risland, at 2 Munroe Lane, is creating further opportunities. Alongside 141 sold-out apartments in the nine-storey Risland Apartment development, four off-plan retail units are available – one for sale, one for sale or lease, and two for lease only. These ground-floor units come with floor areas of some 68 to 201 square metres.
The boutique retail premises offer floor-to-ceiling glazed windows plus dual entrances, tandem car park and lockers for some units. Occupiers will benefit from 270-degree road-front exposure to the busy roundabout at the junction of Don McKinnon Drive and Munroe Lane.
Positioned next-door to an Auckland Council building, the complex is within walking distance of the Westfield Albany mall and a variety of commercial complexes. It is minutes from Massey University and North Harbour Stadium, as well as Albany’s bus station and the Northern Motorway.
-On another prominent corner site in central Albany, the Radiance Centre at 8 Oracle Drive will offer occupiers a stake in the latest expansion of the North Shore’s largest food-and-drinks precinct. With completion expected in mid-2023, the architecturally designed development has 11 new units of approximately 74 to 256 square metres for lease for commercial, service, or food and beverage uses. Businesses here will be supported by 51 common car parks.
The development neighbours the zero-vacancy Orchard Park Retail Hub in the heart of the fast-growing Orchard Park Business Park. The business park is home to a wide range of national and international tenants including banks, law firms, childcare centres, Mitre 10, Olympus and the Lion Foundation.
Bayleys North Shore Commercial General Manager Jayson Hayde said the multiple North Shore premises now on offer were of a smaller scale that is increasingly popular among occupiers and small buyers.
“Those for sale will be a particularly attractive option for first-time commercial property buyers, particularly following the Government’s announcement that it will remove tax deductibility on interest payments for residential property,” said Hayde.
The properties for sale or lease were strongly underpinned by their locations in and around booming Albany.
“Albany has long been one of the fastest growing suburbs north of Auckland’s Harbour Bridge, and is tipped as a future epicentre of the North Shore. Its ongoing expansion is being driven by a multitude of retail and commercial projects, with developments completed or underway involving big players like the Todd Property Group, Goodman, Haydn & Rollett, Willis Bond, Argosy, Northbridge Properties and Westfield,” Hayde said.
- Article supplied by Bayleys
