Two high-profile freehold sites fully leased to diverse retail tenants and ripe for a multi-storey residential development have gone up for sale in one of Auckland’s most desirable coastal suburbs.
The two adjoining single-storey properties occupy a prominent corner in the town centre of Browns Bay, on Auckland’s North Shore.
The sites’ eight tenancies are leased to businesses ranging from a national-chain pharmacy and global-brand fitness centre to a jeweller and watchmaker and a barber.
The tenancies generate total net rental income of $302,081 plus outgoings and GST per annum, on leases with final expiries ranging from 2023 to 2030.
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The two sites at 54 and 58 Clyde Road, Browns Bay, Auckland, are being marketed for sale individually or together through Ranjan Unka, Michael Nees and Terry Kim of Bayleys North Shore Commercial.
Sale will be by way of deadline private treaty closing on Thursday 17 March, unless the properties are sold earlier.
Unka said the offering consisted of buildings with a combined floor area of approximately 757sq m on a total landholding of some 1204sq m with three on-site car parks.
“These two adjoining sites, on separate fee-simple titles of 684sq m and 520sq m, are well positioned at the high-profile intersection of Clyde and Bute roads.
“Configured into eight separate tenancies, the buildings offer prime street frontage and excellent exposure for the rich mix of tenants anchored by a Unichem Pharmacy and an F45 fitness training centre.”
The single-level buildings have an Initial Evaluation Procedure seismic rating of 70 percent of new building standard.
Nees said the properties’ Business – Town Centre zoning under the Auckland Unitary Plan, with an 18m building height allowance, made the land ripe for future intensive redevelopment with apartments.
“This zoning is generally applied to centres on main arterial routes with good public transport, which have been identified for growth and intensification. The height opportunities enable more intensive development, including residential and possibly office accommodation at upper levels.
“A significant portion of Browns Bay was rezoned with this Town Centre designation under the Unitary Plan, unlocking the area’s potential as a location for high-intensity residential apartment redevelopment.
“This rezoning, coupled with other attractions such as the area’s coastal location and commercial infrastructure such as supermarkets, medical and hospitality and retail amenity, has driven a transformation over the past five years,” said Nees.
Kim said recent developments such as The Pines and Norfolk apartments on Bute Road were successfully out of the ground and sold down, as is the adjacent property The Victor.
Another new project, Kauri Residences on Anzac Road, is currently under construction and around 80 per cent pre-sold.
“Against this backdrop developers are actively looking for their next project in Browns Bay – and this will come into play as buyers eye the Clyde Road sites,” said Kim.
In recent years, Browns Bay has seen a broader rejuvenation with an influx of new service-based retailers and hospitality operators benefiting from population growth.
“A lot of the new operators are of a high quality, adding amenity consistent with the demographic that will occupy units in the new apartments.
“Further supporting the Clyde Road sites’ credentials for apartment development is their location within walking distance of New World and Countdown supermarkets and Browns Bay beach, library, recreation centre and numerous cafes.
“There is plenty of parking in a nearby carpark and in Browns Bay generally compared with other North Shore centres. The township is also served with multiple bus stops supporting services across the North Shore,” Kim said.
- Article supplied by Bayleys
