Part of a landmark retail block in the heart of Takapuna is up for sale offering buyers diversified rental income and eye-catching future development potential.
The two freehold sites for sale form the corner portion of the prominent Halls Corner retail complex at the intersection of Hurstmere and Lake roads.
Available either together or individually, the contiguous duo of multi-tenanted properties feature primarily high-profile ground-floor retail tenancies, plus some first-floor office space.
They are home to a diverse mix of businesses including TSB Bank, clothing chain 3 Wise Men, Tank Juice, and eatery and café offerings.
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Fully leased to 13 tenants, the properties generate a combined net rental return of $910,891 plus outgoings and GST per annum.
Bayleys Senior Director of Auckland Metro Markets Alan Haydock said the sites’ attractions as multi-tenanted investments were augmented by future redevelopment prospects.
“Anchored by TSB Bank, which occupies a commanding position at this key intersection, the properties offer an appealing mix of established and well-known tenants. As high-profile ‘trophy’ investments with diversified income streams, they are hard to beat.
“Consideration should also be given to the long-term intensification of this underdeveloped corner position.
"Its two freehold titles offer a total landholding of over 1,100 square metres with Metropolitan Centre zoning allowing for some of the most intensive development possible under Auckland’s unitary plan,” Haydock said.
The freehold land and buildings at 2-4 Hurstmere Road, Takapuna, Auckland, are being marketed for sale through Haydock and Bayleys colleagues Damien Bullick and Michael Nees.
They will be sold together or individually by way of a tender closing on Thursday 26 September, unless sold prior.
The Hurstmere Road properties have a combined floor area of approximately 960 square metres underpinned by a total landholding of some 1,174 square metres, with eight car parks.
Bullick said the approximately 625-square-metre two-level building at 2 Hurstmere Road occupied the dominant corner position for the entire Halls Corner complex.
“This building houses a mix of eight tenants spanning ground-floor retail and hospitality, a smaller office upstairs, and a digital billboard.
"The property is underpinned by some 842 square metres of freehold land and benefits from seven onsite car parks,” he said.
This site generates a total annual return of $562,784 plus outgoings and GST.
The property at 4 Hurstmere Road consists of a two-level building of some 335 square metres with five tenancies, underpinned by an approximately 332-square-metre freehold site with one car park.
Similar to the adjoining site for sale, this property offers a diversified tenant mix, spanning retail, hospitality and office. It returns $348,107 plus outgoings and GST per annum.
Both properties have an Initial Evaluation Procedure seismic rating of 67 percent of new building standard.
“These buildings have long been a landmark in one of the most commanding corner positions in Takapuna which, as a suburb, is one of the most sought-after commercial, retail and residential locations in greater Auckland,” said Bullick.
Nees said the sites’ intensification potential was underpinned by their position in one of just a handful of Metropolitan Centres identified for further growth under the unitary plan.
“Metropolitan Centre zoning provides for a range of retail, hospitality and office uses, as well as intensive multi-storey residential accommodation. It allows development up to approximately 35 metres, subject to other council requirements.
“Takapuna is being shaped by a future vision based around increased density with associated high quality urban design, civic amenities and good access to community facilities, parks and public transport.
“Auckland Council's directive to maximise its existing assets here is encouraging considerable new investment from private landlords.
"A commitment to intensifying the Town Centre through residential and office development will provide the consumer base to revitalise retail and hospitality within the area, to the benefit of businesses and landlords,” Nees said.
- Supplied by Bayleys
