A sizeable retail shopping and food and beverage hub located in one of Auckland’s best-known coastal community hubs has been placed on the market for sale.
The 1,015-square metre stand-alone building stretches across two titles at 25 and 27 Anzac Road in Browns Bay on Auckland’s North Shore.
Sitting on some 2,076-square metres of flat contoured freehold land zoned Business – Town Centre under the Auckland Council Unitary Plan, the rectangular-shaped land and building is now being marketed for sale by auction on November 17 through Barfoot & Thompson Commercial, North Shore.
Salespeople Gary Seekup, Bruce Jiao and Ferdi Doktoroglu said the Browns Bay property offered both a passive investment opportunity under its current format, and a massive redevelopment potential to intensify the site’s land use.
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Originally constructed in 1972 as a large format retail premises comprising reinforced concrete masonry with precast reinforced concrete mezzanine floor slabs and long-run roofing.
The building was altered in 1993 - when the former one-use premises was converted into multiple smaller retail units.
Structural alterations were made during that reconfiguration process, and the building now has a current new building standards seismic rating of 69 percent.
This retail block has ten retail tenancies comprise a café, florist, various fast feed outlets and a restaurant.
“The retail tenancies within the premises vary in size from 58 to 142-square metres and each have their own staff amenities.
"The building also has a separate disabled bathroom which can be used by all customers in the building. To date, the disabled bathroom has met the Council requirements for all tenancy disability requirements.
"The units have various lease terms in place, with some final expiry dates, should right-of-renewal options be taken up, extending out to as far as 2039,” said Seekup.
This property is located within the busiest part of commercial Browns Bay. The property frontage is Anzac Road, the New World supermarket car park is on the east side, an Auckland Council car park on the west side and a busy service lane on the north side which is also used by customers accessing a supermarket and other retail. On the opposite side of Anzac Road is the Countdown supermarket.
The property has its own drive around access on each side and the service lane provides excellent access to the properties car parks.
Fully tenanted, the premises generate annual nett return of $371,871 based on current market levels. In addition to sealed on-site car parking for 37 vehicles and easy access from Anzac Road, the address and its consumer-focused tenancies also benefit considerably from immediately adjoining the Auckland Council carpark on its western boundary.
“All leases with potential expiry dates beyond 2026 have a demolition clause included with a twelve-month notice period. Factoring that in, alternatively, the property could be bought as the basis for a redevelopment opportunity subject to appropriate council consents.
"The single-level building occupies around half of the total site – leaving plenty of scope for a more intense utilisation of the site, including multi-level development with a permitted building height of 18 metres and 360 degrees of daylight.
Auckland Council’s Business – Town Centre zoning encompasses suburbs in the supercity which are located near to main arterial routes and have good access to public transport services. This zoning provides for a wide range of economic activities – encompassing both retail, commercial and residential occupancies ranging from four to eight storeys high – with a preference for retail and service businesses at street level and commercial and/or apartments above.
Jiao said commercial property development opportunities in Browns Bay’s main street, seaward-facing Clyde Road, were tightly constrained by land values dictated because of its adjacent proximity to the waterfront and the associated reduced permitted development height level.
“Conversely, this landholding on Anzac Road, off Clyde Road, is an opportunity situated just 300 metres from Browns Bay beach.
"It is in the heart of Browns Bay’s central business district, and so very close to the magnificent beach with everything that has to offer the suburb’s residential population,” he said.
“Any development of apartments would see those on the upper levels enjoying sensational views of both the beach and the outer reaches of the Hauraki Gulf. It’s easy to see that Browns Bay with its coastal lifestyle and access to the beach could become a mini Waikiki in decades to come.”
- Article supplied by Barfoot & Thompson
