A prime investment opportunity has emerged in the heart of one of Auckland’s most affluent seaside suburbs, with the sale of two adjoining commercial buildings on a freehold corner landholding in St Heliers.
Bayleys salespeople say the 737sqm (more or less) land parcel at 1-5, and 7-13 Maskell Street in Business – Neighbourhood Centre zone is positioned on a strategic corner with high-traffic roads flanking either side.
“The prominent position ensures maximum exposure and accessibility, making it a premium location to attract attention and support a wide range of business activities,” says James Were of Bayleys Auckland Metropolitan Markets.
“Benefitting from dual access, with a 36m frontage to Maskell Street and 40m facing Riddell Road, the subject property's strategic position within walking distance of St Heliers Beach and the local village precinct enhances its appeal, making it easy to see why current occupancy of the premises is at 100 percent.
Start your property search
“The property features a diverse range of tenants across its two buildings, ensuring a stable and varied income stream.
"The tenancy schedule includes a mix of retail, restaurant, office, and service-oriented businesses, including the St Heliers Vet Hospital, Maskell Stationery and Lotto, and telco infrastructure owner Aotearoa Towers Group, which has a lease for two roof sites sustaining telecommunications equipment.
“Fully occupied and generating a strong annual net income of $307,950 the properties offer a rare chance for investors and purchasers with an eye on development fundamentals to secure a key site in a high-demand area.”
Were is marketing the properties for sale together via international tender with colleague Larry Sewell, closing at 4:00pm (NZST) on Tuesday, 24th September 2024 (unless sold prior).
The retail strip at 1-5 Maskell Street comprises five tenancies plus the roof lease, with a total floor area of 241sqm (more or less), while 7-13 Maskell Street features seven tenancies plus the roof lease, and an 802sqm (more or less) internal floorplate.
Together, the properties offer a combined floor area of 1,044sqm (more or less).
Bayleys St Heliers salesperson Larry Sewell says the properties are situated on two separate titles but offered to the market together, providing significant future development potential.
“The site’s favourable zoning provisions allow for flexible redevelopment options with a height overlay of 13m, making it an attractive prospect for those looking to unlock further value in the thriving St Heliers market.
“Zoning is a key highlight of this offering, with high-density provisions supporting diverse use, including retail, residential and office developments.
"Given the property’s fully leased status, the current rental income provides immediate returns, while offering the flexibility to explore development options in the future.”
Forming part of Auckland’s desirable Eastern Bays, commercial opportunities across St Heliers, particularly those well-located in high-profile positions, are in consistently high demand.
The area is supported by an affluent residential catchment while being located less than 11km east of the CBD.
“The subject property is a coastal cornerstone and represents a solid investment profile with built-in upside.
"The vendor’s decision to sell marks a rare opportunity for purchasers to acquire a high-profile asset in a suburb where properties of this calibre are tightly held.
“It’s a true Eastern Bays gem, combining the prime location with a strong tenant mix and significant future development potential. Investors and developers will recognise the value of securing a site that offers immediate returns and promises of future gains in one of the city’s most sought-after suburbs.”
- Supplied by Bayleys
