A dual-tenanted retail property in Mission Bay is being presented to the market for sale giving buyers the opportunity to acquire a high-performing asset in one of Auckland’s most sought-after locations.
99B Tamaki Drive, Mission Bay has approximately 115sq m of net lettable area spread across two established businesses. The property is zoned Business – Local Centre Zone under the Auckland Unitary Plan and has 320sq m of land area.
Island Gelato Co. and Sal’s Pizza are the current tenants, and the property returns $231,812 plus GST and operating expenses in annual passing income. Both tenancies occupy similar amounts of floor space.
Recently refurbished, the tenancies include fresh paint, tiling, roofing, and new shop frontages.
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Lined with an array of cafes, restaurants, and boutique shops, Tamaki Drive is perfect for a leisurely walk or outdoor dining with a view of the Waitematā Harbour and Rangitoto Island.
With its proximity to the beach and easy access to the surrounding parks and attractions, it draws both locals and tourists throughout the year, contributing to the area’s appeal.
Sitting only 6km from Auckland CBD, Mission Bay also offers access to public transport and key arterial routes and the subject property is exposed to high volumes of foot traffic on The Promenade.
Colliers Brokers Logan Roach and David Burley have been exclusively appointed to market the property for sale via tender closing at 4pm on Wednesday 19 March.
Island Gelato Co.’s tenancy runs until 2026 and has one further right of renewal of four years leading to a final expiry in September 2030.
Sal’s Pizza has a 10-year lease that runs until September 2027. Both lease agreements include annual CPI rent reviews providing built-in rental growth.
Roach, Investment Sales Broker at Colliers, says this is the first time the subject property has been available for purchase on the open market and provides buyers the chance to secure a stake in the heart of Mission Bay.
“This investment offers an outstanding return and is positioned as a highly attractive opportunity to acquire an investment with a steady rental stream,” Roach says.
“The strong tenant covenant, combined with the high demand for commercial space in this prime location, ensures continued appeal and reinforces the property’s desirability for savvy investors seeking a top-quality asset.
“The current tenants are well-known brands with a strong customer base.”
The Promenade at Mission Bay is a lively waterfront destination with a low vacancy rate across the retail sector.
Visitors and locals can make the most of the stunning surroundings, while enjoying the suburb’s popular hospitality options.
Burley, Auckland Director of Investment Sales at Colliers, says opportunities such as this one are seldom available for prospective purchasers given Mission Bay is such a tightly held location.
“The retail landscape in Mission Bay is evolving, with few opportunities for new acquisitions. The most recent ‘on-market’ transaction along Tamaki Drive occurred in 2018, highlighting the rarity of premium retail properties in this coveted area,” Burley says.
“This limited supply, combined with increasing demand for versatile retail spaces, positions these assets for strong capital appreciation.”
- Supplied by Colliers
