A mixed-use investment or development property, leased to five tenants, in the heart of the Browns Bay commercial centre on Auckland’s North Shore is for sale for the first time in over 50 years.
47-51 Clyde Rd, Browns Bay, Auckland, is being marketed for sale by James Lee and Deborah Dowling of CBRE and is for sale by deadline private treaty closing on Wednesday September 1 at 3pm, unless it sells before the deadline.
“This is a tremendously exciting investment or development proposition directly opposite Browns Bay beach,” says Lee. “After more than 50 years of ownership it is now time for the vendors to release this fantastic property to the market and hand over the reins to a new owner.”
The property’s Business – Town Centre zoning and the area’s growth offer almost unlimited options for the future, says Dowling.
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“The accommodative zoning allows for redevelopment of the property up to 13 meters and also permits residential, retail and/or commercial use,” she says.
“With freehold land of approximately 842 square metres, two road frontages, all day sun, stunning uninterrupted sea views and a location in the middle of shops, cafes, medical, amenities and transport, this property will be viewed as a highly compelling package by developers.”
It is rare for a beachfront property to be offered for sale in the Browns Bay commercial centre, with most local owners holding assets for the long term, says Lee.
“Browns Bay is an affluent suburb and there has been significant growth and development in the commercial centre over the years, including apartments and increased retail provision. This reflects the desirability of the area among residents and commercial occupiers, with properties here being very tightly held.”
The split-risk income stream, which amounts to around $250,000 net a year, will appeal to many investors, Dowling says.
“Buyers are constantly attracted to assets which offer the security of multiple sources of income. This property is expected to be in hot demand, with its five tenants, prime beachfront location, excellent street profile and the potential to redevelop and add value in the future.”
The two-level, 507sq m building on site sits at the western end of the property, forming part of the Clyde Road retail frontage; with on-grade parking at the rear of the site.
The ground floor of the building is split into three retail tenancies, which include a pharmacy and Rodney Wayne hairdresser; with two office tenancies on the first floor accessed via a central shared staircase directly off Clyde Road. Bathroom and kitchen facilities are also provided upstairs.
The property is located adjacent to a pedestrian promenade leading to the beach, which is a highly favourable position in the popular Browns Bay commercial zone, says Lee.
“With the popularity of Browns Bay as a shopping and commercial hub for the surrounding large residential area, the retailers and office tenants here are well-placed to benefit from a high-profile position in what is a well-established and thriving local commercial precinct.”
Browns Bay is a significant town centre which is home to a whole host of national brand-name tenants including banks, Countdown, Mitre 10 and many nationwide and independent local retailers and food outlets, Dowling says.
“Although Browns Bay is a coastal suburb, it also benefits from good motorway and public transport links making it a sought-after location among retail and commercial tenants. This has fuelled significant recent development, including apartment buildings.”
Over the past 100 years or so, Browns Bay has developed dramatically from a seaside holiday destination to an affluent residential suburb of Auckland. There are around 4,000 residents and over 200 businesses in the area today. Browns Bay is also on bus routes leading directly into Auckland and to Albany Bus Station.
A recent upgrade has been completed to Beach Front Lane, which provides an interface between the beachfront reserve and the town centre. The upgrade included the installation of a pedestrian walkway and a series of plazas, which provide better connections with the town centre and a textured carriageway which helps to reduce traffic speeds.
- This article was supplied by CBRE
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