The land and buildings of a prominent, freehold, standalone site in Takapuna are being brought to the market for the first time in 20 years, offering buyers the opportunity to purchase a high-quality asset in a tightly held location.
18 Barrys Point Road, Takapuna provides a multi-tenanted 658sq m building on 1315sq m of prime, mixed-use land with excellent road-front exposure on a busy arterial route that is a key connection from the Northern Motorway.
The building has three current tenants, returning a total net annual income of $123,171 plus GST, while there is a 266sq m vacant warehouse with amenities, offering the new buyer the option of finding another tenant or occupying themselves.
Jimmy O’Brien, director at Colliers Auckland North, and broker Nick Recordon have been exclusively appointed to market the property for sale by deadline private treaty closing on Tuesday 14 September, unless sold prior.
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O’Brien says the building presents a unique opportunity for the new buyer who can secure a site with a strong tenant covenant in a prominent part of Takapuna.
“There is huge demand for highly functional buildings of this type, and it is rare to see a standalone property of this size become available in Takapuna,” O’Brien says.
“The vacant area would suit a variety of uses from a showroom to warehousing and distribution or it could even become the ultimate hideaway for the storage of someone’s car collection and toys.”
-Tattoo Gold is the road front, ground floor tenant leasing 211sq m of the building on a four-year term, which began in June 2020 with two further rights of renewal for four years each.
They are a high-end professional tattoo studio, specialising in a range of styles, featuring Internationally recognised and award-winning artists. Their lease provides a net annual rental income of $69,100 plus GST, which includes five car parks. This tenant has provided significant investment on the tenancy fit-out to enhance their customer experience.
-SIGNarch is an architectural design company specialising in residential property and they are the first floor, road front tenant leasing a 111sq m space on a four year-term that began in December 2020.
There are three rights of renewal in place for two years each and the lease provides a net annual rental income of $31,115 plus GST, which includes three car parks.
-Kane Build Group, a boutique residential building firm, lease the 70sq m rear mezzanine of the building and began a two-year lease in September 2020.
Their lease includes three car parks, provides a net annual rental income of $22,956 plus GST, and has one right of renewal for two years.
-The rear tenancy is the vacant lot and market estimates suggest it could return an approximate net annual rental income of $65,000 plus GST. It also includes seven car parks.
Recordon says this property presents an excellent opportunity to buy in a prime location with Auckland’s CBD only a short trip over the bridge.
“Demand has long outstripped supply on the North Shore and vacancy rates are at an all-time low as people wish to live and work here balancing business with a great lifestyle,” Recordon says.
The property is zoned Business - Mixed Use Zone under the Auckland Unitary Plan. This classification is typically located around centres and along corridors served by public transport.
The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.
-Article supplied by Colliers
