A multi-tenanted commercial complex with views of the Hauraki Gulf is a rare offering in the heart of Waiheke Island’s market centre.
The waterside development on 1,087sqm (more or less) of freehold land at 153 Ocean View Road is fully occupied by six tenants catering to the island’s well-heeled residents and a consistent stream of tourist demand.
Bayleys salesperson Mana Tahapehi says the property is a valuable acquisition on the island’s most prominent retail strip, where a limited supply of property is tightly held and in-demand amongst tenants.
“While Waiheke Island has evolved from a bohemian community into New Zealand’s answer to New York’s Hamptons – with its high proportion of desirable real estate – a limited supply of commercial properties service a permanent island population of nearly 9,500 plus holiday homeowners and year-round visitors.
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“This scarcity provides an inherent land value for the subject property, which occupies an exceptional vantage point with stunning views over Oneroa Beach – widely considered one of the best on the island.
“Ocean View Road is the primary access route for visitors arriving via the Matiatia Ferry, and the village has naturally established a lively business district featuring art galleries, restaurants, services, and community facilities.
“This reputation has ensured little-to-no vacancies for the subject property, with operators eager to establish a foothold. This has led to a high level of competition for suitable commercial accommodation.
Tahapehi is marketing the property for sale by tender, closing at 3:00 pm on Wednesday, 10th April 2024 (unless sold prior).
The multi-level improvements, which comprise a tiered configuration facing northeast over Oneroa Bay toward the Coromandel Peninsula, feature a lettable area of 519sqm (more or less).
Six individual tenancies generate an annual net rental income of circa $357,478 plus GST and outgoings.
Current tenants include a popular restaurant, café, local wine retailer, and the island branch of the national appearance medicine franchise Skin Institute New Zealand.
Tahapehi says the current mix of tenants occupy the premises on varying lease arrangements reflecting a Weight Average Lease Term (WALT) of 3.76 years.
“Island stalwarts like the hospitality tenants—Vino Vino, the Waiheke Wine Centre, and Akito Café —have committed to long-term leases, while the diversity of occupation provides a split-risk opportunity for future leasing and scope for upside rental potential.”
The large landholding is intersected by drive-around access, and a portion of vacant land on the property’s northeastern boundary features resource consent for two residential townhouses.
“The townhouse designs have been prepared by award-winning architecture and interior design firm Macintosh Harris to leverage expansive views of Oneroa Beach.
“With residential properties on the island commanding significant prices, this represents a substantial add-value opportunity to maximise the new purchaser’s advantage by utilising the entire landholding.
“Obtaining the necessary development permits on Waiheke Island presents unique challenges compared to those on the mainland, meaning the property’s multifaceted investment offering with granted resource consent for the residential dwellings is a rare and exciting dual-purpose opportunity.”
- Supplied by Bayleys
