Neighbouring properties in a tightly held commercial location in Takapuna present buyers with the opportunity to secure a steady rental stream, while also acquiring a development site with future growth potential.
13 Barrys Point Road, Takapuna is an office and warehouse building with 989sq m of total net lettable area on 1556sq m of freehold land. It is a highly functional building that is split into seven different tenancies and returns $216,960 plus GST in net annual rental income.
15 Barrys Point Road is a vacant 855sq m site that is currently used for car parking.
Both properties are zoned Business – Mixed Use Zone under the Auckland Unitary Plan and are being sold as a joint offering.
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Colliers brokers Matt Prentice, Mike Ryan, and Nick Recordon have been exclusively appointed to market the properties for sale by deadline private treaty closing at 4pm on Wednesday 8 December, unless sold prior.
The tenancies at 13 Barrys Point Road vary in length with some agreements running until at least 2025 and many of the occupants have been in the building for more than five years, exemplifying their commitment to the property.
Prentice says it’s rare to see neighbouring properties where a split-risk investment is located next to a site that has a blank canvas for development.
“Buyers of all kinds will be attracted to this joint offering that has vast potential for growth, while offering a steady rental income,” Prentice says.
“Some of the leases at 13 Barrys Point Road could be re-evaluated in the future that would allow an owner-occupier to operate from the site whereas investors may be content to enjoy the rental stream.
“The neighbouring 15 Barrys Point Road is a well-sized development site in one of the North Shore’s fastest-growing commercial and industrial hubs.”
The properties are situated on the western side of Barrys Point Road, which is approximately 150m to the south of the corner of Anzac Street.
Barrys Point Road is a main arterial road linking Anzac Street and Pupuke Road in the north and Esmonde Road in the south and carries some 20,000 vehicles per day with a peak flow of about 2000 vehicles per hour.
Ryan says recent infrastructure improvements to the surrounding area have made this a highly desirable location.
“The motorway system at the southern end of Barrys Point Road has been upgraded and includes works such as the extension of Fred Thomas Drive to Esmonde Road, which has eased commuter traffic along Barrys Point Road, and a realigned southbound on-ramp and new northbound on-ramp to the motorway,” Ryan says.
“Takapuna provides a wide variety of boutique shops, a friendly business environment, and dining options with more than 50 bars, cafes, and restaurants, alongside Takapuna Beach.”
Recordon says the favourable zoning of both properties offers excellent future flexibility for the new owner, particularly when considering 15 Barrys Point Road has such vast development potential.
“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport. It also applies to areas where there is a need for a compatible mix of residential and employment activities,” Recordon says.
“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
