An important urban regeneration project to rival the success of Auckland Central’s Wynyard Quarter will see two prime sites with valuable density provisions generate high levels of interest among investors and developers.
Totalling 3,546sq m (more or less) of freehold land at 521 and 529 Lake Road, the properties are zoned Business – Metropolitan Centre, providing for scale and density that is second only to the city centre.
Bayleys salesperson Matt Mimmack says Auckland Council and its development arm, Eke Panuku, are committed to intensifying the Takapuna Town Centre through mixed-use development in partnership with the private sector.
“A high-level directive from council to maximise existing assets is encouraging new investment, with a coordinated approach to key initiatives set to deliver on the Takapuna Centre Plan’s vision for a vibrant and revitalised central hub on the North Shore.
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“This presents a prime opportunity to unlock the potential of the underlying land, which is proximate to an established retail area, amenities, and less than one kilometre from the golden sands of Takapuna Beach.”
Mimmack is marketing the properties for sale together or separately by international tender closing at 4:00 pm (NZST) on Thursday, 9 November 2023 (unless sold prior), with colleagues Ranjan Unka and Michael Nees.
Two multi-tenanted commercial properties occupy the sites, totalling 7,036sq m (more or less) with seismic assessments of 71 and 80 per cent, plus 71 car parks.
Bayleys salesperson Ranjan Unka says the properties are located on a busy corner next to the Shore City Shopping Centre and generate a combined rental income of $2,688,395 net per annum plus GST from eight tenants, including office occupants, retailers and a government agency.
“The existing tenancy profile lends itself to multiple investment options. These include redevelopment and conversion, and add-value and passive investment opportunities,” he says.
There is land for expansion on the 521 Lake Road site, which offers the potential for expansion/redevelopment as leases expire.
Bayleys salesperson Michael Nees says that Takapuna is the logical urban capital for northern Auckland, with its proximity to motorway interchanges and an established transport network courtesy of the Northern Busway.
“The existing built environment and infrastructure presents an opportunity to leverage what has already been developed, creating value capture openings.
“Works have begun on a $400 million regeneration project spearheaded by Eke Panuku and large-scale development firm Willis Bond, which will deliver 110 premium apartments alongside new retail, office and hospitality spaces in its first stage.
“The comprehensive project will span five sites totalling circa 5,560sq m, directly opposite the subject property – belying a high degree of confidence in the region whilst adding intrinsic value to the immediate locale.
“Large-scale development options of this magnitude are rare, given they are tightly held by an exclusive cohort of forward-looking investors.
“Additionally, Takapuna’s unique beach and lake-side location, combined with zoning density and an established reputation as a premium area, will continue to attract a high level of investment, underpinning value in this exceptional land parcel,” Nees says.
- Article supplied by Bayleys
