An immaculately presented building sitting on mixed-use land in the North Shore suburb of Takapuna presents buyers of all kinds with the opportunity to purchase a property with a secure tenant and future growth potential.
441 Lake Road, Takapuna, is a 496sq m freehold site with significant street exposure on a main arterial route within walking distance of the local beach, and shopping precinct.
The 230sq m building is tenanted by the New Zealand Blood Service, a government health provider who are signed to a long-term lease until 2025 with two further rights of renewal. Their lease agreement provides $93,428 plus GST in net annual rental income.
The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan. This 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.
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Colliers brokers Matt Prentice and Mike Ryan have been exclusively appointed to market the property for sale by auction to be held at Colliers Auckland North, Level 1, 129 Hurstmere Road, Takapuna, Auckland at 1pm on Wednesday 30 March, unless sold prior.
The property includes 206sq m of floor space and a 24sq m deck as well as three car parks, providing convenience for visitors to the site.
The New Zealand Blood Service have occupied the property since February 2006 and their two remaining rights of renewal are for two years each and can be activated in 2025 and 2027, leading to a final expiry of 31 January 2029.
Prentice, Director of Sales and Leasing at Colliers, says this property will provide a steady rental stream coupled with a strong tenant covenant given the long-term occupancy of the site.
“Prospective purchasers will be well-placed to enjoy the passive income, while planning their future moves for the property,” Prentice says.
“Although there is a long-term lease in place, future developments could be brought forward by exercising an existing early termination clause that provides 18 months’ notice for the current tenant.
“This would provide the new owner with time to strategically plan any development for the property, which could be repositioned to include a residential development given the flexible nature of mixed-use land. This makes this property highly desirable for developers and investors.”
Ryan, Industrial Sales and Leasing Broker at Colliers, says Takapuna is undergoing significant change with numerous apartment developments recently completed or in the planning or construction phases.
“Takapuna is a well-established and affluent suburb, acting as the epicentre of the North Shore, and is easily accessed via an extensive bus network and outstanding road infrastructure, with favourable proximity to the Northern Motorway,” Ryan says.
“The wider Takapuna region is expected to experience population and household growth comparable to the wider Auckland region between 2013 and 2038 of approximately 43 per cent and 46 per cent respectively.
“Takapuna has experienced significant investment and development in recent years with particular growth in the form of apartment complexes. The Hurstmere Road upgrade is now complete and has drastically improved the street scape of Takapuna.
“We expect there will be significant interest in this property given the ability to secure passive income from a secure tenant combined with the development potential on offer from a location that is perfectly positioned to make the most of Takapuna’s continued growth.”
- Article supplied by Colliers
