A perfectly positioned two-storey property with a blue-chip anchor tenant that sits front and centre on Takapuna’s main street will appeal to buyers looking for a premier passive investment opportunity.
46 Hurstmere Road is a 473sq m freehold building that is only metres from one of Auckland’s best beaches and is home to well-known coffee retailer Starbucks and supported by other popular local tenancies.
The property, which has been meticulously maintained and is zoned Business – Metropolitan Centre Zone under the Auckland Unitary Plan, returns $259,517 plus GST in net annual rental income.
Sitting on the corner of Parkway Arcade, the property enjoys significant foot traffic that will only continue to grow as Takapuna’s town centre undergoes further commercial and residential investment.
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Colliers Directors Matt Prentice and Shoneet Chand have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 12 April, unless sold prior.
Starbucks leases 163sq m of ground floor retail space and have a 12-year lease with a final expiry of June 2031. Their lease agreement provides $137,917 plus GST in net annual rental income and includes 3 per cent fixed annual increases.
Razor Room, a busy local barbershop, leases a 38sq m space on the ground floor and their two-year lease includes one further right of renewal for two years that can be enacted in September 2022. Their lease provides $20,000 plus GST in net annual rental income and includes a market review on renewal.
The remaining ground floor tenant is Keto Eats, a boutique food retailer specialising in keto food. They have a three-year lease on their 43sq m space with two further rights of renewal for three years each in 2024 and 2027, leading to a final expiry of January 2030.
Their lease agreement provides $24,600 plus GST in net annual rental income with market reviews on renewal and two-yearly CPI plus 1 per cent increases, except for the years when the market reviews take place.
Yoga, health, and wellness studio Golden Yogi leases 173sq m of floor space on Level 1, known as Suite 1. Their lease has a final expiry of May 2024 and provides $54,826 plus GST in net annual rental income.
Suite 2 on Level 1, measuring 56sq m, was recently leased to AGE School on a new long-term lease, which provides $22,174 plus GST in net annual rental income with a 3 per cent annual increase.
Chand, Director of Investment Sales at Colliers, says this site makes for an exceptional investment opportunity given the long-term leases in place.
“There is a strong tenant covenant with this offering that is led by anchor tenant Starbucks, one of the world’s most recognisable brands,” Chand says.
“Aside from the security on offer through the existing tenants, the building has been kept in immaculate condition, making this a low maintenance purchasing opportunity that will be highly desirable for buyers.
“The road and arcade frontages have extensive covered verandas, providing protection from the elements for shoppers.”
Prentice, Director of Sales and Leasing at Colliers, says this highly visible property enjoys excellent street exposure in a prime location.
“Takapuna is one of the North Shore’s most vibrant commercial and retail hubs, while sitting only 12km from Auckland’s CBD,” Prentice says.
“The subject site is a short walk from Takapuna Beach and there is a wide range of popular neighbouring retail offerings that are well-serviced by nearby car parking.”
- Article supplied by Colliers
