A block of retail properties in the popular North Shore suburb of Takapuna that is home to nationally renowned tenants is being offered to the market for sale, presenting buyers with the opportunity to acquire a premier asset with a steady rental stream.
Located at 48 Hurstmere Road, the property has 588sq m of total net lettable area and is tenanted by Burger Burger, Caci Clinic, and local gym The Wait Room.
It sits on a 757sq m freehold site that is zoned Business – Metropolitan Centre Zone under the Auckland Unitary Plan.
The current tenants all have long-term leases in place and the property returns $282,792 plus GST and operating expenses per annum.
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Sitting in the heart of central Takapuna, the property is surrounded by a host of shopping and hospitality options that draw people to the area. The beach and nearby green spaces are only a short walk away.
Hurstmere Road has undergone significant development in recent years, which has created an environment where new apartment complexes have taken shape to complement the vast array of local amenities.
Willis Bond is also developing more apartments on the doorstep of the subject property, which will add more people into this bustling location.
Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale via negotiation.
Burger Burger occupies 282sq m of the property and has been at the location since 2015. Their current lease runs until 2027 and there are two rights of renewal for four years each available leading to a final expiry of 30 June 2025. Their lease agreement returns $139,191 plus GST in net annual rental income.
Caci Clinic Takapuna leases 173sq m of retail space and their eight-year term runs until 2028. With further rights of renewal in place there is a final expiry on their lease of 12 July 2038. Their lease provides $86,601 plus GST in net annual rental income.
The Wait Room began a five-year lease last year and with multiple renewals available their lease has a final expiry of 30 September 2043. The annual rental income from their agreement is $57,001 plus GST.
All three lease agreements have market reviews upcoming during the next few years.
Chand, Director of Investment Sales at Colliers, says this highly desirable passive investment opportunity is underpinned by a strong tenant covenant.
“The retailers in these stores are proven, well-known brands with two of them particularly established in this popular location,” Chand says.
“The future market rent reviews will provide scope for the new owner to potentially grow the rental stream in the future, adding further appeal to this offering.”
The award-winning precinct where these stores are part of was designed by Jack McKinney Architects who specialise in residential, hospitality, interiors, and bespoke commercial projects.
The area has been designed to be welcoming and inviting for visitors and the improved pedestrian access following upgrades to Hurstmere Road has boosted foot traffic in central Takapuna.
Prentice, Director of Sales and Leasing at Colliers, says given the continued investment in Takapuna it is well positioned to thrive as a hub of commercial activity.
“The chance to secure a top-quality asset that features leading-edge design and national-brand tenants is one that should be on the radar of all discerning investors and we encourage people to contact us to explore their options.”
- Supplied by Colliers
