The land and high-profile building occupied by one of New Zealand’s biggest and best-known outdoor fashion clothing and recreational products brands –among the broad range of tenants – has been placed on the market.
The four-storey premises in Takapuna on Auckland’s North Shore is occupied at street level by Kathmandu – housing one of the brand’s 48 large retail format stores nationwide.
The lower-level office premises is entirely tenanted by national property development and management advisory services firm Prendos.
The Barrys Point Road building is also tenanted by long-standing New Zealand-owned sheepskin and wool products retailer The Sheepskin Factory, which has been trading from the venue for 10-years.
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Five other tenancies occupy studio and office space on the middle and upper floors.
Much of the commercial office tenancies within the upper portion of the Barrys Point Road premises have unobstructed views of Auckland city across the Waitemata Harbour and the environmentally-protected tidal mangrove wetland area at the edge of the property.
Located at 34 Barrys Point Road, the fully leased property consists of a 3556sq m building sitting on approximately 2104sq m of freehold land zoned Mixed Use under the Auckland Council Plan. It has recently undergone a comprehensive seismic upgrade ensuring the NBS rating of 70 per cent, and the property has a weighted average lease term of approximately three-and-a-half years.
The rectangular-shaped property has a 41m west-facing street frontage and is being marketed for sale by tender through Barfoot & Thompson Commercial North Shore, closing on November 24, 2021.
Salespeople Nick Brown, Simon Farland and Max Andrews said Barrys Point Road had long been a hub for recreation and lifestyle-focussed retailing premises on Auckland’s North Shore, with other similar retail premises along the strip including multiple high-end surfboard, windsurfing, and marine pursuits stores, mountain bike and road cycle retailers, and other sporting and lifestyle options.
“Barrys Point Road has always been one of the North Shore’s prime light industrial and lifestyle-products retail hubs – trading before the Wairau Valley or Albany Basin in their current formats were created,” said Brown.
“While initially catering to North Shore locals over the decades, Barrys Point Road’s reputation is now enhanced by its convenience to State Highway 1 at the end of the road, making it easily accessible to a customer base from all over Auckland.
“Retailers along the strip are also very niche-market focussed on specific products or services – delivering in-depth product knowledge on their chosen fields of expertise and offering a clear alternative to bulk retailers or shopping mall stores. That customer service – as evidenced in the Kathmandu and Sheepskin Factory stores - is what keeps customers coming back to the retail outlets along Barrys Point Road.”
Brown said the eight tenancies within 34 Barrys Point Road – all with a strong presence in their respective fields of expertise - represented a broad split-risk investment opportunity across multiple business sectors.
Combined, the eight tenancies generate net annual rental income of $989,088 plus operating expenses and GST. The full tenancy schedule for the property encompasses:
-Kathmandu on a current lease currently running through until 2026, with one further eight-year right of renewal
-Prendos on a current lease running through until 2025, with two further four-year rights of renewal
-The Sheepskin Factory on a current lease running through until 2023
-North Shore Judo on a current lease running through until 2024, with three further two-year rights of renewal
-Training company CRTA SL on a current lease running through until next year, with a further three-year right of renewal
-Flooring products supplier Inzide Commercial on a current lease running through until 2026, with three further six-year rights of renewal
-North Shore Yoga on a current lease running through until 2025
-Office Products Depot on a current lease running through until 2022.
Farland said 34 Barrys Point Road had customer parking for more than 100 vehicles, 11 at street level immediately outside its front doors. A lift provides access from the basement car parking area to the office locations in the upper floors.
“That impressive level of on-site carparking space at this property is one of the highest for any commercial premises, not only on Barrys Point Road but throughout all of Takapuna – surpassed only by the nearby Countdown supermarket,” Farland said.
He said the natural topography of Barrys Point Road – with the upper estuary reaches of the Waitemata running along the rear of the property being marketed for sale, and council and school recreational playing fields and green spaces on the western side of Fred Thomas Drive – meant that expansion of the strip was virtually limited to vertical developments only.
“Barrys Point Road properties are tightly held for a good reason - they represent real long-term value given the strip’s central proximity to both Central Auckland and the North Shore…linked with convenient transport networks,” Farland said.
“The locale’s underlying mixed-use zoning permits a broad range of uses from commercial, industrial and retail, to multi-storey residential use.”
Andrews said the long-term value of real estate assets in Barrys Point Road was secured four years ago during the creation and introduction of the Proposed Auckland Unitary Plan - which saw a substantial amount of re-zoning classifications and land use across the city.
Some 70 commercial property landlords with landholdings in Barrys Point Road successfully challenged the Auckland Council proposal to change the area’s flexible Mixed-Use zoning to purely light industrial zoning.
"The council’s decision to keep the Mixed-Use zoning intact means landowners can continue to use their ground levels for retail - which is what gives Barrys Point Road much of its ‘buzz’, with office and/or residential accommodation above up to a height of 18m. This provides a huge amount of flexibility and opportunity longer term for the precinct,” Andrews said.
- Article supplied by Barfoot & Thompson
