The land and buildings of the Takapuna Motor Lodge on Auckland’s North Shore are being presented to the market for sale for the first time in 43 years, offering buyers the opportunity to acquire an asset with a steady rental stream and long-term development potential.
Located at 28-30 Taharoto Road, the motel complex has 22 units comprising a mixture of studio and one, two, and three-bedroom units as well as a pool and spa. There is also a four-bedroom manager’s house.
There is 3,485sq m of total land area spread across two titles with a majority of the land zoned Business – Mixed Use Zone under the Auckland Unitary Plan. The freehold property benefits from a prime position on a main thoroughfare.
The lessees have been operating the complex since October 2014 and their current 29-year lease has a final expiry of 1 August 2031.
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The annual net rental income from the lease agreement is $376,476 plus GST and operating expenses. There are future market and annual CPI rent reviews and there is also a maintenance fund that is paid by the tenant in addition to the rent, offering further benefit to the new owner.
Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 12 November, unless sold prior.
The motel complex was originally constructed in the 1970s and extended in the 1980s. A sealed driveway provides loop road access with parking in front of each building block as well as to the rear of the site.
The breakdown of the units includes eight studios, eight one-bedroom units, five two-bedroom units, and one three-bedroom unit.
Chand, Director of Investment Sales at Colliers, says the property possesses excellent investment fundamentals and future upside.
“This is a rare purchasing opportunity given it is on the market for the first time in 43 years. Investors will be attracted to the steady rental stream that is available through an accommodation provider that has enjoyed a long-term lease at this popular location,” Chand says.
“There is future rental growth given the mixture of CPI and market rental reviews that are in place and this will be highly appealing for investors.
“For developers or occupiers who may be casting their gaze into the future, there are considerable development opportunities available with the favourable Business – Mixed Use zoning allowing for a range of different repositioning options.”
The property sits on the western side of Taharoto Road, a busy arterial route connecting to Anzac Street and Fred Thomas Drive in the south and to Wairau Road and Forrest Hill Road in the north. This provides a convenient position on Auckland’s North Shore, in the heart of Takapuna.
The Takapuna commercial centre is a short walk away, offering access to a range of popular hospitality spots, retail stores, and other essential amenities.
Across the road is Taharoto Park and both Lake Pupuke and Takapuna Beach are nearby, offering recreational options.
Prentice, Director of Sales and Leasing at Colliers, says the convenient location of the motel has made it popular among corporate travellers, families, holidaymakers, and short or medium-term visitors.
“Travel to Auckland CBD takes around 10 minutes by car during regular traffic conditions meaning guests can experience the best of the North Shore and the centre of Auckland,” Prentice says.
“Overall, this is a highly strategic asset that has long-term potential and we encourage all interested parties to reach out to us to explore their options.”
- Supplied by Colliers
