The land and building housing a trio of popular suburban seaside eateries – in a prime coastal location opposite one of New Zealand’s foremost yachting clubs – has been placed on the market for sale.
The 480sq m building at 470 Beach Road in Murrays Bay on Auckland’s North Shore comprises a two-storey premises with substantial car parking to service the customers eating and drinking at its tenancies.
The property houses international cuisine restaurants and a classic Kiwi café and is located directly across the road from Murrays Bay Beach – home to the famous Murrays Bay Sailing Club whose list of prestigious sailors includes legendary America’s Cup skipper Dean Barker and New Zealand Olympic representative yachties Dan Slater and Hamish Pepper.
In addition to shared sealed on-site car parking for 17 vehicles and direct access off Beach Road, the trio of food and beverage-focused tenancies and their patrons also benefit considerably from immediately adjoining the Auckland Council-operated public sealed carpark on its beach-facing boundary.
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An underground walkway adjacent to the property provides safe pedestrian access to the beach foreshore and the bay’s scenic coastal walkway which stretches in both directions.
Sitting on some 1236sq m of gently contoured freehold land zoned Business – Neighbourhood Centre under the Auckland Council Plan, the property is now being marketed for sale by tender through Barfoot & Thompson Commercial North Shore, closing on September 30.
Barfoot & Thompson Commercial, North Shore, salespeople Gary Seekup and Bruce Jiao said the two-storey premises – set back from the main road – was believed to have been constructed in the 1950-60s, and now housed one restaurant on the upper floor, along with the other restaurant and café on the lower level.
Situated on a high-profile corner of Beach Road with unobstructed views of Murrays Bay Beach over the road, the property is one of the most instantly recognisable commercial premises along the East Coast Bays corridor, they said.
Busy Beach Road connects the busier urban shopping centres of Browns Bay to the north and Mairangi Bay to the south.
Combined, the three tenancies within the Beach Road address generate annual net revenue of $173,000, and encompass:
-Italian restaurant La Spiaggia occupying 266sq m of space on the top floor on current lease running through to 2024 with two further four-year rights of renewal
-Casual coffee house Jacaranda Café occupying 74sq m of space on a lease running through to 2024 with one further three-year right of renewal
-Indian restaurant The Cinnamon Club occupying 140sq m of space on a current lease running through to 2023 with two further four-year rights of renewal.
“There are few other commercial real estate locations along the East Coast Bays waterfront of this type – with the majority of coastal property being high-value residential homes. It is the epitome of a split-risk investment,” said Seekup.
“All three tenants are very much ‘neighbourhood’ food and beverage establishments focused on serving their immediate community along the East Coast Bays catchment area. Within that dynamic, and because of the location, they all derive strong patron numbers from beach goers and members of the nearby sailing club.
“There is of course the opportunity for a food and beverage focused owner-operator to take a long-term position on the property – which has housed restaurants for many decades. The neighbouring Auckland Council has spaces for more than 20 vehicles and is extremely well utilised on weekends.”
Jiao said the building was predominantly constructed of concrete floors, walls, and concrete columns, on concrete foundations, with aluminium joinery and a concrete tiled roof.
The address’s Business – Neighbourhood Centre zoning applies to small retail sites located in residential Auckland neighbourhoods which provide residents and passing patrons with the likes of food and beverage options “as focal points for the community” and underpinning “opportunities for social interaction.”
The zoning also allows for buildings up to three storeys high with residential use on the upper floors in keeping with the surrounding residential neighbourhood dwellings, and Jiao said this was an aspect potential buyers could look at exploring for possible redevelopment of the site subject to council approvals.
- Article supplied by Barfoot & Thompson
