One of the most prominent commercial sites in Takapuna has gone up for sale ripe for what has been described as a potential “landmark” redevelopment.
The substantial two-storey office property sits one block from the beach on a corner site with triple frontages in Takapuna’s hospitality and shopping precinct.
The Hurstmere Road site is fully leased to three diverse tenants, anchored by real estate agency Harcourts, along with an orthodontist and a lawyer’s office.
The tenancies generate a combined annual net rental income of $375,626 plus GST.
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Metropolitan Centre zoning loads the site with considerable potential for a multistorey redevelopment such as an upmarket apartment project.
“On the market for the first time in over 40 years, this key site now presents a new generation of investors, owner-occupiers and developers with the chance to consider the options and enormous possibilities it embodies,” said Michael Nees of Bayleys Real Estate.
“Three quality tenants are in place, offering the chance for smart investors to hold and manage the tenancies, or for developers to enjoy a holding income while they prepare to make a lasting impact in Takapuna.
“With significant redevelopment taking place across the entire Takapuna precinct, this site is ready to be maximised to its fullest and best use possible,” Nees said.
The freehold land and building at 128 Hurstmere Road, Takapuna, Auckland, are being marketed for sale by Nees, together with colleagues Peta Laery and Dean Gilbert-Smith, of Bayleys North Shore Commercial.
Sale is by deadline private treaty closing on Thursday 27 October, unless the property is sold earlier.
Laery said the offering consisted of an approximately 1,230-square metre building on some 1,075 square metres of land with seven car parks.
The recently refurbished building contains some nine individual suites, which are fully occupied by its three tenants.
“The property has been occupied mostly by Harcourts for a number of years. The offices house their residential sales team, commercial sales and leasing business, and a property management business.
“This space is tidily partitioned with a quality fit out and there is a large auction and meeting room at the front of the building. Additional space on the first floor houses an orthodontist and a lawyer’s office.
“The building is well provisioned with bathrooms and lunchrooms and has an Initial Evaluation Procedure seismic rating of 70 per cent of new building standard,” said Laery.
The Hurstmere Road property sits within one of just 10 Metropolitan-zoned centres in Auckland, which are identified for growth and intensification on a scale second only to the city centre.
“Given its position in this zone, and its huge visibility at the head of Takapuna’s ‘golden mile’ retail and shopping strip, this site lends itself to a landmark redevelopment opportunity either now or in the future – most likely in the form of upmarket apartments,” Laery said.
Takapuna’s Metropolitan Centre is home to a wide range of bars, restaurants, cafes and retail stores.
Gilbert-Smith said the presence of quality childcare, primary and secondary schools nearby would lend further support to any future residential development at the site.
Current residential values in the area were well above the majority of those recorded in the North Shore and Greater Auckland, he said.
“Alternatively, as a hold, buyers can take confidence from several recent refurbishments of similar buildings that have resulted in significant rental uplifts to $400-$450 per square metre and have had strong tenant demand.”
Less than 10 kilometres north of Auckland’s CBD, Takapuna offers an urban catchment marked by an affluent, well-educated population and a skilled workforce.
“Takapuna is considered North Shore's premier commercial centre, providing shopping, recreational facilities, employment and commercial services in a sought-after beachfront setting.
“Its future vision is based around increased density with associated high-quality urban design, civic amenities and good access to community facilities, parks and public transport.
“The Hurstmere Road site has the added benefit of being close to the Northern Motorway, placing it within a 10-minute drive of Auckland’s CBD, while regular bus services are accessible within a 200-metre walk,” Gilbert-Smith said
- Article supplied by Bayleys
