A strategically located and architecturally designed retail laneway in Takapuna is available for purchase, providing discerning buyers with the opportunity to acquire a premier asset in a location that is undergoing extensive development.
Eat Street, located at 40 Hurstmere Road, has 1,767sq m of total net lettable area on a 1,569sq m site that is zoned Business – Metropolitan Centre Zone under the Auckland Unitary Plan.
The award-winning property has 13 separate income streams and returns $762,318 plus GST and operating expenses in total net annual rental income.
Many of the tenants are signed to long-term leases, indicating their commitment to this prominent site.
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Burger Burger, who occupy the biggest tenancy at 282sq m, recently renewed their lease for another three years.
Sitting approximately 250m away from Takapuna Beach and Hurstmere Green, the property is located by the site that will be developed by Willis Bond, in conjunction with Eke Panuku Development Auckland, to create the Takapuna Central Apartments.
This development is set to reinvigorate central Takapuna and includes 110 premium apartments as part of a multi-stage $400 million project that will be spread over five sites and a total area of 5,560sq m.
Colliers Directors Shoneet Chand, Matt Prentice, and David Burley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 21 November, unless sold prior.
The tenancies of Eat Street range in size from 70sq m to 282sq m and include a complementary mixture of hospitality occupants and retailers, such as Bird on a Wire and Caci Clinic, among others.
Most of the tenancies extend into the next decade if all rights of renewal are taken up and a strong majority of the agreements include either CPI or market rent reviews to promote future rental growth.
Chand, Director of Investment Sales at Colliers, says the location of the property means there is a strong level of foot traffic.
“The masterplan developments happening around this location are part of the regeneration of Takapuna’s town centre that will make the area even more appealing to visitors and locals,” Chand says.
“Hurstmere Road was already an established shopping and commercial precinct in Takapuna that is pedestrian friendly. Further development will only see usage of the area grow. With the beach nearby and plenty of green spaces, this property is perfectly positioned to generate strong customer numbers.”
Prentice, Director of Sales and Leasing at Colliers, says the quality of the building construction adds to the visual appeal of the property.
“Eat Street has won multiple awards at the New Zealand Architecture Awards and has been built in the mould of a Melbourne laneway through the use of recycled bricks, raw concrete, and a new facade,” Prentice says.
“Sitting in a tightly held pocket of Takapuna, the property enjoys high levels of street exposure and visibility.”
Burley, Auckland Director of Investment Sales at Colliers, says the zoning of the property leaves the door open for future development opportunities to further intensify the site.
“The Business – Metropolitan Centre Zone applies to centres located in different subregional catchments of Auckland. These centres are second only to the city centre in overall scale and intensity and act as focal points for community interaction and commercial growth and development and contain hubs serving high frequency transport,” Burley says.
“The zone provides for a wide range of activities, including commercial, leisure, high-density residential, tourist, cultural, community, and civic services with a maximum building height of up to 24.5m allowing for further growth if a new owner wanted to explore such an opportunity.
“We encourage all interested parties to contact us immediately to ensure they don’t miss out on the opportunity to acquire one of Takapuna’s most eye-catching assets.”
- Article supplied by Colliers
