An ‘unusual’ Mairangi Bay offering
AMairangi Bay Village property has been placed on the market for sale for the first time in its history. The property at 423-427 Beach Rd will be for sale by auction on October 12, 2016, unless sold earlier by negotiation.
The 1358sq m freehold site is being market by Colliers International brokers Tony Allsop, Euan Stratton, Jimmy O’Brien and Gareth Fraser.
“This is a great opportunity to secure a very desirable piece of the Mairangi Bay Village with a holding income of $48,187 per annum plus GST and plenty of future development potential for both retail and residential purposes. Considering the popularity of this North Shore seaside community, it’s an unusual offering,” says Allsop.
The property commands a prominent position opposite the intersection of Beach and Hastings roads, comfortably situated in the Heart of Mairangi Bay Village.
“The now vacant main 192sq m retail building offers potential for income growth in a highly desirable retail strip,” says Stratton.
The building’s perimeter walls are a combination of reinforced concrete frames with a double layer of brick infill; it sits over concrete foundations and a concrete slab floor. The roof consists of steel beams spanning between reinforced concrete columns, timber joists, and battens and aluminium Alstrip roofing. The Beach Road frontage has aluminium joinery with full height glazing.
“The adjoining building is occupied by Maxwells Drycleaners and The Opportunity Shop, which appears to be constructed on wooden floors and timber-framed walls and cement board cladding.
“The roof is long run iron, and the shop frontage has wooden joinery with ample glazing to maximise natural light and exposure for retail operators,” Allsop says.
Mairangi Bay sits nestled into the rolling hills of Auckland’s North Shore, and is a desirable location for its proximity to the Auckland CBD, being only 16km away.
“This is a thriving seaside com- munity located a short distance from Albany, and only 3km to the Northern Motorway interchange at Constellation Drive,” says O’Brien.
The property is zoned Business Local Centre, which applies to a large number of small centres throughout New Zealand. “These centres are generally located in areas of good public transport, and primarily provide for the surrounding residential areas with good local retail, commercial services, offices, food and beverage, and appropriately scaled supermarkets,” Stratton says.
The expansion of these centres will be appropriate if it provides greater social and economic wellbeing benefits for the community. “Provisions typically enable buildings of up to four-storeys high, allowing for residential use on the upper floors,” Allsop says. Not only does this property then allow for retail development it is also an ideal site for the construction of apartments,” adds Stratton.
The Mairangi Bay commercial and retail strip lies on Beach Rd, which is the main arterial route connecting Takapuna in the south to Browns Bay and Long Bay in the north. “This is a sought-after suburb due to its location on the coast and its beautiful, affluent homes that command stunning views of the coastline,” Allsop points out. The property itself is only a five minute walk from popular Mairangi Bay beach.
There are several high-decile primary, intermediate and secondary schools within a close proximity to the village. Other local amenities include the Pupuke Golf Course, Albany Interplex, the Millennium Institute, Wairau Valley Industrial Estate and the popular Mairangi Bay beach with its views out over the Waitemata Harbour to Rangitoto Island.
According to Colliers International latest research, occupier demand for the retail sector remains strong with a vacancy rate of just 2.9 per cent. This demand is translating into strong leasing activity with rents increasing across most store types. The rise in rents is attractive to investors who remain competitive in this low interest rate environment.
The expansion of these centres will be appropriate if it provides greater social and economic well-being benefits for the community.