Takapuna building fetches $ 24.5m
A fully- leased, four- level office building on a 2587sq m site with future development potential at 519- 521 Lake Rd in central Takapuna has sold for $ 24.5 million.
The property, featured in Bayleys’ Total Property portfolio, was sold at a 5.74 per cent yield and a land price of $ 9470 per sq m by Simon Aldridge, Michael Nees and David Huang of Bayleys North Shore Commercial.
Government agency Work and Income occupies the ground floor of the 4882sq m building on a lease expiring early next year but has two further three- year rights of renewal.
The three upper levels are occupied by Australasia’s largest television and online marketing company, Brand Developers. It has a 12- year lease expiring in 2026 but the buyer has the option of taking possession of the Brand Developers premises on three years’ notice.
The property, across the road from the Shore City shopping mall, has 31.7m of street frontage on to Lake Rd — with an additional 20.1m of street frontage onto Huron St — and comes with 74 off- street car parks, 69 of which are in the building’s basement.
It i s zoned Metropolitan Town Centre under the new Unitary Plan and has a height allowance of 36.5m meaning a taller structure could eventually be built on the site incor- porating commercial and residential components, says Aldridge. The property is the second large central Takapuna transaction that Aldridge and Nees have been involved in this year. They sold a 1623sq msite at 62- 78 Hurstmere Rd accommodating the Century Arcade retail complex.
Aldridge says there is renewed investor and developer interest in the potential of central Takapuna.
“This has been unlocked by the Unitary Plan and council’s commitment to developing key sites, including the Anzac St carpark and Gasometer site as well as enhancing public spaces and improving the connection between Takapuna Beach and the commercial precinct.
“This zoning and infrastructure overhaul complemented by Takapuna’s unrivalled natural beauty makes Takapuna real estate among the most sought- after in New Zealand.” A 2112sq msite in 3 titles and with 3 street frontages at 57- 59 France St, Eden Terrace, Auckland, long occupied by Kings Arms Tavern, has been sold for $ 7.4 million, representing a land value of $ 3527sq mthrough Alan Haydock, Damien Bullick and Matt Gordon of Bayleys Auckland. The site has a Mixed Use zoning, with a 32.5m height overlay and a 500sq m2- storey building with a lease in place to the Kings Arms Tavern generating rental income of $ 150,000 per annum. A 439sq mtwo- level office building at 102C Mokoia Rd, Birkenhead, Auckland, has been sold at auction for $ 1.62m by Melissa He & Euan Stratton of Colliers International. The sale price represented a yield of 5.5 per cent. Former food court premises at the rear of the Burger King outlet, at 115 Queen St, Auckland, has been sold with vacant possession for $ 1,680,000 through Quinn Ngo, Owen Ding & James Chan of Bayleys’ international division. The 220sq m unit was purchased by an offshore Chinese buyer intending to establish a restaurant. A 2395sqm office/ warehouse facility on a freehold 4375sq msite at 43 Ben Lomond Crescent, Pakuranga, has been sold post- auction for $ 3.695m by Shoneet Chand & Dwayne Warby of Colliers International. A 1361sq mstandalone two- level office building with 27 basement carparks, at 10 Turner St, central Auckland, has been leased for six years to an education tenant at a net annual rental of $ 300,000, by Nicolas Ching and Beterly Pan of Bayleys’ international division. A 305sq mretail property with three tenancies on a freehold 1358sq msite at 423- 427 Beach Rd, Mairangi Bay, has been sold at auction for $ 4.5m by Tony Allsop, Euan Stratton, Jimmy O’Brien & Gareth Fraser of Colliers International.
Simon Aldridge, Bayleys North Shore Commercial
A 1425sq moffice/ warehouse facility on a freehold 2007sq msite at 274 Church St, Onehunga, has been sold for $ 3.53m by Hamish West & Ben Herlihy of Colliers International.