Eyecatching Takapuna lane is a must-see opportunity
An award-winning retail laneway in central Takapuna is being presented to the market, offering prospective purchasers the opportunity to obtain a premium-grade asset with significant rental income and long-term growth potential.
Eat Street is home to multiple tenants, including well-known brands Burger Burger, Caci Clinic, Bird on a Wire and many more. The property provides a total net lettable area of 1750sq m across 1371sq m of building area.
The total net annual rental income for the property, at 40 Hurstmere Rd, is $758,524 plus GST and operating expenses. Many tenants are signed to long-term leases, well into next decade. The 1569sq m site is zoned Business–Metropolitan Centre Zone under the Auckland Unitary Plan.
Designed by one of Auckland’s most highly regarded architects, Jack McKinney, the property has won multiple architecture wards and enjoys outstanding street exposure on a high-profile corner of a major thoroughfare.
Colliers directors Shoneet Chand and Matt Prentice have been appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 15 June, unless sold prior.
The building provides 13 individual income streams and tenancies range in size from 65sq m to 265sq m.
Chand says the property provides a strong tenant covenant for buyers. “This is one of the most compelling split-risk investments that will be brought to the market on the North Shore this year given the eye-catching design where no expense was spared,” Chand says.
“The property represents an unmatched purchasing opportunity with outstanding income growth potential given the long-term leases in place with favourable terms that include multiple rental reviews in the future. The site is professionally managed, which could continue for the new owner if appropriate.”
While offering security for buyers through the diverse mix of tenancies, Chand says the building is also visually stunning and is a key part of the ongoing transformation of central Takapuna that is incredibly pedestrian-friendly, leading to a large amount of foot traffic in the area.
“Auckland Council’s Takapuna Centre Plan includes a focus on a refurbished streetscape of Hurstmere Rd as a key driver of regenerating the surrounding area.”
Takapuna has also seen a major influx of residential development during the past few years with multi-level apartment complexes completed or under construction, contributing to extensive population growth that will benefit retailers in the Takapuna town centre.
Prentice says the property also poses future development opportunities due to its zoning.
“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,” Prentice 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 expansive growth if a new owner wanted to explore such an opportunity.”