‘Golden goose’ atop Waiheke’s main strip
A multi-tenanted commercial complex with views of the Hauraki Gulf is a rare offering in the heart of Waiheke Island’s market centre.
The development on 1087sq m of freehold land at 153 Ocean View Rd is fully occupied by six tenants catering to the island’s residents and a consistent stream of tourists.
Bayleys salesperson Mana Tahapehi says the property is a valuable acquisition on the island’s most prominent retail strip, where a limited supply of property is tightly held and in-demand amongst tenants.
“While Waiheke Island has evolved from a bohemian community into New Zealand’s answer to New York’s Hamptons – with its high proportion of desirable real estate – a limited supply of commercial properties service a permanent island population of nearly 9500 plus holiday homeowners and year-round visitors.
“This scarcity provides an inherent land value for the subject property, which occupies an exceptional vantage point with stunning views over Oneroa Beach.
“Ocean View Rd is the primary access route for visitors arriving via the Matiatia ferry, and the village has naturally established a lively business district featuring art galleries, restaurants, services and community facilities.
“This reputation has ensured little-to-no vacancies for the subject property, with operators eager to establish a foothold. This has led to a high level of competition for suitable commercial accommodation.
Tahapehi is marketing the property by tender closing 3pm, Wednesday April 10, unless sold prior.
The multi-level improvements, which comprise a tiered configuration facing northeast over Oneroa Bay toward the Coromandel Peninsula, feature a lettable area of 519sq m. Six individual tenancies generate an annual net rental income of circa $357,478 plus GST and outgoings.
Current tenants include a popular restaurant, cafe, local wine retailer and the island branch of Skin Institute NZ.
Tahapehi says the current mix of tenants occupy the premises on varying lease arrangements reflecting a Weight Average Lease Term of 3.76 years.
“Island stalwarts like the hospitality tenants—Vino Vino, the Waiheke Wine Centre and Akito Cafe — have committed to long-term leases, while the diversity of occupation provides a split-risk opportunity for future leasing and scope for upside rental potential.”
The large landholding is intersected by drive-around access, and a portion of vacant land on the property’s northeastern boundary features resource consent for two residential townhouses.
“The townhouse designs have been prepared by Macintosh Harris to leverage expansive views of Oneroa Beach.
“With residential properties on the island commanding significant prices, this represents a substantial add-value opportunity to maximise the new purchaser’s advantage by utilising the entire landholding..”