Prime retail, commercial block for sale
The high-profile land and building housing a Government agency and a trio of retail outlets in the high street strip of Waiheke Island’s main shopping precinct have been placed on the market for sale.
The 1480-sqm site at 116 Ocean View Road in Oneroa sustains a 471 sqm north-facing building with four tenancies, along with substantial staff and customer parking at the rear.
The street appeal of the block is substantially enhanced by a 16-metre wooden deck and public seating area immediately in front of the shops, which acts as a shopper magnet and ensures the block is one of the most easily recognised properties in the locale.
The block lies within the Oneroa Village Commercial zone and is connected to the Owhanake wastewater treatment plant, so intensification development is permitted on site subject to appropriate council consents.
Located with approximately 21 metres of high-profile street frontage overlooking Oneroa’s main retail strip from an elevated position above the road, the northfacing property is leased by a mix of four tenants generating total net annual rental income of $201,330 plus GST.
The quartet of tenants within the block include:
● Government agency Work and Income New Zealand occupying 257 sqm on a current lease running through to 2023 with one further three-year right of renewal, generating
annual rental income of $89,800 plus GST.
● Souvenir and local crafts retailer Shop the Rock occupying 66 sqm on a current lease running through to later this year with a further six-year right of renewal, paying annual rent of $39,610 plus GST.
● Upmarket homewares shop Veranda occupying 50 sqm on a current lease running through to later this year with a further six-year right of renewal, paying annual rent of $36,003 plus GST.
● Women’s clothing and accessories retailer Salt occupying 62 sqm of space on a current lease running through to later this year with a further six-year right of renewal, paying annual rent of $35,926 plus GST.
The property at 116 Ocean View Road in Oneroa is now being marketed for sale at auction on April 28 through Bayleys Waiheke.
Salesperson Mana Tahapehi said the positioning of the block in the middle of Oneroa’s main street ensured its retail tenants enjoyed a high level of passing trade, while simultaneously providing easy access for the island’s WINZ clients with convenient parking options.
Tahapehi said 16 car parking spaces at the rear of the block were accessed from the Southern Service Lane which also serviced the Auckland City Council-operated Oneroa car park next door.
‘‘The property is surrounded by a mix of retail and food and beverage premises which all enjoy Oneroa’s village hub buzz.’’
Tahapehi said Auckland Council’s Hauraki Gulf Islands 2018 plan raises the potential for redevelopment of properties along the western side of Ocean View Road ‘‘to encourage people to live within the village, perhaps allowing apartments above ground level’’.