Beachside option for investors or owner- occupiers
Colin Taylor Owner- occupiers or investors have the chance to bid for a beach- front investment property, occupied by a cafe and restaurant at Waiake Beach, North Shore.
The property at 936 Beach Rd, Auckland, occupied by Tides Restaurant and Cafe, is being marketed by Euan Stratton and Deborah Dowling of Colliers International and is due to go under the hammer at 1pm on Wednesday, August 21, at 151 Queen St, Auckland.
Leased to the cafe and restaurant operator on a four- year term expiring in 2016, the property is producing net annual rental income of $ 40,500.
Waiake is an established and affluent seaside suburb located between Torbay- Browns Bay on Auckland’s North Shore.
The 150sq mbuilding, which offers unimpeded sea views over a bay, has been occupied by popular local restaurants for more than 20 years. It has a covered outdoor seating area and adjacent street parking.
‘‘ This tenant has a very successful, longstanding business and this is the only commercial premises serving Waiake Beach so it is a popular local meeting place,’’ Dowling says.
‘‘ The operators have taken over the premises, previously occupied by the Art Ducko restaurant, given the place a makeover and relaunched it as a successful eatery which is open day and night.’’
In addition, retail properties which are priced at an accessible level for individual investors are a ‘‘ sweet spot’’ in the market at the moment, with retail the most popular commercial property investment category, says Dowling.
‘‘ We expect individual investors, as well as those looking to a establish a foothold in the retail property market or perhaps diversify out of the residential market, to be particularly interested in this bite- sized property.’’
Stratton says it represents the type of well- located, strongly- tenanted investment which is in demand at the moment.
The property has the only commercial zoning in the immediate locality and offers scope for future redevelopment. ‘‘ Given a favourable Business 1 zoning, there is the potential to add value to the property by splitting it into two separate tenancies for example, and providing a dual cafe- restaurant and retail offering.’’