Manly site is under-developed
A convenience retail building on an underutilised site in the heart of Manly Village on the Whangaparaoa Peninsula is up for sale offering a variety of future add-value opportunities.
The 170sq m single-level building, developed in the 1970s and fully leased to three retail tenants, occupies only around one quarter of the 661sq m of land that it sits on at 60 Rawhiti Rd in the centre of Manly’s main commercial precinct. It is currently home to the Manly Village Bakery, which has been in occupation for over a decade, a florist and Frankies Gelato & Deli whose products include award-winning gelato, sorbet and ice cream, coffee, salads, artisan cheeses and gourmet meats. The tenancies are generating total net annual rental income of $69,560 plus GST.
Featured in Bayleys’ Total Property portfolio, the property is for sale by tender closing 4pm December 6, unless sold prior. Adam Curtis and Damian Stephen, Bayleys North Shore Commercial and Mustan Bagasra of Bayleys’ Orewa office are the marketing agents.
Adam Curtis says the high profile main road position close to a busy roundabout in the centre of Manly and its Auckland Unitary Plan Neighbourhood Centre zoning means it has significant development upside.
Proposed redevelopment comprises:
● A four-storey building with a maximum height of between 13m to
14.56m;
● Eleven residential apartments over the three upper levels;
● Three retail units on the lower level street frontage ranging from
42m2 to 107m2;
● 11 basement car parks;
● Unit titling of each of the residential and retail units, providing potential to sell off individually.
Stephen says the new owner could choose to continue with these plans, with most of the initial hard work done, or investigate other options for the site.