City hotspot offers mixed-use benefits
A wide-frontage property with high traffic flow of some 25,000 vehicles per day, favourable zoning to redevelop or add value, and six income streams, is on the market.
The 1920sq m property is on a high-profile corner site at 163-169 Lake Rd, in the affluent Auckland area between Takapuna and Devonport.
The underlying land is zoned Business Local Centre and Business Mixed-Use, allowing a new owner to redevelop the site with many options available including a mix of commercial, retail and residential.
The property comprises four standalone buildings with a combined lettable area of 682.7sq m over two freehold titles.
It enjoys multiple holding income streams from four commercial and two residential tenants, returning some $206,900 plus GST in net annual rent.
Colliers International North Shore directors Shoneet Chand, Matt Prentice and Euan Stratton have been appointed to market the property for sale by way of deadline private treaty.Offers close at 4pm on Wednesday, November 27 unless it is sold earlier.
Chand says the property makes an astute purchase for investors, land bankers, developers and occupiers. “This property is one of the largest privately owned land parcels on the peninsula and is significantly underdeveloped, giving it enormous future potential,” he said. “The site is ideally suited to a mixed-use redevelopment that would make the most of its intensive zoning and high-profile location.
“It is superbly positioned on Lake Rd, which is the main route between the bustling metropolitan centre of Takapuna and the popular beachfront suburb of Devonport.
“The prime corner site boasts more than 77m of road frontage, ensuring excellent exposure to a high traffic count of more than 25,000 vehicles passing daily.”
Prentice says the property is well located close to North Shore beaches, cafes, bars, restaurants, a movie theatre, gyms and the Shore City shopping centre.
“The surrounding area of Belmont and Bayswater is primarily an affluent residential neighbourhood with excellent public transport, two ferry options to the city at Devonport and Bayswater and good motorway access.
“Add-value properties of this size rarely come to the open market in such a prime, tightly held location, making this a particularly astute buy.”
Stratton says the property’s zoning allows mixed-use development of up to 18m in height.
“Intensification and demographic changes continue to create growth in the surrounding area, supporting the case for future redevelopment of this site.”
The majority of the leases expire within a year. The tenants have indicated that they are keen to stay and extend or enter into new leases.
“This gives options to a new owner if longer development planning time is required, or a longer holding income is the requisite.
The building at 163 Lake Rd comprises a 120sq m character dwelling that was converted into an office in 2006 and has up to 10 car parks in front.
It provides three offices, a boardroom or office, reception area, kitchen and lunchroom, bathroom, and storage or filing room.
The building is constructed of concrete and brick with a solid plaster finish and features native tongue and groove wooden floors, plaster/batten ceilings and a corrugated iron roof.
It is tenanted by Thread Room, which offers sewing classes and workshops to people with a range of ages and abilities.
Directly behind Thread Room is
163A and 163B Lake Rd, a residential property that was purpose-built in
2003 and comprises two units with a combined area of 226sq m.