BP station the anchor for prime central site
A high- profile, road- front property is for sale on a key thoroughfare on Auckland’s North Shore with seven established tenants, including a petrol station.
“The property is held within one Freehold title and houses a standalone retail building including one residential tenancy,” says Chase Erceg of Barfoot & Thompson North Shore Commercial who, with colleague Simon Farland, is marketing 8B Target Rd, Totara Vale, for sale by tender closing at 4pm on Thursday, October 29, unless sold earlier.
On the northern side of Target Rd, the site encompasses 1920sq mof land with a generous 53.12m frontage to the busy arterial route. “This is a superb location due to Wairau Valley, Takapuna and Albany being just minutes away,” says Erceg. “The convenience is enhanced by the quick access to the North and Northwest motorways plus schools, parks and the Sunnynook bus station all within easy walking distance.
“The location appeals greatly due to its strategic, central location, its diverse mix of businesses and amenities, and the lack of supply of land to develop.” Erceg says.
“The entire site is currently fully occupied with seven established tenants providing a total annual return of $ 291,645 plus GST,” Farland says “The BP service station is the anchor tenant having recently renewed their lease for another 10 years, making this a bankable investment.”
The property is Zoned Business — Neighbourhood Centre under the Auckland Unitary plan. “This zoning provides residents and passers- by with frequent retail and commercial service needs,” Farland says. “Any future development is expected to be in keeping with the surrounding residential environment and typically enables up to three storeys while permitting residential use on the upper floors”.
The building’s total gross floor area is 864sq m.