Prime Browns Bay site for sale with upside potential
A prominent commercial property with a rich mix of tenants and considerable development upside has gone up for sale in the heart of Browns Bay.
The single-storey complex at 68-76 Clyde Rd occupies a high-profile corner site with three street frontages.
Its multiple tenancies include a longestablished optometrist, a UK-inspired grocer, two restaurants, a pet grooming store and a women’s designer clothing outlet. The property offers diversified total net rental income of $315,020 plus outgoings and GST per annum.
Colliers has been appointed to market the freehold land and buildings jointly with Bayleys, for sale by deadline private treaty closing at 4pm on Thursday 1 July, unless sold prior.
Tony Allsop, investment sales director at Colliers, says: “The property for sale consists of buildings of approximately 792sq m on some
1232sq m of land across two freehold titles with the Business – Town Centre zoning under the Auckland Unitary Plan giving it incredible development potential.
“This zone aims to provide a focus for commercial activities and growth in areas around main arterial routes with good public transport access.
“It typically enables buildings of four to eight storeys for commercial or residential uses, or potentially wide-ranging activities such as tourism, leisure, cultural, community or civic services.
“Identified through this zoning as a hub for future growth, Browns Bay’s town centre has large blocks of land that are publicly owned and therefore may be proactively planned to shape development and provide supporting public services such as community facilities or additional parking,” Allsop says.
Janet Marshall, commercial sales and leasing director at Colliers, says: “The property for sale is situated on the western side at the northern end of Clyde Rd, Browns Bay’s main retail strip, at its intersection with Bute Rd. It lies less than 100m from Browns Bay beach via a lane which provides direct access.
“The building has a concrete-block structural frame and sits on concrete foundations. Exterior cladding consists primarily of fullheight glazing, providing tenant businesses with excellent street exposure and natural light.
“The structure features long-run iron roofing and aluminium joinery. Individual units have their own security systems, smoke detectors and predominantly fluorescent-tube lighting,” Marshall says.
Matt Prentice, industrial sales and leasing director at Colliers, says Browns Bay is one of East Coast Bays’ largest and most popular retail and commercial centres. The town centre is home to a wide variety of convenience and retail shops with commercial office space on the levels over and above.
“Additionally, the area has seen a number of residential apartments either recently constructed, under development or planned for the near future. This includes the Victor Apartments, a landmark development which has brought residents and new life to the town centre – therefore boosting foot traffic to retailers.”
Prentice says the site for sale is surrounded by established commercial businesses and close to several schools and childcare centres.
“The beach is also a great asset to the town which adds demand and value to local real estate. In recent years, it has been enhanced with a beachfront boardwalk and the development of adjacent cafes and apartments,” Prentice says.