Investors catch wave for Takapuna makeover
An important urban regeneration project to rival the success of Auckland Central’s Wynyard Quarter will see two prime sites with valuable density provisions generate high levels of interest among investors and developers.
Totalling 3546sq m of freehold land at 521 and 529 Lake Rd, Takapuna, the properties are zoned Business– Metropolitan Centre, providing for scale and density that is second only to the city centre.
Bayleys salesperson Matt Mimmack says Auckland Council and its development arm, Eke Panuku, are committed to intensifying the Takapuna Town Centre through mixeduse development in partnership with the private sector.
“A high-level directive from council to maximise existing assets is encouraging new investment, with a coordinated approach to key initiatives set to deliver on the Takapuna Centre Plan’s vision for a vibrant and revitalised central hub on the North Shore.
“This presents a prime opportunity to unlock the potential of the underlying land, which is close to an established retail area, amenities and less than 1km from the golden sands of Takapuna Beach.”
Mimmack is marketing the properties for sale together or separately by international tender closing at 4pm on Thursday, November 9, unless sold prior, with colleagues Ranjan Unka and Michael Nees.
Two multi-tenanted commercial properties occupy the sites, totalling 7036sq m with seismic assessments of 71 and 80 per cent, plus 71 carparks.
Unka says the properties are on a busy corner next to the Shore City Shopping Centre and generate a combined annual rental income of $2,688,395 net plus GST from eight tenants, including office occupants, retailers and a government agency.
“The existing tenancy profile lends itself to multiple investment options. These include redevelopment and conversion, and add-value and passive investment opportunities,” he says.
There is land for expansion on the 521 Lake Rd site, which offers the potential for expansion/redevelopment as leases expire.
Nees says Takapuna is the logical urban capital for northern Auckland, with its proximity to motorway interchanges and an established transport network courtesy of the Northern Busway.
“The existing built environment and infrastructure presents an opportunity to leverage what has already been developed. Works have begun on a $400 million regeneration project spearheaded by Eke Panuku and large-scale development firm Willis Bond, which will deliver 110 premium apartments alongside new retail, office and hospitality spaces in its first stage.”