Takapuna character has a ton of history
A refurbished character building with a century of history in Takapuna on Auckland’s North Shore is being offered for sale.
Unit C, 187A Hurstmere Rd, is a stand-alone building measuring 117sq m, including a 15sq m mezzanine.
The stratum in freehold property currently sits alongside two other unit titles in the block and the vendor would be supportive to a purchaser converting the property to a fee simple title, subject to the relevant council consents.
National’s Simon Watts, the current MP for North Shore, is the tenant. There is a termination clause in place for the landlord.
The lease agreement provides net annual rental income of $49,500 plus GST and operating expenses and there are three further rights of renewal in place that are tied to the dates of future general elections.
Market reviews will take place on renewal.
Sitting only metres from Takapuna Beach and its popular retail and hospitality strip, this is a rare stand-alone character property in a sought-after location.
Colliers directors Shoneet Chand and Matt Prentice are marketing the property via deadline private treaty closing at 4pm, Wednesday March 20, unless sold prior.
Constructed in the 1920s, the property once served as part of the Takapuna post office.
The building, which includes two dedicated carparks, was substantially refurbished in 2020.
The property is easily accessed via Earnoch Ave and has a strong street presence, owing to its distinguishing features.
Chand says there’s a number of ways prospective purchasers could capitalise on this opportunity.
“With a tenant in place, the new owner may choose to let the lease run and enjoy the steady rental stream that is available. Pending future election outcomes, there could be a lease renewal and future rental growth,” Chand says.
“On the other hand, the building is suitable for a wide range of uses, including commercial office, medical, or even potentially residential, subject to council consent.”
Hurstmere Rd is an established shopping and retail precinct and has enjoyed significant investment during the past decade with street upgrades that have contributed to a growth in foot traffic.
Eke Panuku is leading the urban regeneration of Takapuna on behalf of Auckland Council.
Its most recent major project is Waiwharariki Anzac Square, opened in September last year.
The new town square and civic space connects Lake Rd with Takapuna Beach through Hurstmere Green and Hurstmere Rd and will host events and community activities.
Multiple apartment developments in the surrounding area have also contributed to making Takapuna a sought-after suburb to live in.
Prentice says the opportunity to acquire a character property in a tightly held location such as central Takapuna is seldom seen on the open market.
“There are positive investment fundamentals in place here, including an established tenant.
“The opportunity to exercise the termination clause and potentially utilise the property for an owneroccupier will also hold strong appeal,” Prentice says.