Renovated Takapuna bungalow in central location offers option for commercial use.
A stand-alone, fully refurbished 1920s bungalow, which has been converted into professional offices at 419 Lake Rd, Takapuna, has been placed on the market for sale by auction offering a new owner the option of occupying it on a "live-and-work" basis or acquiring a business with a holding income.
Deborah Dowling and Euan Stratton of Colliers International North Shore are marketing the freehold property, which is due to go under the hammer at 11am on July 18 at Colliers' offices at Level 27, 151 Queen St, Auckland, unless it is sold prior to the auction date.
"The building has been fully upgraded to create an attractive, timeless commercial and/or residential offering with plenty of character and practical office layout," says Dowling.
"Its affordable price level and central location will be sought after by a variety of owner occupiers as well as first-time property investors."
The tenant, a database provider, has occupied the property since 2000, but no longer requires premises of this size.
Therefore the owner and tenant have agreed to a three-month notice period for either party to terminate the tenancy.
"This arrangement allows for an investor to receive holding income while retaining the option to renegotiate the terms with the current tenant, or for an owner-occupier to take over the entire building on vacant possession," Dowling says.
The property provides a gross floor area of 170sq m, with a 33sq m front veranda, on a large 750sq m section with on-site parking for six cars and with the possibility to increase the number of parking spaces.
The interior provides for ample offices, a boardroom, reception, open-plan areas and amenities.
The original bungalow received a quality fit-out following an extensive refurbishment completed in 1997, says Stratton.
"Plenty of natural light floods the office spaces and many of the building's original character features have been retained and highlighted, such as the polished kauri floors and open fireplace.
"The full-width tiled veranda with sweeping front staircase is enhanced by plastered columns, an overhead arch and a pergola.
"Well-presented residential properties, with the option for commercial use, do not come to the market very often.
Future redevelopment could also be an option for a new owner, with a number of projects on other nearby properties which are already under way."
A large open-plan area can be created in the front portion of the building by opening the bifolding doors which, when closed, provide a separate boardroom and either a reception area or a fourth office.
The property's wide street frontage gives good profile to passing traffic along busy Lake Rd, Dowling says.
"This location in the heart of an affluent residential area at the southern end of Takapuna's business precinct is traditionally very sought after by commercial tenants, owner occupiers and residential buyers."
The property's location just north of the Esmonde Rd intersection provides direct access to the Northern Motorway, ensuring it is well-positioned for transport links to Auckland's central business district and destinations to the north.
Surrounding properties comprise a mixture of original houses, most of which are now used for commercial purposes.
"With Takapuna Beach a close walk away, this is an ideal location for a vast number of businesses looking for an attractive working environment for their staff, with shopping, cafes and bars and the beach all within easy reach," Dowling says.
Takapuna is one of the North Shore's fastest-growing locations, with sizeable new commercial and retail developments under way, plus redevelopment plans for the beachfront promenade.