A Takapuna warehouse with office space has been refurbished into six studio offices and is being offered for sale fully leased with six separate income streams.
The 1556sq m freehold property at 13 Barrys Point Rd at the northern end of the street, opposite Countdown, generates annual rent of $181,800.
Marketed by Mike Ryan and Nick Recordon of Colliers International, it will be offered for sale on April 9 unless it sells before that date.
"The sale represents an opportunity to purchase an investment property on one of the best streets on the North Shore where properties are very tightly held," Ryan says.
"It is unusual because it offers six separate tenancies all on one title, on varying lease terms to minimise investment risk.
"It's a very bankable offering to add to an existing portfolio for a private investor or family trust."
The property has a net lettable area of 989sq m and 20 car parks. The tenants are a mix of office, retail and distribution companies on two-year to three-year lease terms.
"The tenants are attracted to the boutique-style office and showroom style of the development," Ryan says.
Moto Imports rents the largest space of 470sq m for $52,000 a year.
A yoga studio, Golden Yogi, occupies a second unit of 113sq m, renting it for $27,000 a year.
The other tenancies include a public relations firm, Superette, a popular fashion store, and two other professional service firms.
"Tenant demand is always strong for premises of this quality and size so close to the Takapuna shopping centre," Ryan says.
Recordon says the building is solidly constructed of concrete block with a favourable seismic report.
"It has been upgraded and refurbished with polished concrete floors, glass-front entrance, distinctive roller doors and good lighting.
"They are attractive units, each having its own kitchen, in an area with very low vacancies."
Recordon says a big benefit of this type of development is that it splits the investment risk across multiple income streams.
"The location is also good with it being close to the Takapuna shopping district, the State Highway 1 motorway and within a short drive of the Auckland CBD.
"It's in a semi-commercial and industrial zone, where many of the older buildings have been refurbished into showroom space and now have a more modern appearance."
Some of the neighbouring businesses along Barrys Point Rd include such well known outlets as JustWorkout, Yamaha, Beaurepaires, Kathmandu and Cyclespot Honda.
The property is zoned Business 9 for a wide range of business activities and under the Draft Unitary Plan is zoned Light Industry.
The maximum height for development in the zone is 12m unless the site is within 30m of a residential or recreation area.
"We expect this property will attract very strong interest," Ryan says. "Surrounding development is on the upswing and tending to a more commercial focus as the street upgrades from its more traditional industrial history."
Barrys Point Rd is the main arterial road linking Anzac St and Pupuke Rd to the north, and Esmonde Rd to the south, carrying about 20,000 vehicles a day. Its link with Esmonde Rd provides easy access to and from the CBD.
The Barrys Point Rd property is close to the Takapuna shopping district, two blocks to the east, offering a wide variety of boutique shops and dining options with more than 50 bars, cafes and restaurants, and theatres, as well as Takapuna's beachfront, which attracts a high volume of visitors.
What's on offer
The property: Six studio offices.
Where: 13 Barrys Point Rd, Takapuna.
Agency: Colliers International.
Method of sale: Auction, April 9.
Venue: Colliers auction room, Level 27, 151 Queen St.
*Variety of lease terms, reducing income risk.
*Close to Takapuna shopping centre and State Highway 1.
*Highly sought-after and low vacancy area.