A mixed use property in Northcote offering investors an opportunity to spread their risk across multiple tenancies is up for sale as part of Bayleys' latest Greater Auckland portfolio.
Located at 46 Lake Rd, the North Shore property comprises a 780sq m building with four commercial occupants and an apartment at the rear of the 1014sq m site. Currently returning $122,460 gross per annum, the offering is for sale through Simon Aldridge and Ranjan Unka of Bayleys North Shore Commercial by tender closing May 15 unless it sells earlier by private treaty.
"The vendor has decided to pursue other interests and is committed to selling this tidy investment," says Aldridge. "On the market for the first time in 10 years, it will appeal to investors looking for a diversified income from a mix of local and nationally branded occupants in an excellent location in a developing area."
Aldridge says the building dates back to the 1970s although it has been modernised internally and added to over the years. It is constructed of reinforced concrete floors and foundations with a reinforced concrete column and beam framing to the lower levels and steel and timber frames to the upper levels.
A basement showroom area comprises about 340sq m which has side and rear access and houses the property's largest tenant Bambery Trading Limited. It specialises in buying and selling second-hand vintage, retro and designer furniture.
Located at street level and fronting Lake Rd, the property has approximately 335sq m of office space split into separate tenancies with the Northcote franchise of Ray White, one of New Zealand's largest residential real estate agencies, occupying 225sq m of space.
Occupying another office tenancy, to the left of the main entrance, is law firm Bytalus Legal and a mortgage broking business which operates as part of the Australasian home finance chain Loan Market. This has more than 150 brokers and staff operating across New Zealand and, according to www.loanmarket..co.nz, secures in excess of $1.8 billion in home finance each year.
Aldridge says there is a good synergy between the three office occupants as they all offer property transaction related services.
On the upper level of the building there is a modern, spacious 125sq m two-bedroom, two-bathroom apartment which is rented for $480 per week. The main bedroom and living area have balconies overlooking the bush to the rear of the property.
The triangular shaped site adjoins the Kauri Glen Reserve, one of the oldest reserves on the Shore and one of the first to be placed under public management. It encompasses about 10 hectares of land and has a labyrinth of walking tracks though native forest which includes taraire, totara, kauri, tawa, rewarewa and maire trees. Other walking areas close by include Onepoto Basin, the Tuff Crater Reserve and Le Roys Bush.
"It's a popular area to both live and work in," says Unka. "While it's close to the State Highway 1 motorway and on major bus routes, there is a range of recreational amenities on the doorstep."
The property is zoned Business 9, which allows for a range of employment-generating activities, and is also located on the edge of Northcote's light industrial precinct which has some major corporate occupiers including Navman, Smith and Davies and Sealy Beds. Other tenants in the area include the GoFish fishing store, Galaxy Music School and Filter Corporation International.
Unka says Lake Rd is an important secondary arterial route linking Northcote and other suburbs with Onewa Rd and beyond to the SH1 motorway and the Harbour Bridge.
"The property at 46 Lake Rd has excellent visibility to high volumes of passing traffic with good off-street parking at the front of the building. Both Auckland CBD and central Takapuna are only a 10 to 15 minute drive away in non peak-hour traffic."