The Kumeu property at 609 State Highway 16 encompasses separate commercial and residential buildings. Photo / Supplied
The Kumeu property at 609 State Highway 16 encompasses separate commercial and residential buildings. Photo / Supplied
A large West Auckland site, zoned for longer term development, is for sale with a lengthy lease in place to a restaurant and function venue called, The Tasting Shed.
The property encompasses 5663sq m of land at 609 State Highway 16, Kumeu, and contains separate commercial and residential buildings.
Itgenerates total net annual rental income of $126,623 from the lease to The Tasting Shed which runs through until 2028.
The property, included within Bayleys final Auckland Total Property portfolio for 2017, is among a wide selection of commercial and industrial offerings scheduled to go under the hammer on December 6.
Matt Lee of Bayleys' International Division, who is marketing it with colleagues James Chan and Quinn Ngo, says the sale represents an exceptional opportunity to secure a large land holding with high exposure on a state highway.
"The property has a highly-regarded hospitality venue as a well-established tenant and a number of longer term add-value possibilities due to its Future Urban zoning," he says.
The single-level restaurant and function centre, constructed in 2010 and opened in 2011, has a total building foot print of 313sqm with internal dining and bar areas, a commercial kitchen, and a 100sqm deck which provides for extensive outdoor catering options.
Access to the restaurant and a carpark at the front, is via a driveway shared with the neighbouring property tenanted by Coopers Creek Winery.
The residential component comprises a 175sq m four-bedroom bungalow on the western edge of the property, with separate main road access.
"This was upgraded in 2010 at the time the commercial building was developed with a new kitchen and floor and ceiling insulation and the bathroom was also refurbished in 2013," says Lee.
"The Tasting Shed's lease includes both buildings. It is a popular casual dining destination and has been featured in Metro magazine's Top 50 restaurants for five of the past six years, including 2016 and 2017.
The Tasting Shed restaurant has featured in Metro magazine's Top 50 eateries for five of the past six years. Photo / Supplied
"It is also well set up for weddings for up to 80 guests as well as for other functions and events, with its nicely landscaped grounds adding to its attraction."
Located about 25km north-west of the Auckland CBD, Chan says Kumeu/Huapai has been identified by Auckland Council as one of Auckland's key growth nodes with huge expansion forecast.
"Its population is expected to increase more than four-fold over the next 30 years and the area's continuing transition from rural to urban will bring with it significant employment opportunities for the local and wider community with good freight access as a result of improvements to the motorway network, increased public transport options and a vibrant town centre."
The location is served by Huapai District School, with other nearby schools including Whenuapai and Hare Krishna schools. A new school, Kumeu Primary School, close by on Gilbransen Rd, is due to open in 2019.
Chan says the property's Future Urban zoning under the Unitary Plan applies to greenfield land that has been identified as suitable for urbanisation within the next 30 years.
"The area is positioned for substantial growth in the near to medium-term, with a substantial amount of other land surrounding the main Kumeu/Huapai town centre also zoned Future Urban, including Coopers Creek Vineyard which was established in 1980."
Nearby are a number of substantial new residential developments, says Chan. These include:
• The partially completed Matua Residential Estate in Huapai with about 270 residential lots bordering the Huapai domain, two minutes' drive from the township and 10 minutes from Westgate Town Centre. The first four stages of this development have sold out. • Kauri Grove of 82 sites with a mix of large lots and medium sized residential lots adjacent to the Matua Residential Estate with bush views to the north. Many established kauri and totara trees have been retained. The first two stages of this development, within easy walking of the new Kumeu primary school, have sold out with stage three now for sale. • The Huapai Triangle that will ultimately house around 2500 new residents on up to 1200 generally north/north-east facing sites with a mixture of section sizes. Within the development will be two recreation reserves with a series of shared cycle trails and walkways. A new block of shops will be located centrally within the Triangle to provide convenience retail services for residents.
Chan says the sale of the 609 State Highway 16 property also represents an excellent long-term land banking opportunity with significant cashflow for at least the next decade.
