The Titirangi Village pharmacy is among five tenancies for sale in Titirangi Village.
The Titirangi Village pharmacy is among five tenancies for sale in Titirangi Village.
One of the biggest and most prominent commercial property holdings in West Auckland's tightly held Titirangi Village is among over 80 offerings within Bayleys' latest Total Property portfolio which has just been launched on the market.
Located at 408-416 Titirangi Rd and 490 South Titirangi Rd, the property encompasses a substantial landholding of 8938 sq m with future development potential as well as five tenancies currently producing net annual rental income of $262,311 plus GST.
The property is being marketed by Mike Adams, William Coates and James Appleby of Bayleys West Auckland division and is up for tender, closing October 28 unless sold earlier by private treaty.
"Situated in a prime corner position within the heart of Titirangi Village, this property earns strong investment income from a number of well established tenants," Adams says. "In addition, its size and the configuration of the land area allow for a number of future added value options," he says.
"Opportunities to purchase land holdings in this location are extremely rare, particularly with on site car parking with possibility of more which this property has. We expect it will appeal to a diverse range of possible buyers."
The property has been owned by three generations of the Coleman family since the late 1940s when three shops were built on part of the current site by Linden Coleman. These met with such a strong response from customers that additional neighbouring land was acquired and more shops added. Further additions and alterations were made in the 1990s and the family says the shops have always been fully leased.
The property's current commercial accommodation includes just over 700 sq m of street level and basement premises, with access to the basements via internal stairwells and rear doors opening onto the car parking area.
The largest tenancy is a pharmacy which is the only one in the village and been present on the site since it was first developed for retail use nearly 70 years ago. The other tenants comprise real estate agency Barfoot & Thompson, a cafe, a Chinese takeaway and a dairy.
Adams says all the tenants are on four year leases but with a variety of starting dates. "They also have a good spread of final expiry dates of between 2016 and 2024 if the remaining rights of renewal are exercised which will give plenty of options for the next owner.
This aerial view encompasses the retail outlets and large land holding for sale at 408-416 Titirangi Rd and 490 South Titirangi Rd.
"The tenants all benefit from a very attractive streetscape in front of their premises with a wide pedestrian pavement and outdoor seating enclosed by a stone wall and native trees that were installed in the 1990s as part of a council village beautification project. A traffic light controlled pedestrian crossing was also added at this time to give easier access from the other side of Titirangi Road."
The property is in two titles with a combined 2014 Government Valuation of $4,385,000.
The first at 408-416 Titirangi Road comprises 7732 sq m of land sloping from Titirangi Rd towards the rear boundary and has about 50 metres of frontage to Titirangi Rd. The two-level commercial premises are located along the front of this site with the level parking areas to the rear.
Will Coates of Bayleys.
A level grassed area to the rear was originally the site of a dwelling that was demolished some years ago. Adams says this part of the site could be developed. "The land then slopes down towards the bush area giving the tenancies excellent outlooks to the rear over the bush and out to the Manukau harbour."
The second title at 490 South Titirangi Rd has a land area of 1207 sq m and is accessed from that road, near its intersection with Titirangi Rd. Linden Coleman served as the first chief fire officer of the Titirangi Volunteer Fire Brigade and this property once housed Titirangi's first fire station. A large portion of the irregular shaped site is sealed to provide for 21 public car parks.
Earlier this year Mike Adams sold the neighbouring 2664 sq m site at 404-406 Titirangi Road for $3.9 million to a future owner occupier. It had 575 sq m premises producing net annual rental income of $133,570 from four tenancies but also included 273 sq m of empty ground floor space that had recently been vacated by ASB Bank. The vendors of that property had previously owned it for 35 years.
The property now for sale has a current zoning of Community Environment allowing for a variety of retail uses and has a Local Centre and Large Lot zoning under the Proposed Auckland Unitary Plan (PAUP). The Local Centre zoning allows for buildings up to four storeys high, enabling residential use on the upper floors.
James Appleby of Bayleys.
New development within the zone requires resource consent to ensure designs meet high standards which enhance the quality of Local Centre streets and public open spaces.
A resource consent was previously granted in October 2009 for an additional multi storey development, with car parking to the rear, using both sites. This would have more than doubled the size of buildings on the property, with three levels of retail, office and residential accommodation above the car parking.
"This consent was valid for a period of five years from the date of issue, and has not been renewed by the current owners," says Adams. "However, the concept plans that were drawn up by Cheshire Architects will be made available to the next owner if there is any interest in reactivating them."
