"Barrys Point Rd is sought-after due to its high profile, closeness to Takapuna's town centre and future redevelopment potential. Investors will be able to draw on income from two tenants, with the opportunity to add value by leasing the vacant space. Owner-occupiers will appreciate that one of the buildings comes with vacant possession, while drawing rent from the other. Long-term investors, land bankers and developers grasp the value of the properties' Business Mixed Use zone, allowing for intensive residential and commercial redevelopment.
"Rarely do investment and future redevelopment sites come to the market on Barrys Point Rd, let alone two adjacent sites."
The properties are located on the eastern side of the road, within walking distance of the town centre, Takapuna Beach, and the Akoranga Northern Bus Station.
"There's easy accesses to the motorway system, putting Auckland's CBD less than 10 minutes' drive away, outside of peak times," de Zwart says.
The sites are mostly rectangular in shape and relatively steep.
The Takapuna properties are roughly identified by a blue border. Photo / Supplied
At 42 Barrys Point Rd the fully-leased property comprises a character wooden commercial building divided into a coffee bar and office.
"The main level has polished rimu floors and additional storage is located beneath the building," de Zwart says.
The property earns about $54,522 net in rent from one fixed-term and one casual tenant. The main tenant is Coffix Limited, which operates a specialty coffee shop and cafe on the site under the Coffix brand. The company signed up to a three-year lease in February this year, with two rights of renewal of three and two years each. The lease earns $50,000 a year plus GST, with fixed Consumer Price Index rent reviews to take place in 2020 and 2022. A market rent review is due to take place in 2024.
"Coffix started as a small kiosk on Auckland's K'Road, making a name for itself with $2.50 fixed-price coffees," de Zwart says.
"It operates numerous branches and franchises, and continues to deliver on its commitment to competitive pricing, fast and friendly service, and fresh, fair trade organic coffee."
The remainder of the property's income is from four of the 12 car parks at the bottom of the site, which are rented to neighbouring business The Dental Experts on a casual weekly basis.
At 44 Barrys Point Rd the adjacent property comprises a two-level commercial building with a net lettable area of 317sq m. Prentice says it is available with vacant possession, making it ideal for owner-occupiers or add-value investors.
"It has retail and showroom space on the ground floor, plus a workroom and storage area on the lower level. It features a glazed front facade and painted concrete block walls, with a pitched roof and ceiling."
The property has six car parks and an area of land at the back that could be suitable for development, expansion or more car parks, with access via the neighbouring property at No 42.
Prentice says Business Mixed Use zoning across both sites allows for development up to 18m, which would be appropriate given the area's amenity.
"The location and zoning make these properties well-suited to a mix of ground floor retail with apartments on the upper floors," he says.
"Residents would be able to enjoy views over and access to a council reserve and an adjacent tidal wetland, located at the rear of the property.
"It's also close to AUT's North Campus and Rosmini College."
