A Takapuna residence converted to commercial use and now anchored by two specialist dental practices is for sale offering potential for future development on under used land.
The 301 sq m two storey brick and weatherboard clad building on an freehold 895 sq m site at 414 Lake Rd is producing net annual rental income of $102,872 plus GST.
It is being marketed by Ranjan Unka, Nick Howe-Smith and Graham Anderson of Bayleys North Shore Commercial and is for sale by tender closing at 4 pm on December 3 unless sold beforehand by negotiation.
Howe-Smith says property is currently zoned Residential 7 which provides a buffer between residential and business and allows for small scale business activities. Under the Proposed Auckland Unitary Plan (PAUP) it is zoned Mixed Use which also allows for residential activity as well as predominantly smaller scale commercial activity.
"Under the PAUP zoning for 414 Lake Road, the standard height is 16.5 metres, or four storeys, with a maximum height of 24.5 metres possible depending on the context," says Howe-Smith.
"This opens up considerable longer term development possibilities for this property given its closeness to Takapuna's central business area and the fact that there is a significant amount of land at the rear of the site which is under used. The property is ideally located to be part of the continuing future intensification and transformation of central Takapuna into a major metropolitan centre."
The 156 sq m ground floor is occupied by North Shore Endodontics Ltd and North Shore Periodontist Ltd, two well established practices which provide advanced, specialist dental treatment. Their current lease runs for six years from August 2014 and provides over 60 per cent of the property's total net annual rental income.
The upper level has 136 sq m office space, plus an 8.6 sq m balcony and has three smaller office tenants on different lease terms.
Anderson says there is just over 15 sq m of vacant space on this floor which provides potential to increase the income generated from the property.
"The building has a good level of air conditioned business accommodation, with a quality fit out and amenities maintained to a high standard. It occupies a fabulous main road location with views of Rangitoto Island and the Hauraki Gulf from the upper floor. A major plus for tenants is the 18 onsite car parks which means there is plenty of parking for patients and clients both at the front and rear of the building."
Unka says the property is strategically positioned on the eastern side of Lake Road on the fringe of Takapuna's central business area, two blocks away from the intersection with The Strand and Hurstmere Road. Lake Road is the main thoroughfare from Takapuna south to Devonport and north, via Hurstmere Road, to Milford and the eastern bays. It is also a major feeder road to the Esmonde Road State Highway One motorway interchange.
"It carries huge volumes of peak hour traffic and provides high exposure for properties like 414 Lake Road that have a dominant road front position which it is why it was converted from residential to commercial use. It is surrounded by a mix of residential and commercial properties and is close to a wide range of amenities including cafes, restaurants, fast food outlets and the Takapuna shopping precinct and business area. Takapuna Beach is also a short walk away. The combination of these factors makes it a very desirable location."
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