A high-profile property with four retail tenants on the corner of Beach Rd and Toroa St at the gateway to the Torbay commercial centre on the North Shore will be auctioned later this month.
The 410sq m standalone building on a 629sq m corner and elevated freehold site at 967 Beach Rd, Torbay is earning $103,445 net per annum from the four tenancies and an ATM.
"This property is an East Coast Bays gem with a lot to offer," says Bruce Jiao of Barfoot & Thompson North Shore Commercial who, with colleague Gary Seekup, is marketing it for sale at the agency's city auction rooms at 34 Shortland St at 10.30 am on November 19.
"Beach Rd is the main street through Torbay and the tenants are well established," Jiao says.
"The property has been held by the present owners for many years with very few vacancies during their period of ownership," he says.
The overall design of the retail block is relatively simple with concrete foundations and floors, concrete block, brick and solid masonry walls, aluminium joinery and a galvanised steel roof.
The four shops on the rectangular shaped site have frontage exposure on to Beach Rd of about 29m and 22m of frontage on to Toroa Rd.
Seekup says the Business 2 zoned corner retail site has good kerbside parking and draws customers from a large surrounding and expanding residential catchment.
"Further mass residential development is currently underway in a major subdivision being completed in several stages immediately north of Torbay," Seekup says.
He says the Business 2 zoning under the North Shore Operative Plan allows a building height of 9m and is commonplace in the suburban retail areas.
Under the proposed Unitary Plan the land is zoned Local Centre, a zoning which applies to a large number of small centres throughout Auckland in areas of good public transport.
"The zone provides for the local convenience needs of surrounding residential areas, including local retail, commercial services, offices, food and beverage and small scale supermarkets. Provisions allow for buildings up to four storeys high, enabling residential use at upper floors," Seekup says.
Jiao says the seaside suburb of Torbay has a relaxed atmosphere with the village centre supported by a variety of shops and services including a supermarket, medical centre, cafes and restaurants. "Most of the retail development is orientated to the Beach Rd frontage which carries a higher traffic flow. There is ample parallel and off-street parking which enhances the convenience-styled shopping
"Properties within smaller suburban shopping precincts in established residential catchments make excellent investments," Seekup says. "Also, current council policies are favouring densification of suburban locations which bodes well for this location - driving leasing demand and future-proofing properties."