Takapuna tenants include cobbler

The property 461-467 Lake Rd is well known to Shore shoppers. Photo / Supplied

Brokers believe a Takapuna retail complex will appeal to investors seeking passive income, rental growth and/or long-term development potential.

NAI Harcourts salesmen Andrew Bruce and Rob Meister are selling the well-known property 461-467 Lake Rd, which they see as providing many options.

These include the ability to hold, re-adjust rental income, refurbish or re-develop; and Takapuna steaming ahead with its mix of commercial, mixed use and residential developments in recent years.

The single-level freehold property is to be auctioned on August 23, at 1pm (unless sold earlier).

It comprises a multi-tenanted road-front retail block that has been held by the present owners for 34 years.

"The vendors are ready to pass on the baton to a new owner, who will no doubt come in with fresh ideas of their own," says Bruce.

"In my view, this property offers everything buyers are seeking, including six tenancies, large 451sq m freehold site and five on-site car parks.

"There is an interesting mix of established tenants who have been in place for a long period, plus there's the opportunity for a refresh."

Meister says the dual street frontage is another interesting feature, allowing the award-winning cafe at the rear to have access from the service lane - and via the arcade extending from Lake Rd.

"This arcade houses two other interesting businesses, including Takapuna's best known shoe repair shop and a specialist music retailer — all of which add to this property's vibrancy," he points out.

"The bonus is the Auckland Unitary Plan zoning of Business Metropolitan Centre. This offers a height limit of 24.5m (subject to controls) and with the wide Lake Rd frontage and bonus of the service lane access, it lends itself to future options," says Bruce.

Meister says the property is "a stone's throw" from the proposed new Council car park in Northcroft St, shifting focus to this part of central Takapuna.

"With a capital valuation of $3.3m and total net income of round $133,154 per annum net, this is in the sweet spot for investors who favour bricks-and-mortar over bank deposits."