Two top commercial sites in seaside centre

Elevated view of 3 Moana Ave retail block of eight shops anchored by a Mad Butcher shop. Photo / Supplied

Two prime properties on either side of Orewa's main New World supermarket in Moana Ave, in Orewa's commercial centre, just one street back from the beach, are being marketed for sale by Colliers' brokers John Green and Andrew Hiskens with deadline private treaty, closing at 4pm on Thursday August 26.

One is a single storey freehold retail block of eight shops at 3 Moana Ave, that is anchored by a Mad Butcher. While on five titles, it is being sold as a single block.

Six of the eight stores face Moana Ave and two shops at the rear face Florence Ave and range in size from a small 65sq m Hot Roast unit to a larger 538sq m Mad Butcher outlet which also has a sublease to Brumbies Bakery.

"The property is mainly accessed from Moana Ave, has plenty of on-site carparking and further development potential," says Hiskens.

The retail block is situated alongside the New World supermarket with the Orewa Community Centre at the rear, which provides further access and public car parking.

The 4923sq m property is held under six separate titles that include a 1257sq m car park and a 53sq m public toilet within the main retail building.

"This property has all the benefits of a good central location and strong net passing income of $457,900 per annum [plus GST] from its 1515sq m net lettable area," Hiskens says. "Prospective buyers will also find that there is considerable possible rent growth and long-term potential for this property."

The property is Zoned Commercial 1B (Central Orewa) under the Rodney District Council Operative District Plan 1993, allowing a wide range of commercial services and activities and community facilities.

Unit B2 in the complex, comprising 124sq m, was formerly occupied by a Video Ezy, but is now vacant. Other units are tenanted by The Mad Butcher, Brumbies Bakery, Paper Plus, Green Eden Limited, Lim Bakery, Liquorland and Homemade Roast Meals.

"Seven tenants and only one vacancy is a solid prospect," says Hiskens. "The property enjoys well-known national brands among its tenants and neighbours that include New World supermarket and the Orewa Community Centre."

Hiskens says the property is in a "superb position" located on the northern side of Moana Ave, which is one of the main retail streets in Orewa and with good road visibility.

The second property at 13 Moana Ave, on the other side of the New World supermarket, comprises a rectangular 1260sq m freehold site with a single level 71sq m cottage at the front occupied by the Orewa Police community constable and a two storey 302sq m residential dwelling with parking at the back.

Green says the property generates a current annual income of $26,500 and its Commercial 1B zoning in the heart of Orewa's retail precinct gives buyers flexibility, "It offers both live and work accommodation with cashflow for the present along with landbanking for future growth with income.

"It also benefits from high exposure and a large volume of foot traffic generated by the New World supermarket next door. Improving infrastructure and high value uses in the immediate vicinity promise excellent capital growth prospects.

"This is one of the few potential development sites left in central Orewa so the opportunities for this property with its flexible zoning are many."

The property has a frontage of 97.42m to the southern side of Moana Ave.

"The zoning makes provision for a wide range of activities and community facilities including commercial services, household units at or above first floor level, offices, places of assembly, professional services, restaurants, shops and taverns," Green says.

Hiskens says Orewa is one of the largest commercial areas on the Hibiscus Coast, servicing the surrounding residential areas in Orewa, Red Beach, Silverdale and Hatfields.

"Over the last six years the Orewa commercial area has experienced dramatically increased demand, with vacancy rates at historically low levels and rental rates rising notably."

Green says the commercial precinct is heavily surrounded by well established residential housing, forcing new and proposed development to go up in height. This has subsequently driven land prices up, and resulted in commercial land peaking around $2000 per square metre in late 2007.