A prominent property with favourable zoning in a high-profile location in Takapuna on the North Shore presents buyers of all kinds with the opportunity to acquire an asset with considerable flexibility and growth potential.
73 Barrys Point Road, Takapuna is home to a fully refurbished 465sq m retail and warehouse premises that sits on a 1,872sq m freehold site that has approximately 1,000sq m of greenfield development land at the rear of the property.
The site is zoned Business – Mixed Use Zone under the Auckland Unitary Plan, which provides a host of options for buyers who can purchase the property with vacant possession, appealing to owner-occupiers or developers.
It can also be secured with a new three-year lease for the current tenant, suiting investors who will be able to maximise the potential of the site through add-value opportunities.
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Featuring excellent exposure to the street, the property is in a prime Takapuna spot that offers easy access to State Highway 1 providing connectivity north and south.
Barrys Point Road is a sought-after commercial hub on the North Shore and the area is tightly held. Auckland’s CBD can be reached in approximately 10-15 minutes, while Takapuna’s main retail area is only five minutes away.
Colliers Directors Matt Prentice and Shoneet Chand have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 15 December, unless sold prior.
The original structure was built in the 1950s and was renovated recently, including relining and repainting, new plumbing and electrical work, fire protection, four new air conditioning units, and a new kitchenette and bathroom. The exterior has been painted and a new roof installed together with guttering.
The main retail and showroom area spans 186sq m with the rear retail and storage space measuring 187sq m.
The converted workshop space that sits adjacent to the main part of the building is a smaller area that measures 93sq m. The property also includes seven dedicated car parks.
The current tenant is Superette, one of Australasia’s leading fashion retailers who sells an extensive and expertly curated selection of fashion and lifestyle offerings.
Depending on the intentions of the new owner, Superette will begin a new three-year lease commencing at settlement, returning $120,000 plus GST per annum.
Prentice, Director of Sales and Leasing at Colliers, says the property provides vast development potential.
“There’s a range of options on offer for prospective purchasers with this outstanding property that will suit a wide array of needs,” Prentice says.
“Owner-occupiers will have the ability to control their own destiny if they choose to take it over with vacant possession, while investors can secure a steady rental stream as they look to develop the site further in an area of the North Shore that has low vacancy rates and remains in demand.”
Chand, Director of Investment Sales at Colliers, says the zoning of the site will be highly desirable for buyers given the options available for the future of the property, which could include a residential development.
“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport,” Chand says.
“The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres. The zone does not specifically require a mix of uses on individual sites or within areas. There is a range of possible building heights depending on the context. Provisions typically enable heights up to four storeys.”
- Article supplied by Colliers
