Browns Bay Beach Rd property

"This sale represents a chance to buy a freehold commercial property with road front exposure, on a main arterial route within one of the North Shore’s most popular suburbs," says Gary Seekup of Barfoot & Thompson North Shore Commercial.

Seekup and his colleague Bruce Jiao are marketing the property at 748-750 Beach Rd, Browns Bay, for sale by tenders closing at 4pm on Thursday, April 6, at Barfoot & Thompson’s North Shore Commercial Office at 129 Hurstmere Rd, Takapuna - unless it sells earlier by negotiation.

The package

"The package encompasses a freehold land area of 2076sq m on which a 1730sq m building is split into six separate tenancies on various lease terms," Seekup says.

"Car parking is provided both at street level in the front and at Level 1 at the rear with bays for a total of about 40 car vehicles. It should be noted the building area cited excludes the upper level carpark.

"The property generates annual rent of $191,480 plus GST and offers a number of options to both investors and owner occupiers," he says.

"At present five of the tenancies are leased and the sixth, a small office area is vacant."

Seekup says the business uses of the tenants include showroom, warehouse, office, gymnasium and restaurant.

He says the current tenancy arrangements comprise relatively short lease terms which are below market rentals.

"So there is the possibility of restructuring the leases to bring the returns closer to market values and also make the terms more widely varied – which is likely to appeal to either a traditional investor and/or an owner occupier."

Zoning

Jiao says the property constructed around 1980 is now zoned Business Mixed Use under the Auckland Unitary Plan.

"It’s on the western side of Beach Rd about 100 metres south of the Glencoe-Anzac Rd intersection.

The site

"The site, which has a single access to Beach Rd, is near rectangular with a road frontage of 37.52 metres and a depth 55.28 metres. In contour, the land is close to level throughout."

Jiao says the property is strategically placed with Beach Rd serving as the main coastal route linking the various commercial centres and beaches of the East Coast Bays on the North Shore.

Location

"It’s only a short distance to the Browns Bay commercial area and beach. Industrial development in this pocket at Browns Bay is well established and quite dense with a number of buildings like this one having roof top parking to enable a higher building site coverage.

"The Beach Rd industrial area itself has maintained a good demand for tenancies and has had minimal vacancies." Jiao says the recent zoning change to Business Mixed Use occurred under the incoming Auckland Unitary Plan.

"At some stage in the future there will be a redevelopment of this site, or a combination of sites, that will incorporate small scale commercial usage with residential uses.

"The property at 748-750 Beach Rd is ideally situated within a strongly localised community, near to a significant suburban commercial centre, and surrounded by fast developing residential development."