The recently refurbished two-level building at 46 Hurstmere Road is fully leased to five diverse tenants. Starbucks, a catering business and a boutique barbershop occupy the ground floor, with an office and the well-known Golden Yogi yoga studio above.
The site generates a total net rental income of $265,854 plus outgoings and GST per annum, with a weighted average lease term of some 4.7 years.
Anchor tenant Starbucks, part of a global café chain with 28,000 stores serving millions of customers a day in over 75 markets, occupies an approximately 162-square metre street-front tenancy.
Tahua Capital Limited, trading as Starbucks, pays an annual net rent of $142,054 plus outgoings and GST, on a lease that runs through to 2031. The lease agreement incorporates three percent fixed annual rental growth.
The Hurstmere Road site sits within Takapuna’s Metropolitan Centre, identified by city planners as one of a handful of hubs ripe for some of Auckland’s most intensive development activity.
It presents dual frontages to Hurstmere Road and the Parkway Arcade laneway, which connects to the Anzac Street carpark – now the focus of a multimillion-dollar redevelopment.
The freehold property at 46 Hurstmere Road, Takapuna, Auckland, is being marketed for sale by Terry Kim, Michael Nees and Steven Liu of Bayleys North Shore Commercial.
Sale is by deadline private treaty closing on Thursday 18 May, unless the site is sold prior.
Kim said the property consisted of an approximately 473-square metre building on some 275 square metres of freehold land.
“The property has been refurbished to a high-quality standard and presents as one of the finest commercial buildings on Hurstmere Road.
“It is constructed with concrete foundations and a reinforced concrete structural frame. External walls are a combination of plaster, reinforced concrete structural frame and concrete block, and the building is topped with long-run steel roofing,” Kim said.
The structure has an Initial Evaluation Procedure seismic rating of 70 percent of new building standard.
Nees said the site sat within one of just a handful of designated Metropolitan Centres under the Auckland Unitary Plan.
“These centres are identified for growth and intensification and are second only to the city centre in overall scale and intensity. The zone supports wide-ranging activities, from commercial and high-density residential to leisure, tourist, cultural, community and civic services.
“Takapuna is already considered the North Shore’s premier commercial centre, providing shopping, recreational facilities, employment and commercial services in a beach-front setting. The suburb’s future vision is based around increased density with associated high-quality urban design, civic amenities and good access to community facilities, parks and public transport,” said Nees.
Liu said the property for sale sat beside a key redevelopment project under the transformative Takapuna Centre Plan.
“The Anzac Street carpark, adjacent to Hurstmere Road and accessible via the Parkway Arcade laneway, is undergoing a $400 million mixed-use redevelopment over five sites. This is being carried out by Willis Bond, which has built an impressive reputation through world-class redevelopments such as Auckland’s Wynyard Quarter.
“This will add considerable foot traffic to the immediate area and benefit the Hurstmere Road property, and tenants’ businesses, for years to come,” said Liu.