The upcoming sale of two prime sites in Takapuna’s town centre creates a “once-in-a-generation” opportunity for a new owner to unlock the land’s potential with an intensive commercial or residential project.
On the market for the first time in 40 years, the adjacent sites at 16 and 18-22 Como Street sit strategically with wide street frontage in the heart of Takapuna’s commercial hub.
Metropolitan Centre zoning loads the landholding with potential for a multistorey redevelopment such as a commercial or mixed-use project or upmarket apartment complex.
The property at 16 Como Street contains some 561 square metres of buildings, plus canopy and yard. There are two periodic tenancies in place with further space available to lease.
The adjoining site, offering an approximately 452-square-metre building plus yard at 18-22 Como Street, is fully leased to award-winning mechanic and automotive repairs business Michies Automotive.
The current lease expires in March 2024, with no further renewals. The premises are substantially under-rented.
The freehold land and buildings at 16-22 Como Street, Takapuna, Auckland, are being offered for sale through Stuart Bode and Ranjan Unka of Bayleys Real Estate.
The properties will be sold together by deadline private treaty closing on Thursday 21 September, unless they are sold prior.
Bode said the sites offered a combined landholding of some 1,694 square metres across two fee-simple titles.
“Given the high density-zoning and strategic location, these properties, which have not been on the market for a generation, are now ripe for a new owner to unlock their full potential. They are expected to generate significant interest from developers, land bankers, investors and potential owner-occupiers,” Bode said.
The building at 16 Como Street is of a relatively simple industrial design, with two-storey, low-stud warehousing at the rear, a central medium-stud showroom and a canopy to the frontage. Previously used as a tyre depot and a vegetable supply shop, it has more recently been head leased to a café. The head lease expired at the end of July this year. This site includes off-street parking for around eight vehicles.
The property at 18-22 Como Street – home to Michies Automotive – offers functional low-stud premises typical of many engineering and automotive workshops, with triple roller-door access to the frontage.
The properties sit within Takapuna’s Business – Metropolitan Centre zone, a designation that applies to just 10 town centres across Auckland that are second only to the city centre in scale and intensity.
The centres act as focal points for commercial growth, development and intensification, supporting all scales of commercial activity. The zoning provides for a wide variety of uses, or mixed uses, including commercial and high-density residential, along with tourist, leisure, cultural, community and civic services.
Unka said the properties for sale occupied a central position within Takapuna, the North Shore’s major commercial and retail centre. The potential for redevelopment could be seen in the numerous successful commercial and residential projects already taking place across Takapuna, he said.
“The immediate area is generally seen as the commercial office core of Takapuna – though it also features retail premises, parking and public transport. The Como Street sites are opposite Shore City Mall, and benefit from the associated pedestrian and vehicle flow.
“The area is also home to a number of apartment complexes, demand for which is supported by the presence nearby of quality childcare, primary and secondary schools.
“Residential values in the area are currently well above most of those seen elsewhere on the North Shore and Greater Auckland,” Unka said.