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Double dip with development upside in seaside suburb

Two future development sites within the North Shore’s major commercial and retail centre will be sold together as works on a significant urban regeneration programme get underway.

The property at 16-22 Como Street occupies a combined 1,694sq m (more or less) freehold land parcel zoned Business – Metropolitan Centre, permitting a level of mixed-use intensification second only to that seen in the city centre.

Bayleys salesperson Stuart Bode says the property has been in current ownership for more than four decades, presenting a significant opportunity to leverage the suburb’s redevelopment credentials.

“Situated in the heart of Takapuna’s commercial hub, this prime asset with high-density zoning features significant development upside with current improvements, which provide holding income from three tenants.

“The suburb’s urban form is rapidly changing to reflect a desirable natural setting between Takapuna Beach, Lake Pupuke, and the Shoal Bay Inlet, detailed in its Takapuna Centre Plan.

“The three bodies of water are a natural draw for residents, and the broader vision is as the North Shore’s premier shopping, recreation, employment and commercial services centre, which underscores ample opportunity for developers, owner-occupiers, investors, and land bankers keyed into the potential of a central, yet underutilised landholding.”

Mr Bode is marketing the property for sale by deadline, with Bayleys colleagues Ranjan Unka and James Chan, closing at 4:00 pm on Thursday, 14th March 2024 (unless sold prior).

The 561sq m (more or less) property at 16 Como Street features a typical two-storey industrial building of low-to-medium stud height with warehousing and a central showroom plus a concrete yard and parking for eight vehicles.

Two tenants occupy the premises on periodic monthly lease terms, and a third tenancy is currently vacant.

The property at 18-22 Como Street adjoins this on its southern boundary, featuring a 1,019sq m footprint and floor area of 452sq m (more or less). Built in the 1950s, it comprises a standard low-stud workshop currently occupied by a motor vehicle service centre.

Mr Unka says the automotive tenant has a lease expiring in March 2024, offering flexibility for a new owner to seek renewal on terms that reflect recent rental growth or pursue immediate plans for development or own occupancy.

“The existing tenancy profile lends itself to multiple investment options, including redevelopment and conversion, and add-value and passive investment opportunities,” he says.

Bayleys salesperson James Chan says Auckland Council and its development arm Eke Panuku are committed to intensifying the Takapuna Town Centre, reflected in significant planned works in partnership with high-profile private sector operators.

“In addition to the new Anzac Square precinct and ongoing works across the beachfront and surrounding streets, the immediate area is set to receive the region’s first major Build-to-Rent asset with 350 apartments in a new high-rise building planned a block behind the subject property.

“Additionally, works have started on a $400 million regeneration project in partnership with development firm Willis Bond to deliver 110 premium apartments alongside new retail, offices and hospitality offerings.

“The suburb’s first rooftop bar and hospitality hub are also in the works as developers Knight Crawford revamp a mixed-use building on the corner of Hurstmere Road and the Strand.

“These projects reflect a high degree of confidence in Takapuna as the North Shore’s economic and lifestyle capital, with large-scale works set to attract a burgeoning population and significant value appreciation potential for existing landowners.

“The preferable mix of a wide road frontage, favourable density provisions, and the chance to collect holding income while development plans are firmed elevate this offering and invite a new purchaser to become a key participant in Takapuna’s modern growth story.”

Click here for more information on the listing.

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