‘Competitive’ price expected for Browns Bay unit
The Norfolk apartment building at 19-21 Bute Rd in which Retail Unit 2 is for sale.
A new Browns Bay retail unit that has been given a potential market rental earning capacity of $35,300 per annum goes under the hammer at 11am on Monday May 4 at the Takapuna auction rooms of NAI Harcourts North Shore Commercial.
Agent Tim Turner, who is marketing Retail Unit 2 on the ground floor of the Norfolk apartment building at 19-21 Bute Rd, says he’s anticipating “an extremely competitive price” for the retail property with the developer exiting the complex to focus on an adjoining apartment project.
“The timing of the sale offers investors and owner occupiers the chance to beat construction price rises,” Turner says.
The property with an area of 109 sq m and two car parks will be sold with vacant possession and has a road frontage position opposite the intersection of Bute Rd and Glenn Rd.
“The other retail unit in the Norfolk complex has been sold to a health practioner,” Turner says. Turner says Retail Unit 2 is well positioned to cater to the residents of other apartment buildings in Bute Road and more that will come on stream in the next year or so.
“It would be well-suited to an accountant, lawyer, hairdresser, travel agency, food outlet or any business catering to the needs of Browns Bay’s middle aged and retiree demographic profile.
“With vacancy rates on the North Shore at very low rates and business confidence strong, we would expect the successful purchaser to do extremely well leasing to or operating a business from Retail Unit 2.
“Located only about 300 metres from Browns Bay beach, the 42 apartments in Norfolk Complex proved popular and were all pre-sold off the plans by Harcourts. Now a 52 apartment complex known as The Pines is under development next door and has also been pre-sold from the plans by Harcourts.”
Both the Norfolk and the Pines apartment complexes have been developed by Tasman Cook and built by Kalmar Construction. The property is zoned Business 12B Auckland Council and Town Centre under the Proposed Auckland Unitary Plan.
Turner says Bute Road is rejuvenating from older industrial buildings to retail and high density residential. Nearby is the Browns Bay RSA, the Auckland Council Community Centre Bacchus Apartments, Bay Palms, Bowling Club and a retirement village.
“The Browns Bay area has a host of cafes, trendy bars and restaurants along with boutique shops and health-care facilities,” he says.
“Right now, the low interest rate environment and relatively strong New Zealand economy is stimulating plenty of buyer interest in high-quality properties like this retail unit.
“As property becomes harder to come by close to the city centre, we’re seeing growth in micro-centres around the North Shore, like Browns Bay, and we believe this expansion will continue unabated as Auckland’s population reaches record levels.”
Tim Turner of NAI Harcourts.