Handy corner site in high-growth Silverdale
The Silverdale St property (in blue border) comprises 12 retail and office tenancies. Photo / Supplied
A retail investment on a high-profile corner site in central Silverdale offers multiple income streams in a fast-growing area.
The 951sq m freehold property at 11 Silverdale St, which is being marketed by Shoneet Chand and Alan Pracy of Colliers International, will be auctioned on May 10, unless sold earlier.
Chand says it is an exceptional chance to secure a solid commercial investment in one of Auckland’s fastest-growing residential areas.
“Silverdale is poised for substantial population growth, driven by large-scale housing developments and Aucklanders making the lifestyle move north,” he says.
“The once-quiet Silverdale township is earmarked as the Hibiscus Coast’s future commercial centre. We’re already starting to see a flurry of activity, with large national retailers setting up shop.”
Chand says the property, comprising 12 retail and office tenancies across a 1366.7sq m two-storey building, is generating $224,556 in total annual rent.
“This is an excellent split-risk investment with multiple income streams and, considering it’s also in a high-growth area, this really is a no-brainer.”
The two largest tenancies have significant exposure on Silverdale St, the township’s main retail strip, just metres from the intersection with the Hibiscus Coast Highway.
The Silverdale Liquor Centre occupies 101.6sq m with good street frontage, while a Bendon outlet store occupies 236sq m with corner profile on Silverdale St and Agency Lane.
The remaining retail tenancies have street frontage on Agency Lane, with current tenants including a cafe, cake shop, picture framer and several clothing outlets.
The first floor comprises several office and storage units, the largest of which is occupied by a church.
Ample angle parking is available on both street frontages, including two dedicated spaces for the disabled, adjacent to a pedestrian crossing. Staff parking is also available on-site at the rear of the building.
Chand says the building was constructed in the 1980s and is in tidy average condition for its age. He says the first floor is under-utilised and could benefit from refurbishment to enable further income streams.
The property is zoned Business Town Centre under the operative Unitary Plan. This allows for a range of activities including commercial, leisure, residential, tourist, cultural, community and civic services, with a focus on commercial activities and growth.
Chand says the property is close to new housing developments, which will bring a new customer base to retailers in the area.
The Millwater housing development is well underway north of Silverdale, with about 3000 sections expected to house over 10,000 residents. Associated local developments include schools, medical centres and recreational facilities.
The primary catchment population is also growing, with 57 per cent growth forecast between 2011 and 2031. An estimated 140,000 people are expected to move into the former Rodney area — a growth rate faster than the adjacent North Shore and the overall Auckland region.
Several new major retailers have recently opened in the area including Pak’n Save and Bunnings. Other national retailers are established at the nearby Silverdale Centre including The Warehouse, Countdown, Noel Leeming, Supercheap Auto, Warehouse Stationery and ANZ.
The nearby Silverdale Mall is due to open at the end of the year, cementing Silverdale as the commercial hub of the Hibiscus Coast.
Chand says recent considerable government expenditure on roading and infrastructure has effectively brought the Hibiscus Coast to within a 30-minute drive of the Auckland CBD.
“The State Highway 1 northern motorway is close by, as are the lifestyle and beaches of Orewa and the Whangaparaoa Peninsula.”