Shakespeare site ideal stage for developers
A street level view of the Shakespeare Rd property which includes this two-level building.
Shakespeare Road is a main link between Auckland motorway and the East Coast Bays, a destination for folk visiting North Shore Hospital or the myriad private medical services nearby.
The large freshwater lake between Milford and Takapuna makes a trip along Shakespeare almost impossible to avoid.
This is the way almost everyone — with the possible exception of amphibious car owners — must use to skirt the northern side of the lake.
It is both the route to Carmel College and the way to reach opulent Milford at the under-rated far northern end of Takapuna Beach.
Investors and developers, well aware that Shakespeare Rd property is “tightly held”, are now pondering the opportunity to buy-in at the Milford-end of the bustling road.
The site on offer is large and level, being about 1517 in square metres.
It comprises two freehold titles — 3-7 Shakespeare Rd and 9-13 Shakespeare Rd.
The front building, closest to Shakespeare, is a two-level building consisting of four tenancies, which are all leased.
The rear building is occupied by Royal Garden Restaurant and is owned and operated by the landlord.
Marketed by Isaac Tankard of NAI Harcourts Cooper & Co, the property is for sale by negotiation.
Tankard says: “This is a high profile position, with a lot of development opportunity being close to the Takapuna CBD, as well as the Milford mall, cafes and restaurants..”
An artist’s impression of a potential development for the Shakespeare Rd site.
Development concept plans for the property have already been drawn up and are available upon request.
“The commercial precinct in Milford has grown significantly over the past few years with a surge in intensification. Foodstuff’s are currently re-developing the New World on Kitchener Rd and NZRPG are in the final stage of consent for residential apartment towers to be built on the car park attached to the mall.
“In 2015 a Mixed Use development at 116 Kitchener Rd was completed and sold by Harcourts, comprising of one commercial unit, four apartments and four town houses.”
Tankard points out that Milford will undergo significant changes in the near future, with the Proposed Auckland Unitary Plan (PAUP) and this property has the opportunity to be a part of it.
There are currently five tenants paying total net rent of $270,721 per annum.
North Shore Hospice has a three-year tenancy term, with two rights of renewal of three years.
The final expiry date is August 31, 2023 and includes a demolition clause. Rent is $52,000 per annum plus GST for about 170sq m of floor space.
Sirikaya Traditional Thai Massage has a three year tenancy, with two rights of renewal of three years.
The final expiry is January 31, 2024 and includes a demolition clause. Rent is $35,000 plus GST for 140sq m floor space.
An aerial view of 3-7 & 9-13 Shakespeare Rd with property for sale identified by a red border.
Royal Garden Restaurant occupies a floor area of approximately 400sq m and pays $140,000 pa plus GST. The owner of the restaurant owns the property and has the option of a lease back or vacant possession.
Shakespeare Bakery has a three-year tenancy with the final expiry date of May 31, 2018.
Rental is $28,121 plus GST.
Finally, there is a residential tenancy paying rent of $15,600 pa plus GST.
Currently zoned Business 2, under the PAUP it is zoned as Town Centre/Light Industrial. Town Centre zoning provides for a wide range of activities, including commercial, leisure, residential, tourist, cultural, community and civic services.
The height restriction of Town Centre zoning is 16.5 metres with an unlimited building coverage ratio.
Tankard says viewing is by appointment and developers should seize the opportunity to purchase a large site in Milford.
“There are not many opportunities like this available in Milford, with unlimited residential or commercial development potential. I am expecting a lot of interest in this property so contact me sooner rather than later.”