Takapuna duo perfect package for developer

5:00 AM Saturday February 7, 2015 Colin Taylor

These properties are for sale as one lot at 70 & 72 Anzac St, Takapuna.

Two freehold prime commercial properties with 18 car parks, that are for sale as one package in the highly sought after Takapuna precinct, are being marketed as having “huge development potential”.  

“The neighbouring properties at 70 and 72 Anzac Street are on two separate titles but the owner wants to sell them as one lot,” says Gary Seekup, commercial and industrial agent with Barfoot & Thompson Commercial.

In conjunction with his colleagues Bruce Jiao and Tim Bibby, Seekup is selling the properties by deadline private treaty closing at 4 pm on Thursday, February 26 at the agency’s 129 Hurstmere Rd office, unless they sell earlier by negotiation.

With a total combined area of 279 sq m, the two single level buildings sit on 1034 sq m of land and generate a current passing rental income of $174,200 per annum plus GST.

The properties are on the southern side of Anzac Street, a North Shore arterial route, and have strong exposure to passing traffic and a very high pedestrian count. 

Seekup says the buildings comprise two 1950s residential dwellings that have been converted over a period of time into mainly commercial offices accommodation.

“There is no fence between the two properties and the current tenant uses both properties for its business.”

Bibby says the building at 70 Anzac St has been converted with resource consent into four generous offices, a server room, kitchen and bathroom amenities. An extension provides additional office, garage and storage space and a largely concreted area provides parking for at least a dozen vehicles.

The second building at 72 Anzac St comprises two basic but generous offices and a small kitchenette and toilet amenities.

“A two bedroom apartment including a full kitchen and generous lounge are situated at the rear of the building but the internal access from the office has been retained to allow conversion back to full residential or increased office use,” Bibby says. “We are advised that no resource consent for commercial office use has been applied for on this property.”

A separate free standing garage is also on this site along with a concreted parking area for six vehicles.

The leased commercial space generates $156,000 net per annum and the annual rent received from the apartment is $18,200.

Bibby says property is zoned for intensive residential development and offers huge potential.

“The strategy for this zone is to encourage the amalgamation of existing parcels of to enable higher levels of intensification with building heights of up to 10 levels,” he says.

“This location will also be positively impacted by the significant infrastructure projects currently underway including a proposed apartment development across the street at 33-35 Anzac Street.”

Bibby says vacant possession with a possible month by month continuation could be agreed by the current owner occupier allowing for holding income while development options are explored.

Jiao says the location has grown in popularity with many businesses and residents due to the availability of a wide range of amenities and services.

“The property is a short walk to Shore City Shopping Centre, Takapuna Beach and to Takapuna’s main shopping precinct with its cafes, restaurants. To the north is Lake Pupuke and neighbouring parks while Takapuna Primary School is diagonally opposite,” Jiao says. 

“Public transport is well catered for in this vicinity with bus stops in the immediate area on Anzac Street and the main Takapuna bus stop a short walk away on Lake Road. The Northern Busway Stations at Akoranga and Smales Farm are also nearby.

“The properties have quick access to the Auckland CBD across the Harbour Bridge via the State Highway One motorway and are within an easy drive to the neighbouring suburbs of Milford, Northcote, and Devonport.

True Commercial - Gary Seekup. Barfoot & Thompson Commercial - cropped.jpg

Gary Seekup of Barfoot & Thompson. 

True Commercial - Tim Bibby, Barfoot & Thompson Commercial North Shore.jpg

Tim Bibby of Barfoot & Thompson.

20.01.15_Bruce Jiao, Barfoot & Thompson North Shore Commercial.jpg

Bruce Jiao of Barfoot & Thompson.