Takapuna poised to grow up

10:00 AM Monday May 9, 2016 Paul Charman

The Lake Rd property is in the centre of well-to-do Takapuna.

A steady rise in commercial property values at Takapuna could be about to go exponential.

Under the Proposed Auckland Unitary Plan, Takapuna is to become a Metropolitan Centre, meaning buildings may reach a height limit of 72.5 m, or 18 storeys.

Close proximity to the best beach in Auckland City seems a powerful incentive for developers to build medium-rise here, catering for dwellings, commercial services, food and beverage operations, offices and retail — which are all to be allowed.

So the question is not whether the imminent zone change will boost commercial values in this high-end retail precinct, but by how much?

Hence all eyes are on 453-459 Lake Rd, Takapuna, a property for sale by auction on June 1, unless sold by negotiation ahead of that date.

This building of about 447 sq m is on a site of about 528sq m, with a wide frontage on to Lake Rd — a site eminently suited to future medium rise, according to Dave Lane of NAI Harcourts North Shore.

Lane, who is marketing the property, points out that it has four self-contained tenancies, “and the current owner says he has not experienced a vacancy while owning it”.

453 Lake Rd from above.jpg

“This property is situated in an outstanding position in the centre of Takapuna.

“Surrounded by office and retail buildings, there are also many residential properties nearby which ensures heavy foot traffic,” says Lane.

“Aside from the obvious future development potential, it should be noted that a multi-tenanted property like this one rarely becomes available in Takapuna.

“It is a low-risk investment, and given that Takapuna is a world class destination with strong prospects for growth, I’m expecting this property to be very popular with investors.”

The building is of concrete block construction with an iron roof.

The site is a rectangular shape with a level contour, with a 14.95 m of street frontage on Lake Road.

The rear of the property is accessed via a service lane behind the properties fronting Lake Rd.

Three current tenants are located at the front of the building, with a fourth occupying a space at the back.

They are: Takapuna Liquor Spot, Ezone Computers Limited, Pizza Club and Sunvital.

“This is arguably one of the best investments you could make, with solid multi-tenanted income, accompanied by unlimited potential in this vibrant destination.”