‘Unusual’ Mairangi Bay retail offering

5:00 AM Saturday September 24, 2016 True Commercial

The property at 423-427 Beach Rd is opposite the intersection of Beach Rd and Hastings Rd.

A Mairangi Bay Village retail property has been placed on the market for sale for the first time in its history.

The 1358sq m freehold site at 423-427 Beach Rd is for sale by auction on October 12, unless it sells earlier by negotiation, through Colliers International brokers Tony Allsop, Euan Stratton, Jimmy O’Brien and Gareth Fraser.

“This is a great opportunity to secure a very desirable piece of the Mairangi Bay Village with a holding income of $48,187 per annum plus GST and plenty of future development potential for both retail and residential purposes. Considering the popularity of this North Shore seaside community, it’s an unusual offering,” says Allsop.

The property occupies a prominent position opposite the intersection of Beach Rd and Hastings Rd in the Heart of Mairangi Bay Village.

“The now vacant main 192sq m retail building offers potential for income growth in the retail strip,” says Stratton.

The building’s perimeter walls are a combination of reinforced concrete frames with a double layer of brick infill sitting over concrete foundations and a concrete slab floor. The roof consists of steel beams spanning between reinforced concrete columns, timber joists, and battens and aluminium Alstrip roofing. The Beach Rd frontage has aluminium joinery with full height glazing.

“The adjoining building is occupied by Maxwells Drycleaners and The Opportunity Shop, which appears to be constructed on wooden floors and timber framed walls and cement board cladding. The roof is long run iron, and the shop frontage has wooden joinery with ample glazing to maximise natural light and exposure for retail operators,” Allsop says.

Mairangi Bay on the North Shore is a popular suburb due to its closeness to the Auckland CBD only 16kms away.

“The seaside community is a short distance to Albany, and only 3km to the northern motorway interchange at Constellation Drive,” says O'Brien.

The property is zoned Business Local Centre, which applies to a large number of small centres throughout New Zealand.

“These centres are generally located in areas of good public transport, and primarily provide for the local convenience needs to the surrounding residential areas, including good local retail, commercial services, offices, food and beverage, and appropriately scaled supermarkets,” Stratton says.

The expansion of these centres will be appropriate if it provides greater social and economic well-being benefits for the community. “Provisions typically enable buildings of up to four-storeys high, allowing for residential use on the upper floors,” Allsop says. Not only does this property then allow for retail development it is also an ideal site for the construction of apartments," adds Stratton.

The Mairangi Bay commercial and retail strip lies on Beach Road, which is the main arterial route connecting Takapuna in the south to Browns Bay and Long Bay in the north. The property itself is only a five minute walk from popular Mairangi Bay beach.

There are several high decile primary, intermediate and secondary schools close to the village. Other local amenities include the Pupuke Golf Course, Albany Interplex, the Millennium Institute, Wairau Valley Industrial Estate and the popular Mairangi Bay beach with its views out over the Waitemata Harbour to Rangitoto Island.

According to Colliers International latest research, occupier demand for the retail sector remains strong with a vacancy rate of just 2.9 per cent. This demand is translating into strong leasing activity with rents increasing across most store types. The rise in rents is attractive to investors who remain competitive in this low interest rate environment.