Variety a feature of first 2015 portfolio

12:54 PM Saturday January 17, 2015 Colin Taylor

This large freehold site is for sale at 83 Browns Bay Rd.

Barfoot & Thompson Commercial has launched its first portfolio of the new year with a variety of Auckland regional properties featured for sale and lease.

John Urlich, commercial manager for the agency says the properties featured range from Whangaparaoa in the north to Mangere in the south with North Shore properties represented strongly.

One of these is a large triangular shaped freehold site of about 1287 sq m at 83 Browns Bay Rd that is bounded on two sides by road reserves on Beach Rd and Browns Bay Rd.

“This property has huge exposure to all vehicles entering or exiting Browns Bay and is minutes from the State Highway One northern motorway,” says Gary Seekup of Barfoot & Thompson North Shore Commercial who is marketing for sale with colleague Bruce Jiao.

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A new development of eight near identical two-level residential dwellings at 69 McKenzie Rd is planned for completion at the end of January.

Two connected building structures and separated forecourt occupy the site at different floor levels with the tenant operating a vehicle testing and warranty business.

Seekup says the property is zoned Business 1 under the Auckland City Plan 2002 and the total floor area of the buildings is assumed at 298 sq m. It is about 500 metres southwest of the Browns Bay commercial area.

 “The building configuration consists of a reception area and a workshop along with the forecourt and an onsite separate coffee retailing cubicle,” he says.

Jiao says the Browns Bay commercial area is highly sought after and is tightly held - largely by several prominent families.

“As a trophy holding due to its strategic position, 83 Browns Bay Rd property is likely to interest all of these established parties and it is also likely to attract both residential and commercial developers which have re-emerged recently as a significant market force on the North Shore,” Jiao says. “There is also a significant influx of investment money continuing to flow in from the various Asian countries, notably China, with investors prepared to pay significant premiums to secure properties like this in prime positions.”

He says Browns Bay is recognised as a fast developing commercial centre with major tenants and occupiers in Westpac, BNZ and ASB banks along with Countdown and New World supermarkets.

“Many other supportive retail and services are located on Clyde Rd and Anzac, Inverness, Bute and Beach Roads also have secondary business areas.”

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This 1.5 ha commercial development site at 308 Coatesville-Riverhead Highway in Coatesville village earns annual rent of $101,670 from four quality tenancies.

Also on the North Shore, 749 sq m of first floor office space is being offered for lease within the AMI building centrally located on the corner of Lake Rd and Como St in the Takapuna CBD.

“The office floor at 529 Lake Rd is currently open plan but the landlord is keen to work with the prospective tenant to meet any requested fit out requirements,” says Elaine Tutty of Barfoot & Thompson North Shore Commercial who is marketing the space with colleague Tim Bibby.

“The space is offered at a very competitive rental and could well be the most cost effective office lease in the Takapuna CBD at the current time,” Tutty says.

“Directly opposite the building is the Shore City Mall, the central bus terminal and the main council carpark so it is well located with a prominent frontage to heavy vehicle and pedestrian traffic. Lake Road is on the main arterial route through Takapuna and this end of the road has one of the highest foot counts in the commercial area.”

On the other side of Auckland City down in Mangere a new development of eight near identical two-level residential dwellings totalling nearly 2200 sq m is nearing completion on 4694 sq m site at 69 McKenzie Rd and is being offered for sale by Grant Magill and Jesh Jaskiewicz of Barfoot & Thompson Commercial

“Each unit of about 274 sq m, comprising a ground level of 136 sq m and a first floor level of 138 sq m, encompasses nine roomswith shared living, kitchen and laundry facilities,”Magill says.

“Rental on commencement has been estimated at $89,250 per annum per unit for a nine year term or a combined net rental of $714,000 per annum plus GST for the eight new dwellings.”

The main entrance to each building opens into a small reception and lobby area. Adjacent to this area is a laundry room and access to the first level. Beyond this is a kitchen and dining area which opens to a courtyard. A central passageway provides access and entry from the ground level lobby to four double sized rooms, each accompanied by an en-suite and its own private doorway to a courtyard area.

The first level has a small communal living area to the top of the stairs with a central passageway leading to further five double rooms, each with an en-suite and opening onto a private balcony.

A typical room will be fully furnished to include a queen sized bed, wall mounted television, coffee table and chairs, microwave and under bench fridge and freezer.

“Internal linings will be of plasterboard to the walls and ceiling, with carpet flooring to all living areas and communal hallways and living areas,” says Magill. “Floor tiles will be laid in areas subject to dampness like the bathroom, laundry, entry lobby and kitchen.”

Building construction is of reinforced concrete slab foundations, timber and steel framing, concrete and timber flooring, aluminium joinery, timber shiplap exterior cladding with plastered brick veneer, and longrun Colorsteel roofing.

Security systems will require card access to gates, entry doors and bedrooms and will be monitored by closed circuit television (CCTV).

Each dwelling is the subject of a lease to a management company which will be responsible for all outgoings and oversee the administration of the facility where the individual rooms will be leased on a medium to long term basis.

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First floor office space is for lease within the AMI building at 529 Lake Rd, Takapuna. 

“The estimated completion date is the end of January and the development will be strata titled with each dwelling being on its own unit title with shared areas becoming common property,” says Magill.

Jaskiewicz says the complex is being completed to a quality standard, providing in effect studio accommodation along with open car parking for a total of 68 vehicles. These carparks will be leased to the occupants of the individual rooms on an equitable allocation.

Zoned Main Residential, the development is close to Auckland Airport, to the north of the industrial precinct of Airport Oaks and within a suburb populated by a predominantly industrial workforce.

“Convenience shopping is available along Coronation Road at Mangere Bridge Township with a supermarket located on Orly Drive a short drive to the east,” Jaskiewicz says. “More extensive shopping is available within the Manukau Shopping precinct a 10 minute drive away while the Auckland CBD is a 20-25 minute drive during normal traffic flows. Regular bus service also operate along McKenzie Road.”

Just north of Albany, Marie-Anne Molloy of the Barfoot & Thompson City Commercial branch is marketing for sale a prime freehold 1.5 ha commercial development site at 308 Coatesville-Riverhead Highway in Coatesville village only 3 km from the Albany Highway.

“Both developers and investors will find this property attractive,” Molloy says. “The property is in good state of repair, ideal for added value or total redevelopment.”

She says the 15,251 sq m commercial block zoned Mixed Use Retail/Business has a large frontage to the main road opposite the local primary school earns annual rent of $101,670 from four quality tenancies.

Black Cottage Café has a lease with a potential final expiry date of February 2021 and will pay annual rent of $17,000 (rising to $23,500 plus operating expenses and GST from March 1, 2015) while the Schnitzel Inn pays$36,670 per annum plus operating expenses (OPEX) and GST on a lease having a final expiry of June 2019.

Coatesville Garage renewed its lease for a further term of eight years from October 1, 2012, paying annual rent of $28,000.00 per annum, plus OPEX and GST; and the Coatesville Store

pays $20,000 per annum plus OPEX and GST on a lease having a final expiry date of July 31, 2017.

Molloy says the property is situated within a rapid growth area with much redevelopment being undertaken within a radius of 15km radius.

“Recent changes to the council zoning have benefited the site which will have the ability for redevelopment into higher density and higher and better usage under the proposed Unitary Plan,” she says.

“The current conservative tenancy rentals represent a source of real value for potential purchaser due to their potential upside.” 

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Bruce Jiao, Barfoot & Thompson North Shore Commercial.