18 and 20 Northcroft Street, Takapuna, North Shore

Vendors circumstances have changed

• Current approximate notional net rental of  $511,141.87pa + GST ($346,977.48pa and $219,829.89 + GST respectively) across both properties, potential rental of $800,000pa + GST
• Two adjacent 1,004sqm and 1,014sqm sites zoned Metropolitan Centre
• Current tenancy schedule presents a range of options for investors, owner occupiers or developers

Bayleys as sole agents are pleased to present to the market 18 and 20 Northcroft Street, Takapuna to be sold together.

The properties comprising two well-maintained and presented office buildings in central Takapuna represent a rare opportunity to acquire an asset of this nature in such a tightly-held locality. The asset has served the current owner well over two decades of ownership with a range of tenancy sizes across both retail and office providing a diversified income stream. The existing tenancy profile lends itself to multiple investment options from passive to a more aggressive rental uplift play.

In the mid to long term, the position of these properties will lend themselves to redevelopment, taking advantage of the Metropolitan Centre zoning with an unlimited height overlay which is exclusive to only four blocks in Takapuna with both sites having the benefit of an efficient developable canvas.

With a significant portion of central Takapuna sites accounted for by developers or long term holds for generational landlords options of this nature scarcely make the open market.

Circumstances dictate a transparent, public sales process with the two properties going to auction together on the 12th April (unless sold prior).