62-78 Hurstmere Road, Takapuna, North Shore

Prime Development Site with Substantial Cashflow

Tenders Close (unless sold prior)
4pm, Thursday 14 April 2016
29 Northcroft Street, Takapuna, Auckland

This offering provides an outstanding opportunity to secure a prime site in the centre of Takapuna's business and retail precinct which adjoins a large council car park and is a short walk away from one of Auckland's best beaches. The single level retail dwelling enjoys foot traffic on three frontages. The property currently houses multiple retail and food and beverage tenants and is producing net annual rental income of approximately $796,326pa + GST + OPEX.

The current owner of the property has had a bulk and location analysis undertaken for the property with plans drawn up for a possible 6-level building with a gross floor area of 9,060sqm plus a basement level for 51 car parks. It would comprise 1,315sqm of retail at ground level, also incorporating a laneway to and from the public car park, 1,050sqm of office space above this, with four upper levels containing 38 one to three bedroom apartments and balconies.

There are numerous upgrades planned in Takapuna such as Hurstmere Green, The Central Car Park & Hurstmere Road which are all within a 200 metre radius of 62 - 78 Hurstmere Road. The publically funded upgrades combined with the future zoning and huge demand for high spec apartments will allow the future owner the upside whilst collecting the rental in the meantime.