A large, under-utilised land holding close to Browns Bay’s town centre is up for sale offering significant development opportunities.
Located at 732 Beach Rd, the 4,798sqm site currently houses a single-level 1970s’ industrial building. However, its Business – Mixed Use zoning means it could be more intensively developed for a range of residential and/or commercial uses, says Bayleys’ senior broker Alan Haydock who is marketing the offering with Bayleys Auckland colleague Damien Bullick and Bayleys Commercial North Shore broker Michael Nees.
“It is very unusual to be able to secure a site of this scale with a Mixed Use zoning in sought after Browns Bay where commercial property is tightly held,” says Haydock. “The property has huge potential for future development but also offers more immediate add value opportunities.”
Haydock says considerable work has already been undertaken for a 46-unit terrace house development on the property, but the owner has decided not to pursue this. Further information and documentation would be made available to any parties that might be interested in this option.
Another development concept looked at for the site has envisaged a mix of retail/showroom and warehouse units incorporating some of the sawtooth roofline features of the existing building as well as six new apartments.
“There are many avenues that could be pursued for a redevelopment of this large, square-shaped site given its flexible, high-density zoning which allows for a wide mix of activities and buildings up to 13 metres in height,” says Bullick.
“Alternatively, a purchaser could enjoy the current substantial annual holding income of around $200,000 which the property is generating and land bank for the future. There is potential to increase that income and add further value to the existing premises through leasing some vacant space, refurbishing tenancies or extending existing lease agreements.”
There are currently approximately 1500sqm of older-style industrial premises located on the site, configured into a total of 11 tenancies with some lessees occupying multiple tenancies. They comprise a combination of showroom-type premises fronting Beach Rd and more traditional warehouse and workshop tenancies behind.
The property is currently occupied by five tenants on six to nine month tenancies, expiring between January and May next year with no rights of renewal. Current occupants include Yesterday’s Legends Cars which showcases classic cars and auto repair businesses.
The property is for sale by tender closing 4pm, Tuesday, November 9, unless sold prior.
Michael Nees says the offering is situated in a rapidly developing mixed use enclave, surrounded by a mixture of commercial and industrial and residential activities and is a short stroll from Browns Bay’s town centre and beach.
Beach Rd is a major arterial route into the town centre linking with its main street, Anzac Rd. 732 Beach Road sits within Browns Bay’s Business Improvement District (BID) which operates a town centre promotion plan encouraging a collaborative approach to marketing local businesses to residents within the wider suburb. The Browns Bay Business Association acts as the BID’s administrative body and lobbies Auckland Council on commercial activities within the zone.