A large West Auckland site zoned for longer term development is up for sale with a lengthy lease in place to restaurant and function venue The Tasting Shed.
The property encompassing 5663 sq m of land at 609 State Highway 16, Kumeu and containing separate commercial and residential buildings is currently generating total net annual rental income of $126,623 from the lease until 2028 to The Tasting Shed.
It is among a wide selection of commercial and industrial offerings scheduled to go under the hammer on December 6 in Bayleys Real Estate’s final Auckland Total Property portfolio auction for the year. It is being marketed by Matt Lee, James Chan and Quinn Ngo of Bayleys’ International Division.
“This an exceptional opportunity to secure a large land holding with high exposure on a state highway,” says Lee. “The property has a highly regarded hospitality venue as its well established tenant and a number of longer term add value possibilities provided by its Future Urban zoning.”
The single level restaurant and function centre, constructed in 2010 and opened in 2011, has a total building foot print of 313sqm, including a 100sqm deck providing extensive outdoor catering options plus internal dining and bar areas and a commercial kitchen.
Access to the restaurant and a carpark at the front of it is via a driveway shared with the neighbouring property tenanted by Coopers Creek Winery.
The residential component comprises a 175sq m four bedroom bungalow situated on the western edge of the property, with separate main road access. “This was upgraded in 2010 at the time the commercial building was developed with a new kitchen and floor and ceiling insulation and the bathroom was also refurbished in 2013,” says Lee. “The Tasting Shed’s lease encompasses both buildings.
“The property is a popular casual dining destination and has been featured in Metro magazine’s Top 50 restaurants for five of the past six years, including 2016 and 2017. It is also well set up for weddings for up to 80 guests as well as for other functions and events, with its nicely landscaped grounds adding to its attraction.”
Located approximately 25km north-west of Auckland’s Central Business District. (CBD), Chan says Kumeu/Huapai has been identified by Auckland Council as one of Auckland's key growth nodes with huge expansion forecast.
“Its population is expected to increase more than four-fold over the next 30 years and the area’s continuing transition from rural to urban will bring with it significant employment opportunities for the local and wider community with good freight access as a result of improvements to the motorway network, increased public transport options and a vibrant town centre.”
The location is served by Huapai District School, with other nearby schools including Whenuapai School and Hare Krishna School. A brand new school, Kumeu Primary School, located on Gilbransen Road close to 609 State Highway 16, is due to open in 2019.
Chan says the property’s Future Urban zoning under the Auckland Unitary Plan applies to greenfield land that has been identified as suitable for urbanisation within the next 30 years.
“The area is well-positioned for further substantial growth in the near to medium-term, with a substantial amount of other land surrounding the main Kumeu/Huapai town centre also zoned Future Urban, including Coopers Creek Vineyard which was established in 1980.“
Close to the property are a number of substantial new residential developments, says Chan. These include:
• The partially completed Matua Residential Estate in Huapai will provide approximately 270 residential lots bordering the Huapai domain, two minutes' drive from the township and 10 minutes from Westgate Town Centre. The first four stages of this development have sold out.
• Kauri Grove will consist of 82 sites with a mix of large lots and medium sized residential sites adjacent to the Matua Residential Estate with bush views to the north. Many established Kauri and Totara trees have been retained. The first two stages of this development, within easy walking of the new Kumeu primary school, have sold out with stage three currently for sale.
• The Huapai Triangle subdivision will ultimately house around 2,500 new residents, with up to 1200 generally north/north-east facing sites with a mixture of section sizes. Within the development will be two recreation reserves with a series of shared cycle trails and walkways. A new block of shops will be located centrally within the Triangle to provide convenience retail services for residents.
Chan says the 609 State Highway 16 offering represents an excellent long term land banking opportunity also offering a significant cahshflow for at least the next decade.