A convenience retail building on an underutilised site in the heart of Manly Village on the Whangaparaoa Peninsula is up for sale offering a variety of future add-value opportunities.
The 170 sq m single-level building, developed in the 1970s and fully leased to three retail tenants, occupies only around one quarter of the 661m2 of land that it sits on at 60 Rawhiti Road in the centre of Manly’s main commercial precinct.
It is currently home to the Manly Village Bakery, which has been in occupation for over a decade, a florist and Frankies Gelato & Deli whose varied range of products includes award-winning gelato, sorbet and ice cream, coffee, salads, artisan cheeses and gourmet meats.
The three tenancies are generating total net annual rental income of $69,560 plus GST.
Featured in Bayleys’ Total Property portfolio, the property is for sale by tender closing 4pm December 6, unless sodl prior. Adam Curtis and Damian Stephen, Bayleys North Shore Commercial and Mustan Bagasra of Bayleys’ Orewa office are the marketing agents.
Adam Curtis says the property’s high profile main road position close to a busy roundabout in the centre of Manly and its Auckland Unitary Plan Neighbourhood Centre zoning means it has significant development upside.
“The very low site coverage and dual access both from Rawhiti Road and Leal Place, at the rear, provides a real opportunity to add a whole lot of value to this land holding. The current owner has already taken significant steps in this direction by developing detailed plans and concept drawings for a redevelopment of the full site. These have been submitted to Auckland Council for resource consent approval and the vendor has already put a lot of preparatory work into meeting council requirements.”
The proposed redevelopment comprises:
• A four-storey building with a maximum height of between 13m to 14.56m;
• Eleven residential apartments over the three upper levels;
• Three retail units on the lower level street frontage ranging from 42m2 to 107m2;
• 11 basement car parks;
• Unit titling of each of the residential and retail units, providing potential for these to be sold off individually.
Damian Stephen says the new owner could choose to continue with these plans, with most of the initial hard work already done, or investigate other options for the site.
“The existing three leases have demolition clauses, allowing a purchaser to activate these to redevelop the entire site or they could look to add value by building on the existing well-established and diverse tenancies and renegotiating these leases. They could then potentially add further shops to the site to enhance its critical retail mass and perhaps build apartments at the rear away from the busy street frontage. There are a number of options that could be considered.”
The Business – Neighbourhood Centre Zone applies to single corner stores or small shopping strips located in residential neighbourhoods that provide residents and passers-by with frequent retail and commercial service needs. Residential use on upper floors is permitted and encouraged by Auckland Council, says Damian Stephen.
“Development is expected to be in keeping with the surrounding residential environment and requires council assessment in order to ensure that it is designed to a high standard that enhances the quality of streets within the area and public open spaces.”
He says the contour of the site rising from the Rawhiti Road frontage towards the rear boundary means future residential development would benefit from views out to the Hauraki Gulf with eastern-facing apartments having an urban outlook towards the Auckland CBD.