A ‘smorgasbord’ for a variety of buyers

By Colin Taylor, article courtesy of NZ Herald

A veritable ‘smorgasbord’ of smaller and medium-sized properties is included in Barfoot & Thompson Commercial’s first offering of the year, says Peter Churchill, commercial operations manager.

"These properties will particularly appeal to owner-occupiers, individual investors, family trusts and developers," Churchill says. "Our commercial agents are already fielding a robust level of inquiry from across the market as it comes alive in the new year. We are very optimistic this early momentum will carry on throughout the year."

Included in the smaller commercial properties is a well located two-level retail property in Onehunga opposite the popular Dressmart shopping centre.

The building at 1 Paynes Lane has a total area of 360sq m split over the two levels on a 337sq m site and is being marketed by James Marshall, Nick Wilson and Agnes Teh. It will be auctioned at 10am on Thursday, February 16 at Barfoot & Thompson’s Shortland St auction room, unless it sells earlier by negotiation.

For sale with vacant possession, the building was constructed around 1965 and received a major renovation in 1998 which included extensive external re-cladding and internal re-lining.

Four uncovered car parks are on the eastern side of the property and public car parking is available adjacent to the property.

The main entry is to the top level which comprises a sizeable open-plan showroom area, while an internal stairway leads to the lower ground floor with its retail and office areas, a bathroom and a small kitchenette.

"This property represents an opportunity for investors and owner occupiers looking to secure a prime retail asset in a strong commercial and suburban location," says Marshall who, with colleague Nick Wilson, is also marketing another commercial building for sale in nearby Penrose.

Peter Churchill, Barfoot & Thompson Commercial Manager
Peter Churchill, Barfoot & Thompson Commercial

26 Botha Road, Penrose

This property, at 26 Botha Road sits on a 895sq m freehold site and consists of two warehouse units with a total floor area of 594sq m.  The front unit of 239sq m has access from a roller door at the front and on the side while the rear unit encompasses 355sq m of warehouse and office space.

Also for sale with vacant possession, it will be auctioned in the agency’s Shortland St premises at 10am on Thursday, February 23. 

"Constructed in the 1970s, the property has three-phase power, drainage for food operations, multiple roller door access and is 'container friendly'," Wilson says. "It also has add-value potential with refurbishment and is in an area of Penrose where there is a strong demand for leased industrial buildings.

"Having the ability to lease the two warehouse units separately, it will appeal to investors, developers and owner occupiers," Wilson says.

Property for sale: 26 Botha Rd, Penrose
26 Botha Road, Penrose

595-599 Beach Rd and 601 Beach Rd

Another property having more than one tenancy, is a retail strip in Rothesay Bay on Auckland’s North Shore.

Situated at 595-599 Beach Rd and 601 Beach Rd the property includes three separate retail tenancies - one leased and two vacant – with an associated parking area, plus an additional freehold land parcel bordering the northern.

The property has a three-quarter share of 678sq m and 190sq m of ideal road frontage retail space configured across three separate tenancies along with land in its own right. One of the tenancies is held by a liquor store and the other two are becoming vacant. Each tenancy is of approximately the same floor area.

To the rear, on its own separate title, is 601 Beach Rd comprising 224sq m of freehold land.

"The properties represent a multi-retail purchase opportunity, with the added benefit of freehold land to the rear, in a handy North Shore location," says David Cannon who, with colleague Gary Seekup, is marketing them for sale by auction at 2.30pm on Thursday, February 23, at Barfoot & Thompson North Shore Commercial’s office at 129 Hurstmere Rd, Takapuna – unless they sell beforehand by negotiation.

The Wine Barrel liquor store has a four-year lease until June 2017, with two further rights of renewals of four years remaining.

"With no rental increases in some years, there is the possibility of seeking to adjust the current net annual rental of $10,488 to a market rate," Cannon says.

"The other retail tenancies which are currently occupied by a sales office, could be leased as one, or leased individually, as each has their own separate facilities."

Seekup says the properties form part of the local business centre at Rothesay Bay, on Auckland's North Shore.

"The business centre is located on top of a ridgeline on the northern side of Beach Rd, and the properties for sale are positioned centrally within a row of retail shops.

"This package provides many options for both traditional investors, and owner-occupiers seeking income. Notably it provides a split-risk investment having multiple tenancies and has future development potential," Seekup says.

"Rothesay Bay is a very popular area on the North Shore and this business centre is supported by a large surrounding residential catchment."

Property for sale: 595-599 & 601 Beach Road, Rothesay Bay
595-599 Beach Rd & 601 Beach Rd

15 Williamson Ave, Belmont

Seekup and colleague Bruce Jiao are also marketing another North Shore property for sale which currently houses a residential building, but which has significant commercial potential due to recent zoning changes.

The freehold land area of 839sq m at 15 Williamson Ave, Belmont, is occupied by a 110sq m 1950s residence and is for sale by tender closing at 4:30pm on Thursday, February 23, unless it sells earlier by negotiation.

"Under the Auckland Unitary Plan the property has been rezoned Business Mixed Use and this lot benefits by being close to the Belmont shopping precinct," Seekup says.

"It is for sale with vacant possession at settlement and is strategically located between the Belmont shops, Lake Rd, Seacliffe Ave and Narrow Neck Beach to the east. This is a sought-after North Shore area between Devonport to the south and Takapuna to the north."

Jiao says the change to Business Mixed Use zoning allows for more intensive development typically enabling heights up to four storeys. "The property also has a positive contour for development and is close to public amenities and transport." It has a street frontage of 16m and depth of 52m and is shaped as a comparatively true rectangular parcel.

Property for sale: 15 Williamson Ave
15 Williamson Ave, Belmont

Lot 1, 191 Dominion Rd

Over the harbour bridge and away down in Papakura, another freehold block of land is for sale via private treaty through Rob Taylor and Glen Hitchcock who have been appointed sole agents to market newly titled Lot 1,191 Dominion Rd.

"This 8012sq m lot with a gated vehicle crossover has a long road frontage to Dominion Rd of 79m and is well-located on the periphery of the Papakura industrial precinct," Taylor says.

"Opportunities to purchase vacant land of this nature and in this location are rare in today’s market."

Zoned Industrial 3 under the outgoing District Plan, the property is designated Business Light Industry under the pending Auckland Unitary Plan.

Hitchcock says the new zoning is designed to permit light industrial companies to locate and function productively within the zone which has a maximum height for development of 20m.

Property for sale: 191 Dominion Rd
Lot 1, 191 Dominion Rd. Papakura

About Barfoot & Thompson Commercial

Barfoot & Thompson Commercial offer expertise in industrial and retail sales and leasing, property management and portfolio management.