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Takapuna trio: Landmark Halls Corner property portfolio for sale

Takapuna trio_ Landmark Halls Corner property portfolio for sale

Multi-tenanted property portfolio at the intersection of Hurstmere Road and Lake Road for sale as three separate offerings

Takapuna’s iconic Halls Corner property portfolio is on the market, providing a chance to secure a high-profile investment on a landmark future redevelopment site.

The multi-tenanted property portfolio at the intersection of Hurstmere Road and Lake Road is being sold as three separate offerings, allowing investors to buy one, two or all three.

Director Shoneet Chand of Colliers International, who is marketing Halls Corner with Directors Matt Prentice and Euan Stratton, says it is a chance to invest in one of the most tightly held locations on Auckland’s North Shore.

“Halls Corner will have wide appeal to investors, family trusts and future developers. It represents a chance to acquire a true landmark in one of Takapuna’s most prominent locations.

“What makes Halls Corner particularly attractive is the ability to purchase part or all of the portfolio, allowing investors to buy into a tightly held area.

“Each of the three offerings is occupied by between four to seven tenants, providing a solid stream of split-risk income.

“The overall portfolio comprises 17 tenancies that return more than $1.48 million in net annual rent. Strong tenant covenants are provided by national brands like TSB Bank, House of Travel, AMI and Otto Woo.

“Each individual offering is an ideal split-risk investment; taken together, Halls Corner is a formidable investment portfolio and one of the best future redevelopment opportunities in Takapuna.

“The 2,327sq m site sits on four titles with favourable Metropolitan Centre zoning, allowing for buildings up to 24.5m in height.

“A new owner has the opportunity to explore two redevelopment schemes for the site, both based on a seven-level mixed use development with basement car parking.

“This is without doubt the most significant property portfolio in Takapuna to come to market this year.”

Prentice says Halls Corner will benefit greatly from significant public investment in the area.

“Auckland Council has committed to a substantial programme of urban regeneration in Takapuna, which it has identified as a key metropolitan centre for growth and development.

“The work includes upgrades to Hurstmere Road, which will become a one-way street between Anzac Street and Lake Road, with a redesigned streetscape prioritised for people and cyclists.”

Prentice says there is already significant public amenity in the area, including popular Hurstmere Green – a relaxing open space that provides direct access to Takapuna Beach.

“The beach is key to Takapuna’s appeal as both an affluent residential suburb and the North Shore’s premier commercial centre.

“Takapuna provides excellent shopping, dining, hospitality, recreation, housing and employment in a beachside setting only 9km from Auckland’s CBD.

“This high level of amenity is set to drive huge growth in the area, with an estimated 15,000 extra residents and 15,000 employees by 2040.

“A massive influx of residential development is already transforming the Takapuna skyline, with a number of apartment buildings between four to six levels either completed or under construction.”

Stratton says the two development schemes commissioned by the vendor both include apartments.

“The first scheme includes 1,960sq m of retail, 3,590sq m of office space, 48 apartments and 97 basement car parks.

“The second scheme has 2,410sq m of retail, 76 apartments and 104 basement car parks.”

Halls Corner is for sale as three separate offerings by deadline private treaty closing at 4pm on Tuesday 17 December, unless one or all properties sell earlier.

The first investment offering, at 2 Hurstmere Road, comprises seven tenancies over 625.87q m. It is currently returning $496,043.95 per annum, with a mix of fixed and market rental reviews.

Anchored by TSB Bank, the offering also has a diverse mix of six smaller tenants of between 39sq m and 86sq m – 3 Wise Men, Umi Sushi, Otto Woo, Oporto, Cactea and Nature Reflexology and Massage.

TSB Bank occupies the 224sq m corner tenancy, at the intersection of Lake Road and Hurstmere Road. The bank is signed to a 12-year lease, expiring in October 2026, followed by a 12-year right of renewal.

Men’s clothing retailer 3 Wise Men occupies a tenancy of 60.68sq m on the Hurstmere Road side of the property. It is signed to a six-year lease until October 2021, with two three-year rights of renewal.

The second investment offering, at 4 Hurstmere Road, comprises six tenancies over 372.52sq m. It returns a total of $345,237.48 a year in rent, with a mix of fixed and market rental reviews.

Tenancies of between 37.42sq m and 87.86sq m are occupied by children’s clothing retailer Grey and Wild, fashion retailer Ruby, creative agency Libby and Ben, Tank Juice, Holy Shot Espresso and a small commercial lease.

The third offering, located 20 Hurstmere Road, comprises four tenancies, plus a car park leased on a month-by-month basis.

It has a net lettable area of 1,416.17sq m and is currently tenanted by AMI, House of Travel, Madam Woo and Superette. It returns $643,225.13 a year in rent, with a mix of fixed and market rental reviews.

Madam Woo, the acclaimed restaurant of celebrity chef Josh Emmett, occupies a 369.9sq m tenancy fronting Lake Road. It is signed to a 10-year lease expiring in June 2025, followed by two five-year rights of renewal.

Fashion retailer Superette occupies a 338.98sq m unit adjacent to Madam Woo. The six-year lease expires in July 2021, followed by a six-year right of renewal.

House of Travel occupies a 127.11sq m tenancy on Hurstmere Road, while national insurer AMI occupies the neighbouring 197.36sq m tenancy. Both are signed to six-year leases expiring in July 2021. House of Travel has two six-year rights of renewal, while AMI has three three-year rights of renewal.


Related Experts

Shoneet Chand

Director

Auckland North

Shoneet has been involved in selling investment property for over 13 years and since 2015 he has been a Director in the Investment Sales Team at Colliers International, specialising in Investment & Development Sales across the wider Auckland region.

Over the past 8 years he has been one of the most successful investment sales brokers in Auckland with a track record of significant sales second to none. He has had considerable experience in dealing with international purchasers and has recently completed several deals with investors out of Asia, Europe and the Middle East. He has been involved in a number of large land sales and portfolio sales, including divestments for well-known brands like Z Energy, The Warehouse & Bunnings.

Shoneet has been the top broker in his market for both 2014 and 2015 while also placing in the top 10 brokers nationwide again for Colliers in 2016. In 2017, Shoneet transacted over $260 million of property and was ranked 2nd in New Zealand.

He was the top broker at Colliers in the 2018 financial year and a finalist for the Commercial & Industrial Salesperson of the Year award, which is judged nationwide across all agencies. In both 2019 & 2020 he was again ranked in the top 5 brokers nationwide for Colliers and was involved in over $300 million & $325 million of sales in each calendar year. 

Over the past six years, he has transacted over $1.5 Billion dollars in sales.

Notable Transactions over $10m include;

  • 2-4 Fred Thomas Drive, Takapuna -   $60,850,000
  • 33 Corinthian Drive, Albany  -   $50,500,000
  • 229 Dairy Flat Highway, Albany -   $33,000,000
  • Todd Industrial Park – Wellington -   $33,000,000
  • 9-11 Corinthian Dr, Albany -  $27,340,000
  • 44 Taharoto Road, Takapuna -   $27,270,000
  • 279-301 Lincoln Rd, Henderson -   $27,000,000
  • 11 Coliseum Drive, Albany -  $26,700,000
  • The Warehouse, Albany -   $26,400,000
  • LEP Childcare Portfolio-   $20,775,000
  • Farro Fresh/ASB Constellation Dr -   $25,500,000
  • Kmart Te Rapa  - $23,750,000
  • 1-11 Parkway Drive -   $21,000,000
  • Noel Leeming, Wairau Park -   $19,000,000
  • 5 The Warehouse Way, Northcote -  $19,000,000
  • Rapid Labels – William Pickering Dr -  $17,300,000
  • 16 Dinning Road, Riverhead -  $16,500,000
  • 35-45 The Strand, Parnell -   $16,100,000
  • 44 Arrenway Drive, Albany -   $15,300,000
  • 151 Lincoln Road, Henderson -    $15,250,000
  • 51 Corinthian Drive, Albany -  $15,150,000
  • 7-21 Kawana Street, Northcote -  $14,998,100
  • 124 Bush Road, North Harbour -   $14,950,000
  • 550 Te Irirangi Drive, Botany -   $14,200,000
  • PlaceMakers, Albany -    $14,000,000
  • 24 Oteha Valley Rd Extn, Albany -    $13,300,000
  • 217-227 Archers Rd, Wairau Valley -   $13,250,000
  • 44 Arrenway Drive, Mairangi Bay -  $13,117,116
  • 6 Canaveral Drive, Mairangi Bay -   $13,000,000
  • 119-121 Onewa Road -   $12,750,000
  • 3 Monahan Road, Mt Wellington -  $12,680,000
  • 155 Wairau Road, Wairau Valley -   $11,500,000
  • 13 William Pickering Drive, Albany -  $11,400,000
  • 14-18 Lovell Court, Albany -  $10,500,000
  • WCDL Development on Onewa Rd -  $10,250,000
View expert

Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specializing in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the “Golden Gavel” for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $600 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore.

In 2017 Matt finished in the top 5 brokers in New Zealand, and completed over 70 transactions.

In 2018 he finished in the top 10 brokers in New Zealand and completed over 120 transactions. Matt was awarded the MVP of brokerage for Colliers International New Zealand.

In 2019 Matt finished in the top 5 brokers in New Zealand and achieved the “Golden Gavel” as the highest performing “Auction Broker”. Again, he completed over 100 transactions.

2020 was a record year, selling over $250 million of stock, with 99 deals in total for the year. Matt finished as the 4th highest performing broker in NZ.

Recent Transactions include:

  • 13 William Pickering Drive, North Harbour - $17,300,000

  • 7-19 Croftfield Lane, Wairau Valley - $17,280,000

  • 6 Canaveral Drive, Albany - $13,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 2c William Pickering Drive. North Harbour - confidential

  • 180-184 Target Road, Wairau Valley - $13,000,000

  • 71 Apollo Drive, Albany - $17,550,000

  • 124 Bush Road, North Harbour - $14,950,000

  • 229 Dairy Flat Highway, Albany - $33,000,000

  • 34-41 Poland Road, Wairau Valley - $15m circa

  • 1-11 Parkway Drive, Albany - $21,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 30 Apollo Drive, Albany - $12,942,000

  • 155 Wairau Road, Wairau Valley - $11,500,000

  • 53 Paul Matthews Road, North Harbour - $5,610,000

  • 7 Armstrong Road, North Harbour - $7,400,000

View expert