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Eye-catching Takapuna laneway is a must-see property

NZ_AucklandCBD_Communications_Eyecatching Takapuna laneway is a mustsee property

An award-winning retail laneway in central Takapuna is being presented to the market, offering prospective purchasers the opportunity to obtain a premium-grade asset with significant rental income and long-term growth potential.

Eat Street is home to multiple tenants, including well-known brands Burger Burger, Caci Clinic, Bird on a Wire, and many more. The property provides a total net lettable area of 1,750sq m across 1,371sq m of building area.

The total net rental income for the property, which is located at 40 Hurstmere Road, is $758,524 plus GST and operating expenses per annum. Many of the tenants are signed to long-term leases, well into next decade. The 1,569sq m site is zoned Business – Metropolitan Centre Zone under the Auckland Unitary Plan.

Designed by one of Auckland’s most highly regarded architects, Jack McKinney, the property has won multiple New Zealand Architecture Awards and enjoys outstanding street exposure on a high-profile corner site that is a major thoroughfare and sits approximately 250m away from Takapuna Beach and Hurstmere Green.

Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 15 June, unless sold prior.

The building provides 13 individual income streams and tenancies range in size from 65sq m to 265sq m, which is a site occupied by popular local chain Burger Burger.

Chand, Director of Investment Sales at Colliers, says the property provides a strong tenant covenant for buyers.

“This is one of the most compelling split-risk investments that will be brought to the market on the North Shore this year given the eye-catching design where no expense was spared,” Chand says.

“The property represents an unmatched purchasing opportunity with outstanding income growth potential given the long-term leases in place with favourable terms that include multiple rental reviews in the future. The site is professionally managed, which could continue for the new owner if appropriate.”

While offering security for buyers through the diverse mix of tenancies, Chand says the building is also visually stunning and is a key part of the ongoing transformation of central Takapuna that is incredibly pedestrian friendly, leading to a large amount of foot traffic in the area.

“The vision of a Melbourne laneway was achieved by the use of recycled bricks, raw concrete, and a new facade that reinterprets both art deco and Victorian references,” Chand says.

“Further attention to detail was applied with the cobbled footpaths, extensive lighting, and a retractable roof in the courtyard.

“Auckland Council’s Takapuna Centre Plan, which has been designed to implement the work outlined in the Takapuna Strategic Framework, includes a focus on a refurbished streetscape of Hurstmere Road as a key driver of regenerating the surrounding area.”

Takapuna has also seen a major influx of residential development during the past few years with multi-level apartment complexes either completed or under construction, contributing to extensive population growth that will benefit retailers in the Takapuna town centre.

Prentice, Director of Sales and Leasing at Colliers, says the property also poses future development opportunities due to its zoning.

“The Business – Metropolitan Centre Zone applies to centres located in different subregional catchments of Auckland. These centres are second only to the city centre in overall scale and intensity and act as focal points for community interaction and commercial growth and development and contain hubs serving high frequency transport,” Prentice says.

“The zone provides for a wide range of activities, including commercial, leisure, high-density residential, tourist, cultural, community, and civic services with a maximum building height of up to 24.5m allowing for expansive growth if a new owner wanted to explore such an opportunity.” 

To view more investment opportunities use our property search here.


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Shoneet Chand

Director

Auckland North

Shoneet has been involved in selling investment property for over 14 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 10 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 2019,  2020 & 2021 he was ranked in the top 5 brokers nationwide for Colliers and was involved in over $300million,  $325million & $500million of sales in each calendar year respectively. 

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

Notable Transactions over $10m include;

  • Confidential Auckland Transaction (2020) - $110,000,000+
  • 2-4 Fred Thomas Drive, Takapuna -   $60,850,000
  • Albany Industrial Land Sale (2021) - $60,000,000+
  • 33 Corinthian Drive, Albany  -   $50,500,000
  • 21 Hobill Ave, Wiri - $42,100,000
  • 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
  • 71 Apollo Drive, Mairangi Bay (2021) - $17,550,000 
  • Rapid Labels – William Pickering Dr -  $17,300,000
  • 7-19 Croftfield Lane, Wairau Valley - $17,280,000
  • 16 Dinning Road, Riverhead -  $16,500,000
  • 35-45 The Strand, Parnell -   $16,100,000
  • 44 Arrenway Drive, Albany (2021) -   $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