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Income and development potential in one offering

NZ_AucklandCBD_Communications_Income and development potential in one offering

Neighbouring properties in a tightly held commercial location in Takapuna presents buyers with the opportunity to secure a steady rental stream, while also acquiring a development site with future growth potential.

13 Barrys Point Road, Takapuna is an office and warehouse building with 989sq m of total net lettable area on 1,556sq m of freehold land, while 15 Barrys Point Road is a vacant 855sq m site that is currently used for car parking. Both properties are zoned Business – Mixed Use Zone under the Auckland Unitary Plan and are being sold as a joint offering.

Number 13 Barrys Point Road is a highly functional building that is split into seven different tenancies and returns $216,960 plus GST in net annual rental income.

Barrys Point Road is a highly sought-after North Shore location due to its favourable proximity to the motorway network and Auckland’S CBD.

Colliers Brokers Matt Prentice, Mike Ryan, and Nick Recordon have been exclusively appointed to market the properties for sale by deadline private treaty closing at 4pm on Wednesday 8 December, unless sold prior.

The tenancies at 13 Barrys Point Road vary in length with some agreements running until at least 2025 and many of the occupants have been in the building for more than five years, exemplifying their commitment to the property.

Prentice, Director of Industrial Sales and Leasing at Colliers, says it’s rare to see neighbouring properties where a split-risk investment is located next to a site that has a blank canvas for development.

“Buyers of all kinds will be attracted to this joint offering that has vast potential for growth, while offering a steady rental income,” Prentice says.

“Some of the leases at 13 Barrys Point Road could be re-evaluated in the future that would allow an owner-occupier to operate from the site whereas investors may be content to enjoy the rental stream.

“The neighbouring 15 Barrys Point Road is a well-sized development site in one of the North Shore’s fastest-growing commercial and industrial hubs.”

The properties are situated on the western side of Barrys Point Road, which is approximately 150m to the south of the corner of Anzac Street. Barrys Point Road is a main arterial road linking Anzac Street and Pupuke Road in the north and Esmonde Road in the south and carries some 20,000 vehicles per day with a peak flow of about 2,000 vehicles per hour.

Ryan, Industrial Sales and Leasing Broker at Colliers, says recent infrastructure improvements to the surrounding area has made this a highly desirable location.

“The motorway system at the southern end of Barrys Point Road has been upgraded and includes works such as the extension of Fred Thomas Drive to Esmonde Road, which has eased commuter traffic along Barrys Point Road, and a realigned southbound on-ramp and new northbound on-ramp to the motorway,” Ryan says.

“Takapuna provides a wide variety of boutique shops, a friendly business environment, and dining options with more than 50 bars, cafes, and restaurants, alongside Takapuna Beach.”

Recordon, Commercial Sales and Leasing Broker at Colliers, says the favourable zoning of both properties offers excellent future flexibility for the new owner, particularly when considering 15 Barrys Point Road has such vast development potential.

“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport. It also applies to areas where there is a need for a compatible mix of residential and employment activities,” Recordon says.

“The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.”


Related Experts

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

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Mike Ryan

Broker

Auckland North

Mike is a member of the Colliers North Shore team having started there in 2007 and with a focus on the local Industrial market. Covering both sales and leasing he is well known and respected by landlords, tenants, investors and developers and has worked with all these parties to assist with their commercial property requirements. Over his years in business Mike has been both a tenant and investor giving him a good understanding of the market and a wide range of skills to assist clients.

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Nick Recordon

Broker

Auckland North

Nick is an established Commercial Property Broker on the North Shore, specialising primarily in office sales and leasing from Takapuna through to Albany.

With nearly 10 Years experience, Nick is a huge asset to the commercial team, providing a wealth of knowledge and strong relationships with his clients.

After graduating with a Bachelor of Property from the University of Auckland, Nick was a fast learner into the agency role, and concludes over 40 Transactions a year including both sales and leases, giving him a strong track record to date. His calm approach and out of the box thinking helps him get the deal done before the competition, and the results are clear.

A dedicated surfer and a love for the mountains keep Nick busy on the weekends, as well as playing drums in a wedding band on a regular basis.

Always keen for a coffee and a chat, Nick is keen to hear of any opportunites, and help solve your commercial property issues.

 

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