12 Wood Street for sale by auction for first time since it was developed
A high-profile retail investment in fast-growing Mangawhai Heads is on the market for the first time since it was developed almost two decades ago.
Colliers International is exclusively marketing 12 Wood Street for sale by auction at 11am on Wednesday, 21 June, unless sold prior.
The 1,388sq m freehold property is prominently located within the small but tightly held retail hub of Mangawhai Heads – a popular holiday and lifestyle hotspot just over an hour’s drive north of Auckland.
Broker Euan Stratton – a former scuba dive instructor who spends a lot of time fishing, surfing and diving at Mangawhai Heads with his wife and three children – is marketing the property with colleagues Jimmy O’Brien and Sean Honeycombe.
He says it is a rare chance to secure a foothold in Kaipara’s fastest-growing community.
“I know Mangawhai Heads well, and it’s no exaggeration to say you won’t find a better investment opportunity in the area right now,” he says.
“This property is extremely well located on a high-profile corner site, giving it excellent exposure.
“It’s a well-known local hub thanks to its ATM, post office boxes, pharmacy, restaurant and bar, which all help to bring the Mangawhai Heads community together.”
Stratton says the property boasts three tenancies, with the option of reverting to four in the future.
“This excellent split-risk investment is fully tenanted, with multiple income streams returning $118,556 net in annual rent,” he says.
“There are limited opportunities to secure commercial assets in this location, so the property offers significant add-value potential in the future.”
Stratton says the property was developed in 2000 and has been proudly family owned since then. However, the family have now made the tough decision to move on.
“This is the first time the property has been on the market since its construction, so it’s an opportunity not to be missed.”
O’Brien, Managing Director of Colliers International’s North Shore office, says the property’s improvements include a 519sq m building, a 51sq m courtyard and a 40sq m garden.
“The shop frontages benefit from a canopy which runs the full length of the building and adjoins the off-street car parking at the front, which is maintained by the council,” he says.
“Private parking for the tenants is available at the rear.”
O’Brien says the newly opened Wood Street Freehouse occupies a 197sq m unit, plus the adjoining courtyard and garden areas.
“With its excellent menu and large outdoor dining area, the restaurant and bar has become a popular local fixture,” he says.
“Residents and visitors alike are attracted to its central location, range of craft beer and great food designed to be shared.”
The Freehouse is on a four year lease with three rights of renewal expiring in December 2031.
Mangawhai Books and Gifts occupies the 202sq m middle tenancy, which was once two separate tenancies.
“This gives the owner the option of reverting to four retail tenancies in the future,” O’Brien says.
The shop includes post office boxes with the ASB money machine on a separate lease, located in the front corner of the shop.
The bookshop is on a four year lease with one right of renewal expiring at the end of March 2024, while the ATM is on a three year lease with three rights of renewal expiring at the end of October that year.
The final tenant is the Mangawhai Pharmacy, which occupies an 114sq m end unit. The business is on a four year lease, expiring at the end of April 2021.
The property is zoned for commercial use, which allows for shops, offices and retail on a scale suited to the surrounding community and residential areas.
Honeycombe says Mangawhai is Kaipara’s fastest-growing community, thanks to an influx of new residents and holidaymakers, predominantly from Auckland.
“This significant growth has prompted Kaipara District Council to embark on a long-term project to develop a new town plan, encompassing everything from land development, density and urban design, through to roads, water and stormwater systems.”
Mangawhai has two established commercial centres – one at the Mangawhai Village and one at nearby Mangawhai Heads, which is centred around Wood Street.
A new third centre for Mangawhai is planned at Estuary Estates, adjacent to Molesworth Road.
Honeycombe says access to the township from Auckland could be greatly improved by the New Zealand Transport Agency’s proposed new road linking Warkworth and Wellsford.
“The proposed road will link State Highway 1 at Kaipara Flats Road near Warkworth to Wayby Valley Road in Wellsford. It will then continue on to Mangawhai Road before re-joining SH1 at Vipond Road.
“This proposed route will not only make travel between Auckland and Mangawhai faster and safer – it will also improve access within Northland, making it easier for Mangawhai residents to travel to Wellsford and beyond.”
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