Character bungalow for sale on an underutilised corner site
A character bungalow in Takapuna with a long-standing consent for medical use is on the market for the first time in more than three decades.
Located on a prominent corner site, the 828sq m freehold property at 25 Bracken Avenue will be auctioned by Colliers International at 11am on 19 September 2018, unless it is sold earlier.
Euan Stratton, who is marketing the property with colleague Matt Prentice, says it is a chance to secure a foothold in one of Auckland’s most coveted and fast-changing coastal suburbs.
“Sitting proudly on the corner of Bracken Ave and Burns Ave, this elegant early 1900s bungalow has served as a local GP medical centre for the past 35 years.
“The vendors have decided to put the property on the market to allow a new owner to stamp their mark on Takapuna’s changing landscape.
“The immaculately presented medical centre is sold with vacant possession, while an adjoining one-bedroom residential flat and car parking offer useful holding income while the new owner plans their next move.”
Stratton says the property is ideal for residential redevelopment, with the 110sq m bungalow covering less than 15 per cent of the site.
“The flat, regularly shaped property is in an enviable corner location with huge profile.
“It is zoned Residential Terrace House and Apartment Building under the Auckland Unitary Plan, allowing for a greater intensity of development up to 22m in height.”
Stratton says the bungalow could be sensitively incorporated in a future redevelopment, while its character features would also make it ideal for sale and relocation to a new site.
“The handsome building retains its original covered front porch, with wooden fretwork and leadlight windows adding a touch of yesteryear.”
Prentice says the property has been occupied by a medical practice since the early 1980s.
“The internal layout includes a large waiting area, reception and office, three separate consulting rooms, and a store room and toilet.
“A recent refurbishment included painting throughout and new carpet. A heat pump is located in the waiting room, with a ducting system to transfer heat to the other rooms.”
The residential flat is located at the rear and adjoining the main building.
Ample on-site car parking is available, with up to 23 parking spaces, depending on the configuration, accessed via Bracken Ave or Burns Ave.
The flat and temporary car parking provide an annual holding income of about $52,600. Roughly half of the car parks are unrented, providing scope for rental uplift.
Prentice says Takapuna is a desirable Auckland coastal location offering easy motorway access, a great lifestyle and many vibrant businesses.
“Demand has long outstripped supply and vacancy is at an all-time low, due to the suburb’s enviable mix of business and leisure, which make it a desirable place to live and work.”
The property is only 10 minutes’ drive from Auckland’s CBD at off-peak times, while main arterial and public transport routes offer easy access to the rest of the North Shore.
Surrounding development comprises a large public car parking facility and many well-established retail and office developments, including the significant Shore City Shopping Centre.
Prentice says Takapuna provides a wide variety of boutique shops and more than 50 bars, cafes and restaurants, which draw an increasing number of customers to the area.
“The Takapuna Business Association is a strong advocate for local business that has driven a number of redevelopment projects and initiatives. This work continues to attract quality tenants and destination retailers to the area.
“The association also supports and funds community events and initiatives that have injected new life into the coastal suburb. Popular attractions include the Takapuna Night Market, indoor and outdoor theatre, and of course Takapuna Beach itself.”
Auckland Council is also committed to the area’s growth, with the Unitary Plan earmarking Takapuna for priority investment over the next 10 years.
“All of this public and private investment will cement Takapuna as a vibrant business, retail and residential centre well into the future.”
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