High-profile property for sale in a tightly held area
A split-risk retail property with excellent redevelopment potential is for sale in the popular North Shore suburb of Rothesay Bay.
Colliers International brokers Gawan Bakshi, Sean Honeycombe and Shoneet Chand are marketing 595-601 Beach Road for sale by deadline private treaty.
Offers on the property close at 4pm on 1 November, unless it is sold prior.
Bakshi says it is a chance to secure a high-profile property in one of the most desirable centres along Auckland’s East Coast Bays.
“Situated in the centre of the Rothesay Bay shops, the property commands a central and prominent position in this tightly held area,” Bakshi says.
“It is one of only a handful of sites in the suburb with Business Neighbourhood Centre zoning, allowing for intensive mixed-use redevelopment.
“The property comprises a fully leased retail block, built in the 1950s, and a vacant freehold site at the rear.
“Together, the two titles comprise a significant landholding that would suit redevelopment to a higher and better use.
“Three retail tenants return $66,000 plus GST in net annual rent, providing a potential new owner with a useful revenue stream while making plans to unlock the site’s potential.
“If you’ve been looking for a development project with holding income, this is the one you’ll be telling your friends about in five years’ time.”
The retail block at 595-599 Beach Road is on an undivided three-quarter share of a 678sq m cross lease title. It is tenanted by a liquor store, beauty salon and vintage clothing store.
Final lease expiry dates range from March 2024 to August 2026, providing an opportunity to redevelop once fully vacated.
The vacant title at 601 Beach Road comprises a 244sq m site with a right of way, giving it an effective developable size of 180sq m.
There is potential for a new owner to boost their holding income by leasing the land in the short term.
Honeycombe says the retail building is in reasonable condition for its age.
“Its facade has been recently upgraded with pine boards and some new exterior paint.
“All three tenancies have dual access from both the road front and the rear. A freestanding amenity block at the back is shared by two of the tenancies.”
Honeycombe says 595 Beach Road has just been leased to a beauty salon, Beau Visage Beauty Spa and Wellness, with the fit out about to commence.
“The 54.2sq m space has a kitchenette and benefits from a partitioned toilet at the rear, rather than having to use the shared amenities.
“The 56sq m tenancy at 597 Beach Road is leased to a vintage clothing store, Lace, which has a changing room, kitchenette and work area.
“The 52.4sq m tenancy at 599 Beach Road is tenanted by Wine Barrel. New timber overlay flooring is provided throughout, with an internal cool store to the rear.”
Chand says the site is very well located within the Rothesay Bay shops.
“Beach Road is a major arterial route running along the North Shore’s East Coast Bays, extending from Milford and Long Bay.
“The location benefits from strong traffic flows and a relatively dense residential population.
“The property is adjacent to a recently completed multi-level, mixed-use development that is known as 585 Rothesay Bay.
“The development provides ground floor retail and medical space with three levels of apartments above. Tenants include a Chinese takeaway restaurant, delicatessen, hairdressers and a cafe.
“Other tenants within the Rothesay Bay shops include a dairy, bakery, a bar and restaurant, and Indian, Italian and Thai restaurants.
“Because of the location and nature of the property we’re expecting good interest, so please get in touch and discover what 595-601 Beach Road has to offer you.”
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