A 1,796sqm land area with only around 25 per cent site coverage at 14-20 Mokoia Rd in the heart of Birkenhead’s town centre (pictured above) is available for the first time in nearly 40 years.
“Located atop the Highbury ridgeline, this is undoubtedly one of the best commercial and/or residential development opportunities to come to the market in Birkenhead,” says Adam Curtis who is marketing the property with Bayleys Commercial North Shore colleagues Adam Watton and Ranjan Unka.
The site’s Town Centre zoning allows for mixed use buildings up to a height limit of 27m. An elevated, sizeable block of vacant land at the rear of the property, currently used for casual carparking and overlooking a council carpark, is ripe for a multi-level development which would provide panoramic harbour and harbour bridge views form the upper levels, says Adam Curtis.
“Three longstanding tenants occupy a 450sqm character building located at the front of the site, including Yarntons clothing store which is something of a Birkenhead institution and stocks the popular R.M. Williams clothing brand as well as local school uniforms.
“Flexibility is embedded in each of the leases to allow the incoming purchaser to add value while benefiting from the $120,000 of net rental income the tenancies are currently generating.”
A 1,647sqm site encompassing three separate fee simple titles and currently occupied by associated auto servicing and panel beating businesses is also for sale at 41-45 Barrys Point Rd, Takapuna.
“This is a fantastic opportunity to secure a property with huge potential in a high-profile position on this busy arterial road,” says Bayleys Commercial North Shore’s Matt Mimmack who is marketing the property with Daniel Henderson and Ranjan Unka. “Barrys Point Rd’s new Mixed Use zoning under the Auckland Unitary Plan allows for greater intensification of this site to incorporate a mixture of commercial and residential uses.”
The property is currently returning net annual rental income of $101,990pa plus GST from leases to two long established tenants, Causeway Panelbeaters and Causeway Motors which have been in occupation since 1959 and 1966 respectively. Their current leases run until October 2021, with one further three-year right of renewal, but they have 12-month redevelopment clauses which could be exercised at the new owner’s discretion.
“The property’s future growth potential should appeal to developers, add value investors or land bankers,” says Ranjan Unka. “A good holding income offers time for the next owner to consider and plan their options for this valuable land holding which is strategically located near State Highway 1 motorway interchanges and is only a few minutes from Takapuna's CBD.”