An international tender is underway to find buyers for a waterfront site ripe for redevelopment at a famed Auckland seaside location.
The property on Tamaki Drive in St Heliers enjoys sweeping sea views and a standout corner location. Currently home to several food and beverage operators, it is tipped to give rise to the likes of a boutique office or upmarket apartment/retail complex in an area booming with luxury residential projects.
With existing tenants including Italian restaurant Scalini’s, speakeasy-styled bar St Helier’s Bay Pigeon Racing Club, and Curry Village Indian restaurant, the property generates a total rental return of approximately $315,682 plus outgoings and GST per annum.
Bayleys international sales division head James Chan said this represented a valuable holding income for new owners while they explored redevelopment options, with flexibility to commence work underpinned by 12-month demolition clauses in all existing leases.
On the market for the first time as a freehold investment, the property at 429 Tamaki Drive, St Heliers, Auckland, is now being marketed for sale by Chan and colleague Oscar Kuang of Bayleys Auckland Central.
The site will be sold by way of an international tender closing on Friday 8 December.
Positioned at the high-profile corner of Tamaki Drive and Turua Street, the property sits at the edge of the St Heliers village commercial centre and adjacent to a high-density residential zone to the east. The popular St Heliers Beach is directly across the road.
The property for sale consists of an approximately 325-square-metre building on some 911 square metres of freehold land, with plenty of on-site car parks.
“This suburban retail centre comprises eight shops with six separate tenancies ranging from some 34 square metres to 77 square metres, providing multiple and diversified rental income streams,” said Chan.
“However, the ultimate attraction for new owners is undoubtedly the site’s outstanding potential for future development.
“Its premium seaside location amid a wealthy catchment, coupled with zoning favouring future redevelopment options, will ensure it’s of wide interest to purchasers. A search for buyers both locally and internationally is now underway,” said Chan.
Kuang said the Tamaki Drive site sat within a lively suburban commercial centre.
“Business – Local Centre zoning under Auckland’s unitary plan primarily provides for the local convenience needs of surrounding residential areas.
“This zone provides for activities such as local retail, commercial services, offices, food and beverage, and appropriately scaled supermarkets – with any new buildings to be designed to a high standard that enhances the quality of the centre’s streets and public open spaces.
“Provisions typically enable buildings up to four storeys high, enabling residential use at upper floors,” said Kuang.
Located within 10 kilometres of Auckland’s CBD, the surrounding area is amenity-rich, with banks, boutique and convenience retailers and well-regarded cafes, bars and restaurants, as well as some of the city’s most luxurious low-rise apartment complexes.
“This location also benefits from being surrounded by affluent suburbs such as Kohimarama, Mission Bay, Meadowbank and Orakei, which provide an extensive catchment with high discretionary spending power,” said Kuang.