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Arcade-adjacent investment in Takapuna’s transformation zone

A prominent commercial premises on Takapuna’s main street offers investors a passive opportunity with future upside to capitalise on the seaside suburb’s major growth plans.

The 275sq m (more or less) freehold site at 46 Hurstmere Road features a two-level building, fully occupied by five tenants, including global coffeehouse chain Starbucks.

Bayleys Auckland salesperson Owen Ding says that despite a reputation as one of the city’s most prominent commercial, retail and hospitality precincts, Takapuna is in for a period of rapid regeneration, reflected by several high-value projects planned or currently underway.

“It’s taken a while for redevelopment plans of the town centre to get off the ground, but Auckland Council and its development arm, Eke Panuku, have committed to intensifying the urban area in partnership with the private sector.

“Projects taking shape around the beachfront and surrounding streets reflect a high degree of confidence in forecasts for local growth, with the broader vision to become the premier epicentre of shopping, recreation, and employment on the North Shore.

“While this evolution will take place over the next decade, strong tenant covenants at the subject property offer purchasers breathing room to collect immediate income whilst developing plans for best use and maximum site efficiency.”

Mr Ding is marketing the property for sale with colleagues Steven Liu and Sarah Lui, for sale by tender, closing at 4:0 pm on Wednesday 3rd July 2024 (unless sold prior).

A 473sq m (more or less) floorplate is divided into three ground-floor tenancies, of which Starbucks occupies 162sq m (more or less) of prime street-front real estate, with two additional suites on the level above.

Bayleys North Shore salesperson Steven Liu says the property generates a combined net income of approximately $275,642 plus GST.

“Starbucks is the anchor tenant with a lease through to June 2031 and fixed annual rental increases of three percent. Additional occupants on varying lease arrangements include a catering company, barbershop, Pilates studio, and professional services tenant.

“Strong rental income reflects the attractive split-risk nature of the property, which provides for a stable and diversified tenant mix, underpinned by a long-term commitment from its global giant anchor tenant. The property presents a reliable investment opportunity with secure leases and rental growth built into the agreements.

“At the same time, investors will have the chance to enjoy hands-free income while watching intensification plans for the Takapuna Town Centre coming alive, which could inform if and how the development of the subject property takes shape.”

The property is located on the corner of Parkway Arcade, a key passageway for foot traffic between Anzac Street, Lake Road, and the beachfront.

Bayleys Auckland salesperson Sarah Lui says the site is zoned Business – Metropolitan Centre, second only to the city centre in overall scale and density provisions.

“This categorisation reflects the strategic location and the subject property’s role as a critical future development site as part of the neighbourhood’s emerging growth story.

“Unique positioning between the beach, Lake Pupuke, and the Shoal Bay Inlet has cemented Takapuna’s status as a sought-after destination, drawing residents, visitors, and a high degree of commercial activity. This natural pedigree allows a new owner to collect income, ponder development plans, and get in at the beginning of a new golden age for the beachfront enclave.”

Click here for more information on the listing.

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