Seize this opportunity to buy into the heart of Takapuna’s commercial and retail centre.

453-459 Lake Road Takapuna is a 447m² (approximately) building sitting on a 528m² (approx) site. It has a wide frontage onto the pedestrian heavy retail strip of Lake Road, which attracts shoppers from all over the North Shore.

It is fully occupied, with four different self-contained tenancies, and the current owner has advised he has never experienced a vacancy while owning the property.

As well as the security and steady income from a split risk investment, this part of Takapuna is earmarked under the Proposed Auckland Unitary Plan to have increased height limits ensuring greater opportunities for development in the future.

Marketed by Dave Lane of NAI Harcourts North Shore, 453-459 Lake Road will be offered up for sale by auction on 1 June, unless sold prior.

Lane says the property is situated in an outstanding position in the centre of Takapuna. Surrounded by office and retail buildings, there are also many residential properties nearby which ensures heavy foot traffic.

Under the Proposed Auckland Unitary Plan the area will be a Metropolitan Centre, which makes it even more attractive for investors.

A Metropolitan Centre is second only to a City Centre in overall scale and intensity. Under the Propsed Unitary Plan, buildings are potentially allowed to reach a height limit of 72.5m, or 18 storeys, with allowed activities including: dwellings; commercial services; food and beverage; offices; and retail.

As well as the attractiveness of future development, a property which is currently multi-tenanted rarely becomes available in Takapuna, Lane says.

“This is a low risk investment, and given that Takapuna is a world class destination with strong prospects for growth, I’m expecting this property to be very popular with investors.”

The property is a concrete block building with an iron roof. The site is a rectangular shape with a level contour, with a 14.95m street frontage on Lake Road. The rear of the building is accessed via the service lane running behind the properties fronting Lake Road.

Three of the property’s current tenants are located at the front of the building, with a fourth occupying a space at the back.

The tenants are Takapuna Liquor Spot, Ezone Computers Limited, Pizza Club and Sunvital.

Takapuna Liquor Spot has a three-year tenancy, with two rights of renewal of three years until October 2023. Takapuna Liquor Spot pays $54,297 pa for 140.4m². Liquor Spot is part of the largest liquor chain in New Zealand, with 216 stores nationwide.

Ezone Computers Limited has a six-year tenancy, with two rights of renewal of four years. The final expiry date is 31 August 2023. Yearly rent is $39,566 for 93m². Ezone sells computer products and services including PC systems, software, parts and performs a broad range of repairs and IT service.

Pizza Club has a three-year tenancy, with two rights of renewal of three years. The final expiry date is 30 April 2021. Annual rent is $29,550 for 59.3m². Pizza Club has eight stores Auckland-wide and is expected to grow further.

Finally, the rear tenancy is occupied by Sunvital, which is a licensed tanning studio. The tenancy runs for a period of four years, with two rights of renewal of three years. The final expiry date is 7 May 2025. Sunvital pays $29,500 pa for 14.3m². The studio has been in operation in Takapuna for more than 10 years.

A seismic assessment of this single level building has been given a C grading. Currently rates for the property are $19,120.70 a year.

Lane says the growth expected in Lake Road is backed by local government, key stakeholders and the Takapuna Beach Business Association.

“453-459 Lake Road is arguably one of the best investments you could make, with solid multi-tenanted income, accompanied by unlimited potential in this vibrant destination.”

The auction will be held on 1 June at 12pm at 128 Hurstmere Road, NAI Harcourts Auction Room (if not sold prior).