A brand new retail unit with a potential market rental of $35,300 p.a. may sell at an extremely competitive price as the developer exits from the Browns Bay “Norfolk” Apartment Complex to focus on their next project. The timing of the sale offers opportunity for investors and owner occupiers who wish to beat construction price rises.Retail Unit 2, 19-21 Bute Road, Browns Bay, is currently being marketed by Tim Turner of NAI Harcourts North Shore Commercial. The property with an area of 109m2 plus two carparks goes under the hammer at 1:30pm on Wednesday 6 May at the NAI Harcourts Auction rooms in Takapuna. The unit will be sold with vacant possession.
The retail multi-purpose property enjoys a road frontage position opposite the intersection of Bute and Glenn Roads. The other retail unit in the “Norfolk” complex has been sold to a local Dentist.
Bute Road is a rejuvenating area; changing from older industrial buildings, to retail and high density residential.
Mr Turner says that the retail unit is well positioned relative to all the existing apartments in Bute Road and those apartments that will come on stream in the next year or so. The Unit’s position as part of the residential complex makes the property well-suited to an accountant, lawyer, hairdresser, travel agency, food outlet and business’s catering to the needs of Browns Bay’s middle age and retires demographic profile.
Nearby is the Browns Bay RSA, the Auckland Council Community Centre Bacchus Apartments, Bay Palms, Bowling Club and a Retirement Village. The Browns Bay area has a host of cafes, trendy bars and restaurants along with boutiques and health-care,” says Mr Turner.
Located only 300 or so metres from Browns Bay beach, the 42 apartments within Norfolk Complex proved popular and were all pre-sold off the plans by Harcourts. In addition, a 52 apartment complex known as the “Pines” is under-development next door and has also been pre-sold from the plans by Harcourts.
Both the “Norfolk” and the “Pines” complexes have been developed by Tasman Cook and built by Kalmar Construction. The property is zoned Business 12B Auckland Council and Town Centre under the proposed Unitary Plan.
Mr Turner says that with vacancy rates on the North Shore at very low rates, and business confidence strong, he’s expecting the successful purchaser to do extremely well on Unit 2, 19-21 Bute Road.
“Right now, the low interest rate environment and relatively strong New Zealand economy is stimulating plenty of buyer interest in high-quality properties like this,” says Mr Turner.
“As property becomes harder to come by close to the city centre, we’re seeing growth in micro-centres around the North Shore, like Browns Bay, and we expect this growth to continue as Auckland’s population reaches record levels.”