For the first time in over 100 years the landmark property known as Hall’s Corner in the heart of Takapuna’s commercial and retail centre is for sale.
Located at the high profile intersection of Lake Road, Hurstmere Road, The Strand and Northcroft Street, the property presents an unparalleled opportunity for investors to stamp their mark on the future of Takapuna.
Hall’s Corner consists of four adjacent titles which are being offered for sale as one portfolio by tender.
The four titles include four buildings with a total combined floor area of 2,381m² and dual road frontage on Lake and Hurstmere Roads.
There are currently 13 diverse retail and office tenancies providing a current total annual rent of $673,827 per annum plus GST. There are also two vacant tenancies offering immediate development opportunity. Without any redevelopment Hall’s Corner has been conservatively appraised as capable of delivering income of $920,000 per annum plus GST when fully tenanted.
The property is being marketed by Andrew Bruce and Rob Meister of NAI Harcourts North Shore.
Mr Meister says Hall’s Corner is the opportunity of the century, given it is the first time in over 100 years it has been offered for sale and the potential that exists to redevelop the property and change the face of central Takapuna.Mr Bruce says Takapuna is already well on its way to being an international waterfront destination. It is undergoing a commercial and retail renaissance and now employs 10,000 plus people and offers over 400 retail/service businesses and 50 bars and cafes.
Recent development has been significant with the addition of a number of leading retail and hospitality destinations. Other high profile additions include the proposed National Ocean Water Sports Centre on Hurstmere Road, the Hurstmere Green upgrade, Verve’s Hurstmere Road laneway development, the new public art gallery, the proposed realignment of the Strand and the council acquisition of land on the seaward side of Hurstmere Road for use as a reserve.
The sale of Hall’s Corner, with its massive retail street frontages, is an opportunity for investors to add to and benefit from the renaissance, says Mr Bruce.
The property, currently zoned Business sub-regional 3, is comprised of 2, 4 and 20 Hurstmere Road and 486 Lake Road. Under the new Proposed Unitary Plan it is zoned Metropolitan Centre, Takapuna 1, sub-precinct B. It has a total combined area of 2,448m² approximately.
The landmark corner position of the portfolio is 2 Hurstmere Road, which is two buildings containing 622.70m² of floor area and dual frontage to Hurstmere and Lake Roads. This v-shape single level building on the corner includes five tenancies (one vacant); the smaller two level west facing building on Lake Road has one retail and one first floor office tenant. Vehicle entrance from Lake Road provides access to a courtyard area at the rear of the buildings. There are six car parking spaces. Tenants of 2 Hurstmere Road are TSB Bank ($120,000 net income p.a), 3 Legged Dog Design ($14,837), Habitual Fix ($35,000), Umi Sushi ($27,560), Mondo Travel ($50, 560), Robert Harris ($70,000) totalling $317, 957 net income per annum. A new lease will not be entered into on the vacant tenancy to allow the new owner flexibility.
4 Hurstmere Road is a two-storey 374m² building with a wide frontage onto Hurstmere Road. Modern tenancy fit outs provide a smart external appearance and there are two car parks at the rear of the building with access from Lake Road. There are four retail tenancies with a total net income of $166,800 plus GST: Jocose ($68,000), Tank Juice Bar ($40,000), Bakers Delight ($41,000), Accessorio ($17,800).
20 Hurstmere Road is an L-shaped building comprising 814.5m² over two levels. It is situated directly opposite the former McKenzie’s Department Store which has undergone a total transformation into a boutique laneway featuring high end fashion and food tenants. Currently tenanted by Paper Plus ($189,070 net income p.a), the building offers an internal pedestrian access linking to adjoining 486 Lake Road.
Mr Meister says 20 Hurstmere Road is acknowledged as being underutilised and there are huge development options, including construction of smaller boutique retail stores with an internal pedestrian lane linking through to Lake Road, first floor restaurant/ bar or office and a possible outdoor deck area.
Finally 486 Lake Road has tenancy floor area of 570m² and an estimated net rental income potential of $200,000 p.a. It is currently vacant with many redevelopment opportunities and has been previously occupied by the likes of Payless Plastics and Ezibuy.
This landmark property comes with a rich history. Hall’s Corner is named after William Henry Hall who acquired the corner property in 1907 and established a bakery and tearooms on the corner. William served in Gallipoli during World War One and was one of the lucky ones to make it home. On his return he built and expanded the property, enabling him to lease various shops while still running his bakery.
Over the years there have been a number of tenants on the corner site. One of the most well-known and longest lasting tenancies was Ingham Hardware, which occupied the corner shop for many years.
Following William Hall’s death in 1948, his daughter and well known Takapuna business woman Phyllis Hall took over management of the property. After the passing of Phyllis, Graeme Hall took over management and is the current representative for the Hall family interests.
Late last year the family made the decision to divest the entire property portfolio through NAI Harcourts and pass the baton to a new owner, ushering in the next 100 years.
The tender for Hall’s Corner closes at 4pm on Thursday 3 April, with inspection by appointment only.