A high profile “trophy” industrial property on the North Shore’s popular Apollo Drive is being offered for sale by auction.
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Opportunities for savvy investors in NAI Harcourts’ portfolio
04-Mar-2014 23:43:52
The deal of the century - marketed by NAI Harcourts
01-Mar-2014 00:40:17
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.
NAI Harcourts lists the landmark Kimberley Centre and former Horowhenua Hospital
01-Mar-2014 00:11:55
Opportunity knocks in East Tamaki
14-Feb-2014 21:20:03
The last development site of its kind in East Tamaki is up for sale.
487 Chapel Road, in East Tamaki Heights, is 1.215 hectares of vacant land on a prime corner site.
The current zoning is Main Residential. NAI Harcourts has also received planning advice that because the land is located strategically, there is potential for it to be Mixed Use.
NAI Harcourts sales consultant Jon Whisker says investors could investigate the possibility of road frontage retail with terraced houses located to the rear.
The land has been owned by The Church of Jesus Christ of Latter-day Saints since 1998. Mr Whisker says there were historic plans to build a chapel on the site, but the land is now surplus to requirements.
In the 16 years the church has owned the land, housing development in the area has been prolific and this sale remains the last opportunity for developers.
The surrounding area comprises well established residential housing of medium to superior quality, providing a large catchment for local businesses operating from the commercial properties nearby.
The property is particularly well located, with a full range of services and amenities, including all levels of schooling and public transport, nearby.
The Chapel Road shops, a short distance to the south, provide for local convenience needs. The Botany Town Centre Hub retail development and a bulk retail development on the northern side of Ti Rakau Drive, 1.5km to the north, provide a full range of commercial facilities, including branches of the major trading banks.
The property is offered for sale by Public Tender, closing on the 26 February 2014 at 4pm.
Mr Whisker says so far interest has been excellent, with developers recognising they are faced with one of the last opportunities of its kind in south east Auckland.
NAI Harcourts' rising star
14-Feb-2014 21:07:17
Elena Styles competes amongst the best in the commercial property world.
She single-handedly averages two deals a week, has outstanding relationships with landlords throughout the Auckland CBD and city fringe and is well known for her tenacity and ability to close a deal.
She also speaks with a Russian accent, is a solo mother of twins and has only been in the commercial property game for just over two years.
Elena admits she may not always be what people expect, but she has a natural ability when it comes to commercial property and is winning the accolades to prove it.
Last year Elena was named NAI Harcourts’ Rising Star for the entire country, an award for outperforming all other newcomers in deal volume and earnings.
In addition she is the top performer at her Harcourts Auckland Central office and is the go-to person for many landlords wanting to lease or sell their properties, including New Zealand’s largest landlord.
Harcourts Auckland Central owner George Erdos says Elena is one of the most hardworking people you are likely to come across in real estate.
His is a multi-cultural office, encompassing residential, commercial and property management.
“We are multi-cultural because that is what Auckland is. We are catering to different demographics and needs, and it’s essential to have a team that encompasses everything that Aucklanders require in terms of real estate. In a diverse and capable group, Elena is our top performer and her work ethic is incredible.”
This work ethic is evident when Elena explains how she got into commercial real estate.
After relocating from Uzbekistan to New Zealand, Elena’s marriage broke down and she was faced with the prospect of raising her two children alone.
Wanting to be a success for herself and her children, Elena joined a real estate company as a data entry clerk and was inspired by the success she saw around her. Elena was so enthusiastic she was given the opportunity to start cold calling potential clients.
“I made it a goal that I wouldn’t go home until I had at least 10 solid leads each day. I would sometimes work until 2am and be back at the office at 8am.”
She then tried her hand at residential real estate, however decided commercial was a better fit for her. She joined NAI Harcourts and hasn’t looked back.
“Residential real estate is based on emotions. Commercial is all about facts, figures, square metres, yields. It’s exciting putting the deals together and seeing both sides leave negotiations happy.”
Elena often brings buyers and sellers, tenants and landlords together face-to-face when a deal is on the table, believing people are more likely to sort through sticking points when they are in the same room.
However, to get to this stage, Elena works hard to match clients to find the right fit for both parties. It’s not easy. For example Elena has been known to carry out 16 viewings in a single day to find appropriate premises for a client.
“I never want the client to come away thinking they haven’t seen all the possibilities open to them. I want to remove that doubt from their mind so they can be confident in their decision.”
George Erdos says Elena is a great example of what it is possible to achieve in real estate if you have the work ethic and the ambition.
“In my office there are only three rules. What you do must be: Legal; Honest; and Ethical. Outside of that there are no limitations on what you can achieve.”