With Takapuna seeing sustained private and public investment in new commercial and residential assets, investors are on the lookout for centrally located property that could benefit over time from the favourable Business – Metropolitan Centre zoning designation which encourages and supports growth.

The fully leased property at 46 Hurstmere Road in Takapuna’s retail heart is for sale and with global coffee brand Starbucks as anchor tenant on a long-term lease, and four other businesses operating from the site, agents say it represents a solid passive investment opportunity for a buyer looking to cement a presence in the vibrant town centre.

The circa-473sqm freehold building spans two levels and is at 70 percent new building standard. The 275sqm site is on the main street at the corner of Parkway Arcade, a key passageway for foot traffic between Anzac Street, Lake Road, and the beachfront, giving strong branding profile and exposure to high foot traffic volumes.

The property returns annual net income of $285,153.07 plus GST and outgoings, with Starbucks on a 12-year lease to 2031, and the other tenants compromising plant-based food outlet Kokoberry, a barbershop, yoga studio, and a pilates studio on varying lease terms with rights of renewal and rental review mechanisms.

Michael Nees and Owen Ding of Bayleys are marketing the property, with tenders closing 14th August, unless sold prior.

Demand for Takapuna commercial property is strong across investor and occupier groups, with Nees saying values are on the way back up after a more-muted period.

“As with other parts of Auckland, Takapuna has not been immune to economic headwinds. However, it remains a busy and well-supported suburban precinct and is the North Shore’s premier commercial centre with a good balance of retail, hospitality, and service businesses, along with recreational options that leverage the seaside location.

“It is clear from investment and development either underway or planned in the town centre that the locational fundamentals are robust and ripe for growth, with properties in Hurstmere Road always attracting attention. With location, diversity of income across five tenants, and future growth characteristics, 46 Hurstmere has all the hallmarks forward-thinking investors are looking for.”

Nees says Bayleys completed three significant commercial sales in recent months, with two of them off-market deals which underscores the firm’s capacity and connectivity within the investment sector.

“Not all properties get in front of a broader audience, so having the networks and capability to match vendors with sellers is a strong point for Bayleys. The Hurstmere Road property will likely sell to a private individual passive investor, with many such investors building portfolios of Takapuna property.

“They’re taking confidence from large-scale projects given the green light in Takapuna including Willis Bond’s multi-stage Takapuna Central regeneration mixed-use project on close to a hectare between Anzac Street and Hurstmere Road, and the proposed Colmore development on The Strand opposite Takapuna Reserve playground.

“Smaller projects like the recently competed refurbishment of a high-profile commercial building on the corner of Hurstmere and The Strand which includes the Takapuna Surf Club rooftop bar and eatery on the upper level, support the growth dynamics at play in the town centre.”