A prime mixed-use waterfront investment in the heart of Mission Bay’s village centre is being brought to market for the first time in more than 25 years, offering investors a rare chance to secure an income-producing asset in one of Auckland’s most tightly held seaside precincts, Bayleys brokers say.

Bayleys Auckland Metro senior broker Kate Kirby, together with colleagues Stephen Scott and John Bayley, is marketing the property at 53-57 Tamaki Drive for sale by tender, closing at 4pm on Thursday, 30th October 2025 (unless sold prior).

The offering comprises a freehold 809sqm site zoned Business - Local Centre with a total lettable area of 1,393sqm (more or less) across four levels. It features four established restaurants at street level and on the first floor, with five apartments, including a grand six-bedroom penthouse with an aspect to the Waitematā Harbour.

The property generates $586,575 plus GST net income per annum, with potential to uplift to more than $828,000 as tenants are installed in three vacant apartments. Four established restaurant operators occupy the retail component, supported by stable residential income across two apartments.

Kirby says the strength of the tenancy mix and the balance between residential and commercial income offer investors desirable portfolio resilience and an opportunity to occupy themselves.

“Split-risk assets in lifestyle locations such as Mission Bay are tightly held for good reason. The subject property offers a weighted mix of income streams that helps offset volatility, while the quality of occupiers and strength of local demand add to its appeal.

“Additionally, the site’s zoning allows for buildings up to 16 metres in height (plus roof form), presenting a compelling development play in the future.

“The likes of institutional and private investors are increasingly drawn to assets where immediate income security is balanced with long-term optionality,” Kirby says. “This site is a quintessential example - it provides reliable cashflow today, with the capacity to unlock further value through intensification in the years to come.”

Located just 10 minutes from Auckland’s CBD, Mission Bay has cemented its position as a premier lifestyle destination. The beachfront promenade, historic Mission Bay Pavilion, and Selwyn Reserve make it one of the city’s most visited coastal precincts, attracting local and visiting foot traffic.

Bayleys Auckland Metro director Stephen Scott says the opportunity is supported by the enduring strength of Auckland’s waterfront village economy.

“Mission Bay’s fundamentals are unique in the Auckland context. The suburb blends a loyal, affluent catchment with a year-round visitor economy. Commercial vacancy rates here are consistently low, and the tenant mix at Tamaki Drive reflects the area’s reputation as a destination for dining, leisure and premium residential living.

“Few suburbs offer this concentrated blend. Owning a landmark site here is as much about securing a future-proofed landholding as it is about immediate asset strength and the capacity to collect income with uplift potential. It’s a trophy waterfront holding - rare, resilient, and positioned for growth.”