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High-profile ridge-top suburban retail block for sale
A long-standing and prominent corner-axis block of retail shops in suburban Auckland has been placed on the market for sale – with the potential for developing the site into an apartment complex.
The substantial property at 573 - 575 Glenfield Road in the Auckland suburb of Glenfield contains a broad mix of tenants – ranging from a traditional fish and chip shop, bakery and pharmacy through to a laundromat and convenience store dairy. A small home is also situated behind the shops.
The 791 square metres of shops and adjoining home sit on 2,861 square metres of freehold land zoned business - neighbourhood centre under the Auckland Council plan. In addition to the retail outlets, the property derives income from the residential dwelling, and two clothing collection bins situated in the car park at the front.
Constructed in the 1960s, the shops have public parking for some 26 vehicles, with additional various access right-of-ways running down the side and part-way around the back of the premises.
The Glenfield Road block is being jointly marketed for sale by tender through Bayleys Auckland and Bayleys North Shore, with tenders closing at 4.30pm on November 5. Salespeople James Chan, Matt Lee and Eddie Zhong said the elongated single-storey block was very much a ‘neighbourhood’-focused retail destination whose tenancies reflected both its geographic and socio-economic location.
“The tenancies are very much ‘convenience’ orientated – with the much bigger Glenfield Mall some 1.5 kilometres away housing the likes of a Countdown supermarket, a NZ Post branch, and numerous various clothing outlets and specialty stores,” Mr Chan said.
“The property is located on the axis intersection between two of the area’s busiest roads – with Glenfield Road linking Glenfield, Northcote, Birkenhead, and Birkdale to the East Coast Bays, and the top of Wairau Road linking into the big box retail and light industrial zone of the Wairau Valley below.”
Combined, the 10 businesses and one residential
dwelling operating from the Glenfield Road property generate
$350,217 plus GST of rental income per annum. Among the
tenancy schedule are:
• Glenfield Family Pharmacy on a
lease currently running through until 2025
• Sia Hair
Beauty and Barber on a lease running through until 2022,
with two further three-year rights of renewal
• Jingwah Fish & Chips Chinese Takeaway on a lease
running through to 2022 with one further three-year right of
renewal
• EZ Wash Laundromat on a lease running through
to 2020, with three further three-year rights of
renewal
• Ken’s Vege’ on a lease running through to
2020 with three further three-year rights of
renewal
• Koha Sushi occupying on a lease running
through to 2020 with three further three-year rights of
renewal
• Pams Corner Dairy on a lease currently
running through until 2022 with a further four-year right of
renewal
• Glenfield Bakery on a lease running through
until 2022 with a pair of three and four-year rights of
renewal
• Ivan’s Takeaway on a lease currently
running through until 2020 with a further six-year right of
renewal
• Grant Doonan Clothing Bin currently on a
lease expiring this year
and
• A residential tenancy
on a periodic lease
Mr Lee said that from a longer-term redevelopment perspective, Auckland Council’s neighbourhood centre zoning for 573 – 575 Glenfield Road allowed for the construction of mixed-use retail and residential blocks up to 13 metres high – suitable for featuring shops at ground level and three storeys of apartments above.
“Architectural designer plans for a potential four-storey development sustaining nine retail tenancies and 95 residential units have been procured by the current owner, and there is the potential for any purchaser to acquire these concept plans. The initial plans are subject to council consent approval and are just one of the options available for the site,” Mr Lee said.
“The business reference in the council zoning is totally consistent with the tenancies currently in place – sustaining residents in the immediate vicinity with what the council calls “frequent retail and commercial service needs.” The existing tenancies within the block operate in a complimentary nature with each other, and it would make sense for any redevelopment and creation of new retail premises to replicate that make-up.
“Likewise, with the property sitting immediately adjacent to existing domestic dwellings in all directions, any development of high-density apartments would be consistent with maintaining the area’s residential nature.”
The property adjoins the Glenfield parish of St Thomas More Catholic Church and pastoral support services – with its place of worship, offices, and large sealed car park.
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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