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Under Instructions From The Receiver, This Partially Completed Village Development Placed On The Market For Sale
A semi-complete village centre commercial development in one of Auckland’s metropolitan urban greenbelt towns has been placed on the market for sale under instructions from the Receiver.
The level 14,478-square metre property located in the middle of Kaukapakapa just north of the city comprises a mix of tenanted commercial premises, vacant commercial premises, a partially built medical centre, and a substantial block of undeveloped bare land.
The address is predominantly zoned Business – Local Centre Zone under the Auckland Unitary Plan. The land classification recognises the needs of surrounding residential areas for local convenience retailing and commercial premises.
The expansion of local centres such as Kaukapakapa under the Auckland Unitary Plan acknowledges that the population of these semi-rural locales is growing and is therefore deemed appropriate where commercial property developments provide greater social and economic well-being benefits for the surrounding community.
Provisions typically enable buildings up to four storeys high, enabling residential use at upper floors. Adhering to these guidelines, the existing premises within the Kaukapakapa Village development have been designed and constructed to a high standard – effectively setting a benchmark for any ensuing construction of adjacent premises.
As the largest commercial development landholding in Kaukapakapa, the property comprises eight titles broken down as four freehold and four unit titles, and is situated immediately beside the Kaukapakapa Hotel on Kaipara Coast Highway. The rear portion of the property features a rectangular block of land accessible from both the car park servicing the front commercial properties, and through a driveway off Downer Access Road.
The anchor tenant at the property is a Gull Service Station – occupying a 750-square metre forecourt including a covered canopy, as well as a 109.5-square metre shop and four-square metres of shared amenities. Gull is on an existing 17-year lease at the location, generating annual rental of $152,935 plus GST, with a further 17-year right of renewal.
Above the Gull shop facing onto State Highway 16 is a vacant 122.5-square metre/two-bedroom apartment accessed by a central stairwell. A second apartment on the same level has already been sold.
Meanwhile, real estate agency Crow Realty occupies a retail premises within the development, on a month-to-month lease generating annual net rental of $24,500 plus GST.
One vacant retail unit – estimated at 66-square metres – is also included in the sale offering. The units have a proportionate use of a shared common area with the other commercial tenancies.
In a separate building is a partially completed approximately 378.8-square metre premises allocated for use and occupancy as a medical centre over two levels when fully fitted out.
A large block adjacent to the service station and shops is ready for further development and has previously been consented for additional retail and apartments plus a small supermarket.
The land and buildings at 1079-1083 Kaipara Coast Highway and 31 Downer Access Road in Kaukapakapa have now been placed on the market for sale, under instructions from the Receiver, by deadline private treaty through Bayleys Silverdale, with offers closing on August 25. Commercial agents Graeme Perigo and Ben Clare said that only approximately one-third of the site’s planned construction has been completed – leaving a huge opportunity for any new owner to pick up the baton and continue on with the development.
“The foundation businesses within the Kaukapakapa Village town centre have been trading for several years now as the next phase of the development was undertaken. There is the option of completing what has previously been consented on the drawing board, or with the option of initiating a new concept for the location,” said Perigo.
“The concept plans for Kaukapakapa Village, which are available for potential purchasers to view and acquire as part of the offering, outline a true town-focused retail offering for residents in the immediate surrounding locale where convenience is the underlying factor - providing daily household essentials such as groceries, baked goods, takeaway food, liquor, and pharmaceutical supplies, along with the potential for a café.
“Consumers have always preferred the local convenience of shopping for daily and functional needs in a singular geographic destination close to home rather than heading into Silverdale or Helensville. However, the limited number of retail options in Kaukapakapa has meant that simply hasn’t been possible. The Kaukapakapa Village development will resolve that issue.”
Ben Clare said the existing tenanted portion of the property delivered strong holding income while the next phases of the Kaukapakapa Village complex were completed.
“There is very little commercial infrastructure of this type in Kaukapakapa or the surrounds, so there is an obvious gap in the market,” said Clare.
“The retail units and medical centre, on completion and tenanting, would immediately add to the holding income of this property.”
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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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