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News Release

Auckland

Prominent Browns Bay mixed use property, fully tenanted

JLL marketing 41 Bute Road, Browns Bay, Auckland


 

 

Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site



A two level mixed use property on a 2,093sqm site with 32 carparks is for sale in Browns Bay, presenting new owners with the opportunity to own a well-tenanted property in the affluent suburb. 

JLL agent John Binning says, “Browns Bay is a popular area due to the beach lifestyle and access to necessary amenities it provides. This property currently services many local residents and businesses with six retail shops on the ground level and a childcare centre, which is licensed for 75 children on the first floor and serviced by a lift. It is certainly a busy corner and proven to be a key location with the property’s tenancies at capacity.”


To be sold by Private Treaty, the property is located on the corner of Bute and Beach Roads and can be accessed from both roads. The property has frontage to Beach Road of approximately 55 metres and to Bute Road of 37 metres. Passing traffic along Beach Road reaches approximately 14,000 vehicles during the working week. 

“The ground floor retail units range in size from 70sqm for prime corner space, to 194sqm for the largest space. The smaller tenancies are food outlets, with two on 10-year lease terms and one on a three-year lease term. There is also a superette which is on a six-year lease. The larger ground floor tenancies are taken up by electric bike business electrify.nz, who are in the 100sqm unit on a three-year lease, and a Fruit World is in the largest ground floor unit of 194sqm, on an eight-year lease. The property is also freehold and has been strata titled, which means it can be sold down individually,” explains Binning.

The childcare centre, leased by Lollipops on a 12-year lease term, is 820sqm with 430sqm of indoor space and 390sqm of outdoor space on an open deck. There are four indoor and three outdoor playground areas, a sleep room, staff room, kitchen, gallery, three toilet facilities and reception area. 

JLL agent Ian Hall says, “The total rental income for the property is currently $416,729 + GST with all tenants on a two year rent review cycle, except for one which is on a three-year cycle.” 

The property was constructed in 2011 and is of solid construction, with the main structure being reinforced concrete slab, mid floor and columns with steel beam construction and a commercial grade long-run iron roof. 

Located approximately 20kms from Auckland CBD, and only 5kms from access to the Northern Motorway via Greville and Oteha Valley Roads, the property also benefits from its close proximity to Browns Bay beach, parks, sporting facilities such as a tennis club, bowls club and leisure centre. There is also easy access to public transport facilities, with bus stops located along both Bute and Beach Roads. 

JLL demographic research shows that over the next 25 years to the year 2043, population in Browns Bay is expected to grow by 26%. 

“An increase in population numbers will mean the area will require properties such as this one to service the community.” says Hall.