Bright future for Birkenhead duo
The property at 60 – 62 Mokoia Rd comprises two single-storey retail premises. Photo / Supplied
Two Birkenhead properties are for sale on Auckland’s North Shore close to a proposed big property redevelopment of the Highbury town centre by New Zealand Property Retail Group (NZRPG).
The properties at 60-62 Mokoia Rd and 221-225 Hinemoa St are featured in Bayleys’ latest Total Property portfolio magazine, and both will be auctioned on Wednesday October 25 at Bayleys head office auction room in Gaunt St, Wynyard Quarter.
Both are also being marketed by Bayleys North Shore Commercial agent Michael Nees along with agency colleagues.
Nees says the duo have Town Centre zonings that could allow them to be part of redevelopments into multi-storey, mixed-use premises with retail or commercial premises at street level. The zoning applies to suburban locations located on or near main arterial roads which provide good public transport access.
He says the real value of both sites is in prospects for their future redevelopment while new owners benefit from holding incomes in the meantime.
The Mokoia Rd site for sale sits immediately across the road from NZRPG’s planned 14,000sq m Highbury Mall redevelopment while the Hinemoa St property is just a few hundred metres away from big town hub project.
The multi-faceted, long-term reconfiguration of Birkenhead’s town centre is based on NZRPG’s plan for five mid-rise apartment towers up to 12 storeys high to be built around a new and vastly bigger Highbury shopping centre.
An artist’s impression of what the finished Highbury Mall could look like in 2030 was
released with information about the proposed large-scale project to the New Zealand Stock Exchange earlier this year.
“The vision for Highbury is to create an integrated, mixed use centre with residential apartments, greater public amenities and invigorated retail,” NZRPG said in its presentation.
“NZRPG has a large-scale vision for Highbury’s redevelopment. It anticipates it will not only transform its own property, but be the catalyst for an acceleration of the ongoing regentrification of the Birkenhead town centre.”
Consequently, Nees says, both the Birkenhead properties now for sale are likely to benefit from both the population and commercial growth of the suburb’s central business district.
The Mokoia Rd property he is marketing with Bayleys North Shore Commercial colleagues David Huang and Nick Howe-Smith encompasses two single-storey retail premises, with a martial arts gymnasium and fitness centre in the basement underneath which has its own access from a road running around the rear of the property.
Combined, the three tenancies lease 744sq m of floor space on 405sq m of land and pay net annual rent of $130,000 - which would provide holding income for a purchaser until any desired planning consents are sought from the council.
The tenancies are:
- Chelsea Paper Power letting 186sq m of retail space on a month-to-month rental;
- EZ Wash Laundromat also occupying 186sq m of space; and
- Fight Culture Ltd Thai kick boxing gym housed within 372sq m of space.
Nees says EZ Wash Laundromat has invested significantly in fit-out and plumbing infrastructure to accommodate its washer and dryer laundry operations; while Fight Culture has been running Thai kick boxing sessions from the premises since 2011.
At 221 – 225 Hinemoa St, Elements Medi-Spa & Beauty is on a new five-year lease.
“Constructed in the 1970s, the property has sweeping views of Auckland city and the upper reaches of the Waitemata. A new zoning under the Auckland Unitary Plan with a 21m building height limit has unlocked the potential for this property as a mixed-used development site that will benefit from its town centre location and unobstructed hilltop location,” Nees says.
“Provisions under the zoning enable blocks of between four and eight storeys in height. The increased height scope will facilitate increased intensification and more efficient use of space – including new, modern office and retail units at street level, with residential units on the upper floors.
“Some street frontages within the town centre zone are subject to a ‘key retail frontage control’ stipulation which underpin a focus for pedestrian activity. This works perfectly with New Zealand Retail Property Group’s visionary plan for the mall across the road.”
Nees says the property benefits from having vehicular access from the rear city-facing aspect, directly off a well-established two-lane service route running parallel to the main Mokoia Rd.
James Kidd, who is marketing the Hinemoa St property with Nees, says it comprises 522sq m of buildings on 474sq m of land.
He says the property is likely to interest investors seeking passive rental from a split-use commercial and residential premises; along with apartment owner-occupiers looking for a commercial property holding.
A street level and first floor area of 292sq m, is occupied by appearance medicine and personal wellbeing clinic Elements Medi-Spa & Beauty on a new five-year lease running through until 2022 with a further five-year right of renewal generating annual rental of $122,304 plus GST. “Elements has been operating its business activities out of the locations for 13 years,” Kidd says.
“A 230sq m three-bedroom apartment upstairs will be vacated when the property sells.”
An artist’s impression of a proposed Highbury town centre redevelopment by NZRPG.
The site comes with 13 car parks – six of which are undercover and secured by gated access entered from the rear of the premises Three of the car parks are allocated to the residence.
Nees says both the commercial and residential components of the Hinemoa St property have undergone extensive refurbishment renovations in recent years and are immaculately presented.
The apartment contains three bathrooms and a balcony, and is accessible by an internal lift from the basement car parking.
Hinemoa St links the upmarket residential areas of Birkenhead and Northcote Points with the suburb’s central business hub.
“This property is surrounded by licensed eateries and cafes, with a conglomeration of light industrial and automotive businesses around the corner from the address,” Nees says.
Birkenhead town centre is directly in the middle of the route between Birkenhead Bus Company’s depot and the central city; and the suburb is also serviced by ferries regularly running to the Auckland CBD from Birkenhead wharf located at the harbour end of Hinemoa St.
Michael Nees, Bayleys North Shore Commercial