Retail shops with house on site ripe for redevelopment

7:38 PM Friday August 23, 2019 True Commercial

573-575 Glenfield Rd, Glenfield. Photo / Supplied

A long-standing corner block of retail shops in suburban Auckland is on the market, with potential for an apartment complex.
The property, at 573-575 Glenfield Rd, Glenfield, contains a mix of tenants, from fish and chip shop, bakery, pharmacy to laundromat and dairy. A small house is behind the shops.
The 791sq m of shops and house sit on 2861sq m of freehold land zoned business-neighbourhood under the Auckland Council plan. 
In addition to the retail outlets, the property gets income from the house and two clothing collection bins  in the car park at the front.
Built  in the 1960s, the shops have parking for 26 vehicles, with access right-of-ways down the side and around the back of the premises.
The block is being 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 single-storey block was very much a neighbourhood-focused retail destination.
“The property is on the axis intersection between two of the area’s busiest roads, with Glenfield Rd linking Glenfield, Northcote, Birkenhead, and Birkdale to the East Coast Bays, and the top of Wairau Rd linking  the  retail and light industrial zone of Wairau Valley.”
Combined, the 10 businesses and one residential dwelling generate rental income per annum of $350,217 plus GST. The tenants  are: 
• Glenfield family pharmacy on a lease through until 2025 
• Sia hair beauty and barber on a lease until 2022, with two further three-year rights of renewal 
• Jingwah fish & chips on a lease through to 2022 with one further three-year right of renewal
• EZ wash laundromat on a lease through to 2020, with three further three-year rights of renewal
• Ken’s vege’ on a lease through to 2020 with three further three-year rights of renewal
• Koha sushi on a lease through to 2020 with three further three-year rights of renewal
• Pam’s corner dairy on a lease through until 2022 with a further four-year right of renewal
• Glenfield Bakery on a lease through until 2022 with three and four-year rights of renewal
• Ivan’s takeaway on a lease through until 2020 with a further six-year right of renewal
• Grant Doonan clothing bin on a lease expiring this year, and
• A residential tenancy on a periodic lease.
Lee said business-neighbourhood zoning allowed for mixed-use retail and residential blocks up to 13m high.
“Architectural designer plans for a four-storey development sustaining nine retail tenancies and 95 residential units have been procured by the current owner,” he says.
“The plans are subject to council  approval and are just one of the options available for the site.
“The business reference in the zoning is totally consistent with the tenancies  in place — sustaining residents in the immediate vicinity with what the council calls ‘frequent retail and commercial service needs’.” 
The existing tenancies operate in a complimentary nature with each other, and it would make sense, says Lee, for any redevelopment 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,” he says.