Takapuna unit offers solid passive income
The unit at 66 Barrys Point Rd Takapuna is leased by snow and water sports retailer Ballistics Wake & Snow. Photo / Supplied
A large North Shore unit occupied by snow and water sports retailer, Ballistics Wake & Snow, is on the market in Takapuna.
“This sale represents a good opportunity for a buyer wanting a solid passive income,” says Ranjan Unka of Bayleys North Shore who, with colleague Nelson Raines, is selling Unit A at 66 Barrys Point Rd by private treaty closing at 4pm on June 27.
Featured in Bayleys latest Total Property magazine, the 370sq m high-stud retail unit has a new five-year lease, with a bank guarantee, to long-established Ballistics Wake & Snow which generates annual income of $135,000 plus GST. The lease runs until June 2029 with one five-year right of renewal and income growth provided by a 2 per cent rent increase and a market review at lease renewal.
The property encompasses six on-site car parks - four directly in front of the store and another two on the Northern side of the property.
“Wake boards, snow skis, ancillary equipment and clothing are sold from the store that started up 1992 and which has plenty of space for clothing and board displays,” Unka says.
“The front section of Ballistics Wake & Snow showroom is attractively finished with carpet floor coverings, painted block walls and ceilings lined with timber panels,” says Unka. “The mid-floor retail space has a suspended ceiling and includes a partitioned amenities and storage area with lunchroom.
“The showroom is air-conditioned with three wall-mounted incremental units, two located at the front of the building and one at the rear of the retail space.”
Unka says the retail facade has non-tinted glazing to over one half height, with the remainder being mainly fibre cement panels. An attractive angled canopy area provides good signage to passing traffic on Barrys Point Rd which can be seen from the State Highway 1 Northern Motorway interchange.
“Traffic flows in this area are high,” he says. Barrys Point Rd is about 100m to the north of its intersection with Esmonde Rd and is a main arterial route linking Anzac St and Pupuke Rd in the North to Esmonde Road in the South.
The unit is road frontage on the Eastern side of Barrys Point Rd with a right of way on the Northern boundary giving access to other units in the development.
Unka says the property benefits from a new Mixed Use zoning under the Auckland Unitary Plan, which allows continued transformation of the light industrial and retail area and the inclusion of residential development.
The surrounding development includes mainly older industrial type buildings, a number of which have been refurbished into showroom space giving them a more modern appearance.
The area is well known for its motorcycle retailers along with cycling and outdoor recreation stores. Harley Davidson, Cycletreads and Honda are immediate neighbours.