Prime Takapuna properties beckon developer

An exterior elevated view of properties being sold as one lot at 70 and 72 Anzac St, Takapuna.

Two freehold prime commercial properties with 18 car parks, being sold as one package in the highly sought-after Takapuna precinct, are being marketed as having "huge development potential".

"The neighbouring properties at 70 and 72 Anzac St are on two separate titles but the owner wants to sell them as one lot," says Gary Seekup, commercial and industrial agent with Barfoot & Thompson Commercial.

In conjunction with colleagues Bruce Jiao and Tim Bibby, Seekup is selling the properties by deadline private treaty closing at 4pm on Thursday, February 26 at the agency's 129 Hurstmere Rd office, unless they sell earlier by negotiation.

With a total combined area of 279sq m, the two single-level buildings sit on 1034sq m of land and generate a current passing rental income of $174,200 a year plus GST.

The properties are on the southern side of Anzac St, a North Shore arterial route, and have strong exposure to passing traffic.

Seekup says the buildings comprise two 1950s residential dwellings that have been converted over time into mainly commercial office accommodation.

"There is no fence between the two properties and the current tenant uses both properties for its business."

Bibby says the building at 70 Anzac St has been converted with resource consent into four generous offices, a server room, kitchen and bathroom amenities. An extension provides additional office, garage and storage space and a largely concreted area provides parking for at least a dozen vehicles.

The second building, at 72 Anzac St, comprises two basic but generous offices and a small kitchenette and toilet amenities.

"A two-bedroom apartment including a full kitchen and generous lounge is situated at the rear of the building but the internal access from the office has been retained to allow conversion back to full residential or increased office use," Bibby says. "We are advised that no resource consent for commercial office use has been applied for on this property."

There is a free-standing garage and a concreted parking area for six vehicles.

The leased commercial space generates $156,000 net a year and the annual rent received from the apartment is $18,200.

Bibby says the property is zoned for intensive residential development and offers huge potential.

"The strategy for this zone is to encourage the amalgamation of existing parcels of land to enable higher levels of intensification with building heights of up to 10 levels," he says.

"This location will also be positively impacted by the significant infrastructure projects currently underway including a proposed apartment development across the street at 33-35 Anzac St."

Bibby says vacant possession with a possible month-by-month continuation could be agreed to by the current owner occupier, allowing for holding income while development options are explored.

Jiao says the location has grown in popularity with many businesses and residents thanks to the availability of a wide range of amenities and services.