Prime Retail And Commercial Block In Seaside Shopping Hub Placed On The Market For Sale

The high-profile land and building housing a Government agency alongside a trio of retail outlets selling designer goods in the high street strip of Waiheke Island’s main shopping precinct have been placed on the market for sale.

The 1,480-square metre site at 116 Ocean View Road in Oneroa sustains a 471 square metre north-facing building with four tenancies, along with substantial staff and customer parking at the rear of the block.

The street-appeal of the block is substantially enhanced by a 16-metre seated wooden deck-style public seating area immediately in front of the shops – which acts as a shopper magnet and ensures the block is one of the most easily-recognisable properties in the locale.

The Ocean View Road address lies within the Oneroa Village Commercial zone, and is connected to the Owhanake wastewater treatment plant – meaning that intensification development is permitted on site subject to appropriate council consents.

Located with some 21 metres of high-profile street frontage overlooking Oneroa’s main retail strip from an elevated position above the road, the north-facing property is leased by a mix of four tenants generating total net annual rental income of $201,330 plus GST.

The quartet of tenants within the block include:

• Government agency Work and Income New Zealand – occupying 257 square metres on a current lease running through to 2023 with one further three-year right of renewal, generating annual rental income of $89,800 plus GST
• Souvenir and local crafts retailer Shop the Rock occupying 66 square metres on a current lease running through to later this year with a further six-year right of renewal, paying annual rent of $39,610 plus GST
• Upmarket homewares shop Veranda occupying 50 square metres on a current lease running through to later this year with a further six-year right of renewal, paying annual rent of $36,003 plus GST and,
• Women’s clothing and accessories retailer Salt occupying 62 square metres of space on a current lease running through to later this year with a further

six-year right of renewal, paying annual rent of $35,926 plus GST.

The property at 116 Ocean View Road in Oneroa is now being marketed for sale at auction on April 28 through Bayleys Waiheke. Salesperson Mana Tahapehi said the positioning of the block in the middle of Oneroa’s main street ensured its retail tenants enjoyed a high level of ‘passing trade’ from casual clientele, while simultaneously providing easy access for the island’s WINZ clients with convenient parking options at the rear of the address.

Tahapehi said 16 car parking spaces at the rear of the block were accessed from the Southern Service Lane which also serviced the Auckland City Council-operated Oneroa car park next door. The property is surrounded by a mix of retail and food and beverage premises which all enjoy Oneroa’s ‘village’ hub buzz.

Auckland Council’s Hauraki Gulf Islands 2018 plan raises the potential for redevelopment of properties along the western side of Ocean View Road

“to encourage people to live within the village, perhaps allowing apartments above ground level.”

“Under this auspice, it is easy to envisage an apartment block being constructed at the rear of the property where the car park is currently situated. The upper floors of any such residential premises would enjoy outstanding views over Oneroa Beach just a few hundred metres away, and the outer Hauraki Gulf beyond,” said Tahapehi.

The WINZ tenancy within the property has a regularly-maintained air-conditioning system with two units located on the roof, while the block has a fire alarm system and a building warrant of fitness valid through to the end of October this year.

Reflecting Waiheke’s ‘clean green living’ community ethos, rainwater from the Ocean View Road block is collected and stored in two 25,000 litre tanks, whose pump and filtration unit is contained in the basement of the property. Meanwhile, the septic tank on the south-west side of the property is connected to the Owhanake Wastewater Treatment Plant.

Click here for more information on the listing.

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