Eye on the prize – prime development opportunity in Takapuna
| Address: 396 Lake Road, Takapuna |
| Harcourts NAI Commercial Agents: Tim Turner – 021 924 908 and Angeline Snell – 027 600 8088 |
| Harcourts Cooper & Co Residential Agents: Hattie Liu – 021 656 835, Betty Gao – 022 383 008 and Steve McCulloch – 021 953 405|
Boasting an exceptional location at the heart of Takapuna, 396 Lake Road presents a rare and unique opportunity for developers and astute purchasers. The perfectly flat, 964m2 freehold site is zoned Business Mixed Use, which presents infinite potential in a prime, highly-valued position for a strategic buyer.
Takapuna is the North Shore’s most sought-after beachside community and is exploding with growth and development. Despite this exciting evolution, it still retains a charming and relaxed coastal atmosphere that is popular with residents of all ages. The Lake Road location is perfectly placed to maximise everything the area has to offer, just 300m from the commercial hub, with its renowned arts, cuisine and shopping. It’s also well-connected, with the Esmonde Road motorway onramp to the CBD 1.5km away, offering just a 5-minute journey into the city off-peak. Outdoor enthusiasts will relish the golden sands and inviting water of the iconic beach, also just 300m walk away, as well as Luke Pupuke for its paddle boarding, windsurfing and kayaking. A raft of cafes, bars and restaurants can be found along the seaside promenade, laneway and main streets of Takapuna, along with the cinema and Bruce Mason Centre for entertainment.
The site is currently occupied by a three-level, six-bedroom, three-bathroom home and separate garage. Crafted in the 1980s from brick, the sound and solid home is perfectly habitable and has been let to a number of residential tenants, with the annual income approximately $100,000 plus outgoings. There’s plenty of off-street parking and easy access from the road.
Business Mixed Use zoning opens up a raft of options for the future development of the site. Earlier consents have been granted for medical or office use, with the added value options including apartments, a hotel, accommodation or childcare. The vendor has invested in two development schemes, with Proposal A already lodged with council (but not yet consented). Both proposed buildings have been architecturally designed by renowned international firm LMK Architects – they’re contemporary structures that sit well within the coastal setting and that maximise the seaviews. The award-winning LMK team are responsible for designing a series of striking buildings throughout Asia, with a high-quality design aesthetic, environmental concern and sustainability at the forefront of their business.
Proposal A is comprised of eight, 194m2 four-bedroom apartments and one 295m2 five-bedroom penthouse. This is complemented with a ground floor retail and 25 carparks.
Proposal B is comprised of 30 apartments ranging from 57m2-120m2, with ground floor retail and car parking. With this high number of apartments, there is potential for residential sales to overseas buyers, subject of course to the purchaser’s due diligence.
The location, site and Business Mixed Use zoning make the future prospects tremendous for this exceptional piece of Takapuna land. Whether it’s developed immediately or renovated and lived in with a view to develop, the value will continue to soar as time goes on.