Calling all investors! Could you be the new owner of this rare waterfront development site in St Heliers?
YIJU recently learnt from Bayleys that a development site in one of Auckland’s renowned waterfront neighbourhoods is attracting keen interest through an international tender campaign!
Aerial view of the Ōrākei area
Would you like to own waterfront shops with land offering development potential?
A once-in-a-century opportunity is right before you!
YIJU recently learnt from Bayleys that a development site in one of Auckland’s renowned waterfront neighbourhoods is attracting keen interest through an international tender campaign. The corner site on Tamaki Drive, the waterfront road in St Heliers, enjoys expansive sea views and is currently home to several well-known local eateries.
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In an area where luxury residential projects are flourishing, this site could become an ideal location for boutique offices, premium apartments or a retail complex. Occupying one of the most prominent corners on Tamaki Drive, the waterfront boulevard in Auckland’s renowned St Heliers Bay, the entire row of shops and its substantial landholding with parking are being offered for sale by international tender. A reporter’s visit confirmed that the shops enjoy expansive 180-degree waterfront views, facing the sea in an idyllic setting. All tenants are established local hospitality businesses. As one of Auckland’s oldest suburbs, the area is filled with luxury homes and combines vibrant commercial activity with peaceful coastal living, offering unprecedented prospects for the site’s future.
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The site is located at 429 Tamaki Drive, St Heliers, Auckland
The property’s current tenants include Italian restaurant Scalini’s, bar St Helier’s Bay Pigeon Racing Club and Indian restaurant Curry Village. Total annual rental income is NZ$315,000, including outgoings and GST. Bayleys’ Asia-Pacific president James Chan said this would provide a good ongoing income for the new owner while they explored redevelopment options. All existing leases contain 12-month demolition clauses, allowing flexibility over when work begins. The commercial property at 429 Tamaki Drive, St Heliers, Auckland, is understood to be entering the market as a freehold offering for the first time. It is being marketed by James Chan and his colleague Oscar Kuang of Bayleys Auckland Central.
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The sunny, north-facing property occupies a 911-square-metre corner site with access from both the main road, Tamaki Drive, and the side road, Turua St. This is convenient for tenants and supports future development planning. The property comprises 8 separate shops leased to 6 businesses, including established local Italian dining, bar, Indian food and Chinese takeaway operators with stable, long-standing tenancies. Rental income is approximately $315,000 a year plus GST. Bayleys’ Asia-Pacific director James Chan said the property offered considerable scope for a new owner, whether seeking long-term rental investment or near-term development. As all current leases contain 12-month demolition clauses, the new owner can time development flexibly in response to market conditions.
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Location！Location！Location！
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Map of the Ōrākei area
St Heliers lies within the prosperous Ōrākei coastal local board area and is one of Auckland’s wealthiest suburbs. Like neighbouring Kohimarama, Remuera, Mission Bay and Meadowbank, whose median house prices rank among the highest in New Zealand, it offers exceptional appeal and a vibrant, safe community atmosphere. The area has a thriving business scene with numerous local enterprises, including many distinctive shops popular with local residents. Employment is strong in healthcare, education and professional services. St Heliers, Ellerslie, Remuera and Mission Bay all have active, well-established business associations working alongside the council to improve their local economies and business environments. As a renowned Auckland visitor destination, the area also continues to attract local and overseas tourists. In future, local government will work with business associations and organisations such as Ngāti Whātua to host international events and competitions, realise the area’s full potential and make it a preferred destination for world-class water-based events. The Tāmaki Drive upgrade, undertaken in partnership with Ngāti Whātua Ōrākei, will also transform the waterfront into a lively, appealing destination. St Heliers, around Tāmaki Drive, can be expected to become an even more prosperous and desirable neighbourhood for Aucklanders.
Aerial view of the area surrounding the site
The site occupies an excellent position on the southern side of Tamaki Drive in St Heliers, at its intersection with Turua Street, approximately 9.5 kilometres east of Auckland’s CBD. It is immediately adjacent to the St Heliers commercial centre, with a comprehensive range of nearby amenities, including banks, boutique shops, convenience stores, renowned cafés, bars and restaurants, as well as some of Auckland’s most luxurious low-rise apartments.
James Chan said the site’s substantial development potential was undoubtedly the main attraction for investors. Its prime waterfront position, affluent local customer base and zoning favourable to future redevelopment would ensure widespread buyer attention and demand.
Oscar Kuang agreed, saying this stretch of Tamaki Drive along the St Heliers Bay waterfront combined a lively setting with tranquillity and was among the most liveable residential areas in Auckland’s metropolitan plan. Only a handful of waterfront shops had changed hands in recent years, let alone a property with 911 square metres of land and site coverage below 50%. The new owner could use the 12-metre height allowance under the government’s new urban planning provisions to redevelop and reshape the property. Given the area’s persistent shortage of commercial premises and luxury homes, a future owner could certainly consider a premium mixed-use building, with high-end waterfront apartments or offices above and fashionable boutiques and convenience shops on the ground floor. It would surely become one of the area’s landmark buildings!
Details of the property for sale
Photograph of the property
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Investment highlights
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Sale process
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Director James Chan emphasised in closing that this was the first time in nearly 20 years that the property had been offered for sale as a freehold holding. The Asia-Pacific division’s director and a senior sales agent are leading the campaign. The property is being sold by international tender, closing at 4 pm on Friday 8 December 2023 this year. Late tenders will not be accepted! Commercial properties of this calibre rarely come to market. Astute investors, those seeking investment returns and well-resourced developers should seriously consider this once-in-a-lifetime opportunity. Use the contact details below to request further information about the property now.
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Oscar Kuang 021 609 429 |
James Chan 021 934 054 |
BAYLEYS REAL ESTATE LTD, AUCKLAND CENTRAL,
LICENSED UNDER THE REA ACT 2008