A fully leased retail block in the heart of Glen Innes’ rapidly evolving commercial core, anchored by two of the world’s best-known food and beverage operators, presents investors with the dual appeal of secure long-term income and development-ready potential, Bayleys brokers say.

Bayleys Asian Markets director James Chan, together with colleagues Cameron Melhuish and Karen Yung, is marketing the freehold landholding at 227 Apirana Avenue, for sale by auction on Wednesday 29th October 2025 at 11am (unless sold prior).

The 1,512sqm (more or less) landholding occupies a commanding frontage to one of East Auckland’s busiest arterials, with strong exposure to average daily traffic flows exceeding 17,000 vehicles.

The site accommodates a modern retail block occupied by global coffee giant Starbucks, a barber’s, and a vape store, complemented by a newly-built Burger King restaurant. Together, the occupiers return a net $370,460 plus GST per annum, with a Weighted Average Lease Term (WALT) of approximately 14 years (by income).

Chan says the property exemplifies the type of income-backed, future-flexible investment increasingly sought after by sophisticated purchasers.

“Anchored by two household names with proven trading resilience, the property delivers near-20 years of income security while holding one of the area's most development-intensive zoning classifications.”

The Business – Town Centre zoning, with a height allowance of up to 32.5 metres (subject to consent), permits a wide range of commercial and mixed-use development, including residential, education, healthcare, and entertainment uses.

Chan says this flexibility positions the asset as both a defensive holding and a long-term growth play.

Glen Innes has emerged as one of Auckland’s most significant regeneration areas, supported by the Tāmaki Regeneration Programme – a long-term strategy to deliver new housing, upgraded infrastructure, and enhanced public spaces.

Between 2013 and 2023, the suburb’s population grew by nearly 30 percent, with growth expected to continue as major investment in transport and residential intensification unlocks further demand.

Bayleys Capital Markets director, Cameron Melhuish, says the suburb’s transport hub, linking rail, bus, walking and cycling connections, is minutes from the subject property.

“Once the City Rail Link (CRL) opens, trains from Glen Innes will connect to Britomart at five-minute frequencies in peak periods, strengthening the suburb’s role as a transit-oriented commercial and residential centre.

“Investors are increasingly targeting locations where infrastructure and population growth converge,” he adds. “Glen Innes fits squarely into that framework; it is strategically positioned between the CBD and desirable eastern suburbs, with exceptional connectivity, and a rapidly expanding consumer catchment.”

Bayleys Asian Markets associate director, Karen Yung, adds that demand for income-producing retail investments has held firm despite broader capital market headwinds, particularly where tenants are nationally or internationally recognised brands.

“We continue to see a gravitation toward assets with both secure income and future flexibility. The subject property is just that – fully leased, high-profile, and supported by zoning that provides a genuine pathway to higher and more productive use in a growth area.

“With its combination of tenant covenants, long WALT, and embedded development potential, the property represents the rare chance to secure a key foothold in one of Auckland’s most transformational growth corridors.”