Investors looking for a unique opportunity in the country’s fashion capital will be interested in an offering located in the Newmarket caryard strip in Auckland.
Colliers International brokers Tony Allsop and Adam White are marketing the leasehold property at 436 Broadway, for sale by tender. Offers close by 1 September 2016.
“This is a great opportunity for an investor looking for a solid asset in one the most prestigious suburbs in Auckland,” says Allsop.
The two level, 80s-built building is on a well located corner tram lease site and currently returns $246,250+ GST per annum. It has a one-bedroom apartment/office area on the top level.
“The building which sits on Broadway itself, has been leased and occupied by Gulliver International New Zealand Company. It has recently undergone a high level of refurbishment for their purposes,” says White.
Gulliver International New Zealand Company Limited is a Japanese publicly listed company, with dealerships worldwide. It has been occupying the premises for two years.
“Gulliver has a strategic presence here with the property sitting at the heart of leading car dealerships in Auckland. You can see all upmarket European and Asian brands here, with the Mini dealership directly across it,” adds Allsop.
The total site is approximately 1,002sqm.
The building has a seismic rating of 79% NBS and the property is currently zoned Business 3, which will be changed to Business Metropolitan Centre under the Proposed Unitary Plan.
“Businesses Metropolitan Centre is a key determiner for many commercial operators, as it comes second only to the city centre in overall scale and intensity, and are essentially new hubs for high frequency transport,” says White.
“The PAUP’s new zoning provides for a wide range of activities including commercial, leisure, high-density residential, tourist, cultural, community and civic services,” he says.
“The property is about 500m from one of Auckland’s most iconic shopping centres Westfield, and enjoys the immense benefits of being situated in New Zealand’s premier shopping district,” says Allsop.
“Newmarket’s status as one of New Zealand’s most prestigious suburbs is only going to rise in popularity and property values, with decreasing investment sales opportunities,” Allsop says.
Newmarket’s high building density of retailers places it as New Zealand’s premier retailing area, and is a rival to local competitor the Auckland CBD. Its thriving café culture is a prominent attraction for Aucklanders.
“Newmarket has some of the country’s best bars and nightclubs, beautiful cafés with on and off street atmospheric seating, and fantastic restaurants and eateries,” says White.
“Mix that in with its fashion-leader status and entertainment choices such as theatre, film, art galleries, and recreational activities, you quickly understand its desirability as a location,” he points out.
“This is especially true for Broadway, which has larger shopping centres and smaller retail tenancies, two cinemas, and the newest Auckland University campus,” adds Allsop.