Choice site hits stage on Broadway

9:08 PM Friday July 19, 2019 True Commercial

Commercial property in Newmarket is positioned to take advantage of the area’s regeneration. Photo / Supplied

A mixed-use commercial property in a high-profile position on Broadway, Newmarket’s main retail strip, is for sale and offers  a substantial cash flow from its 17 tenancies, as well as an opportunity for  future development.  

One of the trophy listings in Bayleys’ latest Total Property portfolio, the freehold property  at 154-168 Broadway is fully leased and is  generating annual rental income of about $684,148.

It comprises a mostly single-level 1464sq m building, with five retail tenancies on its Broadway frontage. The remainder of the income is derived from  offices  surrounding a courtyard at the rear of the site.

“A key attribute of this offering is the underlying land holding of 1735sq m, which brings with it a multitude of future development and add value options,” says Bayleys’ commercial broker Alan Haydock. 

He is marketing the property, which is up for sale by tender closing 4pm, August 7 (unless sold earlier), with  colleagues Damien Bullick and Ryan Johnson. 

“The site has about 34m  of frontage to Broadway and offers fantastic visibility to both  the retail strip and  the Khyber Pass Rd intersection,” says  Haydock. 

“The land is zoned Metropolitan Centre,  the most intensive zoning in the city fringe, with both commercial and residential development  permitted up to height of about  30m.”  Bullick says the property’s   tenants include retailers, food and beverage businesses, and office users.

 The retail portion of the property totals about  665sq m  and is occupied by Flight Centre, Modes bridal and eventwear,  Movenpick ice cream, Medicines to Midnight pharmacy, and the Oriental Tea Shop. 

The remaining tenancies comprise office suites and a further space occupied by Modes Bridal and total about  800sq m. Bullick says the majority of these are located around a rear internal courtyard and are mostly single level, with some office tenancies on level 1. 

The property also has access at the rear to a public car park.  Haydock says 154-168 Broadway is situated towards the Parnell end of Broadway. He says the existing building  was built  in the 1970s and  refurbished  in 2008. 

“Newmarket has long been regarded as one of the prime retail districts of Auckland,” he says. “It  has attracted a range of  national and international retailers because it has the highest pedestrian volumes outside of the Auckland CBD. 

“Long-term confidence in Newmarket  is highlighted by a number of major developments, including Scentre Group’s $800m  Westfield mall, which which will be anchored by David Jones’ first Auckland department store and a  Countdown supermarket. It will be one of the biggest shopping mall complexes in the Southern Hemisphere. 

“Newmarket is also a popular office location, with Mercury Energy’s  new head office  adding another A grade  building to the precinct. 

“This building, combined with the  Watercare building and the  development of  Auckland University’s  5.2ha site on Khyber Pass Rd, are providing a critical mass of workers to  further strengthen the precinct’s retail performance,” says Haydock. 

“This address, 154-168 Broadway, is well positioned to take advantage of Newmarket’s  regeneration, which includes  residential development.”  

- Material supplied by Bayleys