Choice site hits stage on Broadway
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