Portfolio reflects a ‘buoyant’ market

5:00 AM Saturday March 4, 2017 Colin Taylor

An artist’s concept of the five-level retail and office building at 4 Bute Rd, Browns Bay. Photo / Supplied

NAI Harcourts is about to release its first Key Assets portfolio for 2017 containing more than 50 commercial properties and businesses for sale and lease throughout the country.

Chris Kennedy, CEO Harcourts New Zealand, says the portfolio reflects a buoyant commercial property market.

“The factors that have fuelled the strength of the commercial market are continued high levels of immigration, low interest rates and a shortage of commercial space in many parts of the country. Combined, these factors create high demand, from commercial tenants as well as investors, and there is very little capacity to build new premises at a pace to meet that demand.”

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Hawkins Construction is a tenant in 10 Charlies Way, Frankton, Hamilton. Photo / Supplied

Properties featured Key Assets include:

  • Eight retail units will be available to lease in a five-level mixed-use development, comprising 890sq m of retail space and 64 high-end residential apartments that will commence construction at 4 Bute Rd, Browns Bay, on Auckland’s North Shore mid this year. The retail units, which will have a minimum of 7m street frontage are just two-minutes from the beach and are being marketed to rent by NAI Harcourts North Shore Commercial.
  • Also for lease through NAI Harcourts North Shore Commercial is 106 Richard Pearse Drive, Mangere, located in a sought-after area well serviced by a large workforce near Auckland International Airport. This high-profile industrial property encompasses a 1935sq m warehouse, 630sq m canopy, two storeys of office space and storage.
  • Another prominent property, but this time for sale, is a showroom and office building in the Hamilton CBD that has been occupied since 2010 by international tenant Ricoh, which has recently renewed its lease for another three years. Zoned Central City and situated on the corner of Anglesea and London Streets where it is exposed to 17,000 vehicles passing daily, the building with a net lettable area of 617sq m occupies a 1013sq freehold site and is being marketed for sale by NAI Harcourts Hamilton Commercial.

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This high profile industrial property is for lease at 106 Richard Pearse Drive, Mangere. Photo / Supplied

  • The Hamilton agency also has for sale an architecturally-designed two-storey office and warehouse complex with a net lettable area of 729sq m at 10 Charlies Way in nearby Frankton. Occupying a 2041sq m freehold site adjacent to State Highway 1 and Hamilton’s western bypass, it is five minutes from the Hamilton CBD and is leased on a renewed six-year term to Hawkins Construction North Island Ltd.
  • For lease in the Christchurch CBD at 177 High St, in the heart of the Innovation Precinct, are a variety of retail/hospitality and office units within the new three-level Billens Building which is scheduled for completion at the end of this year. NAI Harcourts Four Seasons Realty is seeking tenants for a ground floor restaurant area which extends outside at the rear of the property to a lane adjoining the South Frame which is set to become a hospitality centre featuring bars, restaurants and shops. Levels 1 & 2 contain 25 “trendy” shared office suites which are leasing now

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Chris Kennedy, CEO Harcourts New Zealand