As Auckland undergoes the greatest urban makeover ever seen in New Zealand, properties with potential are coming to the market in newly redeveloped precincts across the super-city.
Two such opportunities feature in the new edition of Barfoot & Thompson’s Insite commercial property portfolio. One is in the thriving hub of Newmarket and the other in popular and fast-growing Te Atatu Peninsula.
21 Davis Crescent, Newmarket, is a high-profile site comprising a 456sq m stand-alone freehold warehouse on 364sq m of land. Benefitting from right-of-way access from Carlton Gore Rd, the property is currently returning $130,141 net p.a. with final expiry in January 2023.
Reese Barragar and Nick Bernecker, senior commercial brokers at Barfoot & Thompson Commercial who are marketing the property, say a survey of similar properties in the area suggests it is significantly under-rented.
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Barragar says the attractively presented property provides a mix of open-plan warehouse showroom (340sq m) and mezzanine areas (116sq m).
“It can be adapted to suit a range of business requirements and/or live-and-work. The property has a high stud in excess of 6m. The current tenant signage covers windows at the front of the property, which inhibit the natural light from coming through.
“Although there is no onsite carparking, there are a number of convenient carpark buildings in close proximity including one on Davis Crescent about 25m from the front door.”
Bernecker says the property’s flexible Metropolitan Centre Zone offers significant development upside. “The zoning allows residential and/or commercial use with significant development upside up to 28m (subject to resource consent).
“Additionally, this vibrant Newmarket location is close to all local amenities and major transport hubs.”
Newmarket has long been regarded as the country’s fashion capital and also offers a diverse range of retailing plus the niceties of a wide selection of cafes, bars and restaurants. The suburb is expected to be one of Auckland's major growth locations as, in addition to major office and retail projects, the University of Auckland's development of its Newmarket campus will be a key driver of its growth.
21 Davis Crescent, Newmarket is for sale by auction at 10am, Wednesday 17 November at 34 Shortland St, Auckland Central, unless sold prior.
Located in Te Atatu Peninsula’s popular and vibrant commercial retail precinct, 80 Gummer Drive is a high-profile corner site separated into 11 titles.
It is fully tenanted. The ground floor provides five separate tenancies held in seven different units which include a sushi shop, cake/coffee shop, print shop, chiropractor and Thai restaurant.
The four upstairs apartments are two bedrooms with open-plan living, kitchen and dining.
Colin Stewart of Barfoot & Thompson Commercial says the 933sq m property, with 585 sq m gross floor area, is zoned Business – Town Centre, allowing for extensive redevelopment up to 18m high.
“Because it is held in 11 titles, the property could be redeveloped, held as one entity, or sold off in parcels.
“The property enjoys a diversified gross annual cashflow of approximately $218,000 provided by nine separate tenancies on the 11 titles, all of which are being offered for sale together, along with the site upon which they sit.”
Stewart says the superbly located two-level property, with 16 carparks, was built in the early 2000s. The Countdown supermarket is a short walk away, as are the community centre and library, Te Atatu Memorial RSA, Jack Pringle Park and Jack Pringle Village Green, and major transport routes.
Surrounding developments comprise mainly residential dwellings and mixed-use commercial properties.
80 Gunner Drive, Te Atatu Peninsula, is for sale by tender closing at 4pm, 25 November at Level 3, 50 Kitchener St, Auckland Central.
- Article supplied by Barfoot & Thompson
