A classic warehouse property with favourable zoning, close to Westfield in central Newmarket, is for sale with strong interest expected from owner-occupiers and investors given the scarcity of stock in the evolving city fringe location and minimal warehouse vacancy in the Auckland metro market.
Located at 16 Eden Street in a tightly held enclave accessed off Gillies Avenue, the freehold, high stud 362sqm warehouse with supporting office space has dual roller door access at the front and off-street parking for four cars.
The generic warehouse is 6.9 metres to the portal knee, and 8.5 metres to the apex, with a compact mezzanine office plus kitchenette and amenities to the rear.
The 354sqm freehold site has Business – Metropolitan Centre zoning, an intensive overlay that allows for broad usage and supports future redevelopment.
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The property is being marketed by Damien Bullick and Alan Haydock of Bayleys via a tender campaign closing 21st August, unless sold prior.
Bullick says there is holding income in place, and the existing flexible lease allows for occupation or investment.
“Warehouse offerings of this calibre are rare in Newmarket, particularly given the rate of growth and change seen in the area in recent years.
"The circa-$800m redevelopment of the Westfield complex and the consolidation of University of Auckland’s Newmarket Campus and innovation precinct are demonstrable votes of confidence for the area.
“This is an honest no-frills warehouse that bats above its weight in terms of location and while perfectly functional and sought-after in its current guise, the underlying Business – Metropolitan Centre zoning provides another layer of opportunity for investors and owner-occupiers.
“Land is constrained in central Newmarket so any site that has the potential to morph into another use down the track gets a double tick from buyers.”
There are very few warehouse properties remaining in Newmarket with most of the existing stock converted to destination retail, showrooms or design studios, says Bullick.
“Demand for property in the side streets running off Broadway has strengthened as proactive business tenants and owner-occupiers look to leverage the consumer traffic that Westfield attracts.
“Newmarket is destined to be one of Auckland’s major growth nodes with intensive zoning overlays encouraging more substantial development upwards and outwards.
“Some progressive developments are underway, including Precinct Residential’s conversion of the former Fidelity Life office tower in Carlton Gore Road to luxury apartment living.
“An investor will recognise the strength of the Eden Street location and might look to landbank the site, noting the favourable upzoning that allows diversification of use and upwards development.”
It is in the double grammar school zone, is close to motorway links and public transport connections, and the CBD is 5km away.
- Supplied by Bayleys
