As the country moves into the second half of 2024, the Auckland commercial property market continues to demonstrate resilience. Vendors are adjusting their expectations to align with current realities and inquiry levels remain strong, according to Barfoot & Thompson commercial manager John Urlich.
Commenting in the agency’s newly-released Insite portfolio, Urlich says: “We are looking for sideline buyers to start engaging. It is a good time to be active in commercial property — the gap between offer and acceptance has closed markedly as vendors recognise the importance of meeting the market.
“We have seen some excellent counter-cyclical purchases in the last few months and we foresee improved market conditions over the next year.”
The August issue of Commercial Insite profiles 49 properties with outstanding opportunities for investors, developers and owner-occupiers.
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One, described as the “Jewel on Broadway”, will appeal to “discerning buyers looking for strategic positioning in the heart of Auckland’s premier shopping and entertainment precinct” says Barfoot & Thompson commercial broker Reese Barragar.
He is marketing the asset for sale by deadline private treaty, closing 2pm, Thursday August 22, unless sold prior.
Previously occupied by a popular cafe, 1C & 1D, 178 Broadway is a freehold 225sq m retail shop featuring a contemporary high-stud open-plan configuration with a separate kitchen area, including extraction.
“It will suit a variety of businesses looking for a high-quality offering,” Barragar notes, “with the stand-out factor being its location — strategically placed next to a leading kitchenware retailer and within walking distance of the hugely popular Westfield Shopping Centre and Newmarket train station.”
There is a large public parking facility at the rear of the property.
“Convenience is key here,” Barragar says, as the locale is close to Auckland's major roading network, including direct access to the Northern and Southern motorways, Great South Rd, Manukau Rd, Remuera Rd, Parnell Rd and Khyber Pass Rd.
There are regular rail and bus services from Newmarket, which is only 2.5km from the CBD.
“Overall,” Barragar says, “it’s an exceptional property, favourably zoned Business—Metropolitan Centre and delivering high visibility to the public in a location that not only has high foot-traffic volume, but also substantial vehicle traffic flow.”
8/48 Ellice Rd, Wairau Valley is a prime industrial unit marketed by Paul Vermaak and Gary Seekup by deadline private treaty closing 4pm, Thursday August 22, unless sold prior.
It is a “tidy and bright” east-facing property that features a total floor area of approximately 270sq m including a high-stud warehouse, ground-floor office and mezzanine storage. It boasts three on-site carparks.
“The unit has had several recent upgrades,” Vermaak notes, “with the roof, hot-water cylinder and plumbing piping all having been replaced.”
“Wairau Valley holds a prime position on the North Shore for light industrial activity,” he adds. “Its proximity to the CBD and major arterial routes makes it a highly sought-after location.”
Held in a fee simple unit title, 8/48 Ellice Rd is zoned Business—Light Industry under the Auckland Unitary Plan and will be sold with vacant possession.
A central city opportunity will appeal to investors and developers alike.
617-619 New North Rd, Morningside, is a high-profile freehold site boasting dual frontages and a prime location.
Marketed by Cam Paterson, the property is for sale by deadline private treaty closing 2pm, Wednesday August 21, unless sold prior.
“This site is a standout,” says Paterson. “But what makes it particularly compelling is the that resource consent has been granted for an eight-level, 78-apartment development including a memorandum of understanding from Quest for the lower tower levels offering substantial and de-risked development potential.”
The property covers 943sq m with approximately 560sq m of building area across two structures.
The villa, fronting New North Rd, is a converted cafe with adjoining accommodation, while the office building offers high-stud, naturally lit space and is currently occupied by LEP Construction.
“Landbankers will appreciate the immediate rental income from the office tenant and the development prospects,” Paterson notes.
“The villa, previously rented for $49,184.69 plus GST, is vacant and ready for new opportunities,” he says.
With eight carparks and Business—Local Centre zoning, the property supports a mix of retail, commercial services, and residential use.
The location, just 4km from the CBD and 150m from the Morningside train station, enhances its appeal.
“The proximity to Kingsland’s shops and recent developments like the 256 build-to-rent apartments nearby underscore the high demand for this area,” Paterson adds.
— Supplied by Barfoot & Thompson
