A recently refurbished multi-level office and warehouse building in the sought-after Auckland city fringe suburb of Newmarket offers prospective purchasers the opportunity to secure a highly functional premises with favourable Mixed Use zoning.
13-15 Margot Street, Newmarket has 1,084sq m of total net lettable area on a 1,357sq m freehold site.
The property has 19 dedicated car parks and will soon provide vacant possession following the expiry of the existing lease that ends on 31 December.
The building is currently occupied by a car storage and restoration firm and the annual rental income from the property is $331,144 plus GST and operating expenses and has an NBS rating of 100 per cent.
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Colliers Directors David Burley and Kris Ongley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 31 May, unless sold prior.
Originally built in the 1980s, the well-presented two-level building comprises ground floor offices and professionally presented first floor warehouse and garage space.
The top floor, which spans 553sq m, consists of polished concrete, exposed ceilings, and newly painted block walls, giving an industrial feel whilst having significant visual appeal.
Excluding the lobby, the ground floor measures 531sq m and is a mix of polished concrete and newly carpeted rooms. It presents as a very well-appointed office with breakout space.
The property features a vehicle ramp to the upper level, which is currently employed to facilitate additional secure vehicle storage.
Burley, Auckland Director of Investment Sales at Colliers, says this high-quality property will draw strong interest on the open market.
“With the current occupants in the building until the end of the year, the new owner will have holding income, while they plot their next moves with the building,” Burley says.
“The property may suit occupiers looking for their own premises so they will have control over their future and not be bound to a lease, while an investor may choose to acquire the property and lease it out.”
Newmarket is a high-decile catchment and the commercial activity in the area includes suburban offices, medical tenancies, professional services, and a wide array of amenities.
The subject property is less than 1km away from the Newmarket train station and a collection of bus routes, while State Highway 1 is readily accessible and offers connectivity across Auckland.
There are hospitality spots, gyms, and an extensive retail offering all within walking distance of Margot Street.
Ongley, Director of Investment Sales at Colliers, says the zoning of the property will be highly appealing for buyers given the wide array of future options that can be explored.
“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport,” Ongley says.
“The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres. The zone does not specifically require a mix of uses on individual sites or within areas. There is a range of possible building heights depending on the context. Provisions typically enable heights up to four storeys.
“Greater height may be enabled in areas close to the city centre, metropolitan centres, and larger town centres.”
- Article supplied by Colliers
