Fully leased Newmarket showroom property

5:00 AM Saturday August 13, 2016 Colin Taylor

Car showroom within the property for sale at 436 Broadway, Newmarket.

A high profile Newmarket property refurbished and leased to a Japanese publicly listed company with car dealerships worldwide is now on the market.

“This sale represents a great opportunity for an investor looking for a solid asset in one of the most prestigious suburbs in Auckland,” says Tony Allsop of Colliers International who, with colleague Adam White, is marketing 436 Broadway for sale by tenders closing at 4pm on Thursday September 1.

“This is a high yielding fully-leased property with a strong tenant covenant and modern showroom space,” Allsop says.

He says the two level 1980s’ building with a net lettable area of 622sq m is strategically located on a 1002sq m leasehold site and is currently earning $306,500 net plus GST per annum. A one bedroom apartment and office area is on the top level.

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Exterior street level view of property for sale at 436 Broadway, Newmarket.

The building has a seismic rating of 79 per cent of New Build Standard and the property is zoned Business 3 - which will be changed to Business Metropolitan Centre under the Proposed Auckland Unitary Plan (PAUP).

White says new PAUP zoning will allow for a wide range of activities including commercial, leisure, high-density residential, tourist, cultural, community and civic services.

“The Businesses Metropolitan Centre zoning is a key determiner for many commercial operators coming second only to the city centre in overall scale and intensity. These zonings are essentially new hubs for high frequency transport,” says White.

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Exterior street level view of property for sale at 436 Broadway, Newmarket.

Allsop says the property is about 500 metres from one of the well-known Westfield shopping centre located within one of New Zealand’s premier shopping districts.

“Newmarket’s status as a prestigious suburbs and its property values are expected to rise due to its increasing popularity and decreasing investment sales opportunities,” he says.

“The business area rivals the Auckland CBD with a thriving café culture and some of the country’s best bars, nightclubs and restaurants,” says White. “Visitors from all over Auckland are attracted to Newmarket’s’ larger shopping centres, fashion outlets, cinemas, art galleries and recreational activities.”  

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Tony Allsop (left) and Adam White (right), of Colliers International.