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News Release

Auckland

Desirable suburban commercial location


 

 

Grey Lynn office unit decked out for summer/new-zealand/en-gb/news/864/grey-lynn-office-unit-decked-out-for-summerAucklandGrey Lynn office unit decked out for summer
East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease

​​JLL’s Director of Capital Markets, John Binning, is marketing 19 Great South Road, Newmarket, via an expressions of interest campaign closing 4pm Wednesday 30th July 2014.

Situated at the start of Great South Road, within the heart of the high-end motor vehicle dealership precinct, this office building is highly prominent, easily accessible and provides investors with an opportunity to secure an asset in the sought-after location of Newmarket at a time when genuine investment options are sparse.

The building comprises 5 floors of well-specified office and retail space alongside 46 secure car parking spaces. Sitting opposite the Porsche and Mercedes dealerships, the building has been re-clad in glass creating an eye-catching frontage that reflects the surrounding assets. John Binning who is selling the building on behalf of a private family trust says, “The property has undergone significant refurbishment in recent years to provide some of the most modern and well specified accommodation in the suburban office market. The office suites are column free, making them flexible and easily divisible, and benefit from excellent levels of natural light.”

Binning continues, “There are 46 secure car parking spaces attached to the property which is a fantastic ratio of 1 space to 35sqm of lettable area. This is very attractive to existing and potential tenants given the lack of parking in the surrounding area.”

19 Great South Road currently produces a net annual income of NZD $540,364 which has the potential to increase via structural rental uplifts in the short to medium term. According to JLL research, rents in Newmarket have been reacting to the limited level of available stock with steady increases since the start of 2014.

The property provides 1,590 sqm of office space across 4 levels and overall a net lettable area of 1,642sqm. Level one is shared between office accommodation and car parking with the upper floors solely dedicated to office uses. The ground floor is occupied by the popular Poppi café, which provides a useful space to hold off-site client meetings. From ground level the upper floors are accessed via a passenger lift and stairwell with amenities on each level. The building is 100% leased to major tenants who include Elizabeth Arden, Insurance Advisernet NZ Ltd., Boston Markets Group Ltd. and Connell Bros Co. Ltd.

Access to 19 Great South Road is easy via both public and private transport. Great South Road is one of the main arterials connecting central and southern Auckland whilst the Southern Motorway is within 500m of the site. Furthermore, numerous bus stops and Newmarket train station are in close proximity.
Westfield have proposed an expansion to their existing centre on Broadway which will provide an additional 95 shops, a 9,500sqm Farmers, a 2,100sqm gymnasium, 1,400 extra car parks and a two-level pedestrian bridge linking the existing centre to the new development. This expansion, alongside the development of the Lion Brewery site by Auckland University, will further establish Newmarket as the preeminent shopping district within Auckland and promote the area as a business destination.