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Auckland

Gain a foothold on Broadway


 

 

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​​​JLL are offering four connecting prime retail units for sale at 312-330 Broadway, Newmarket. Located in the heart of Newmarket’s high street, these retail assets lie within one of Auckland’s premier retail destinations.

Marketed by John Binning of JLL, this leasehold opportunity - opposite the popular Westfield shopping centre and approximately three kilometres south-east of the Auckland Central Business District - will be sold via an expression of interest campaign closing 4pm Thursday the 11th December 2014.

Binning says the four retail units provide investors with the chance to gain a foothold in Newmarket, which is a tightly-held and developing precinct. “These retail units will be popular among buyers because they are extremely well-presented and benefit from unrivalled levels of exposure, substantial footfall and passing traffic,” Binning says.

“With stand-out tenants, 100% occupancy and a rental return of $915,769.00 per annum, this investment offers a solid income stream.”

The high-quality retail units are leased to internationally renowned A-grade tenants BNZ, Adidas, The Cooperative Bank and Bivouac Outdoor and together provide a weighted average lease term (WALT) of 5.3 years. The tenants are on various lease terms, with final expiries occurring between 2018 and 2020.

The investment, which comprises of the four retail units, has a total floor area of approximately 2,000sqm with BNZ taking up over 1,000sqm of the space and the remainder split between Adidas, The Cooperative Bank and Bivouac Outdoor. The units are well-specified and rectangular in shape, with each unit benefitting from a large, full height glass frontage to Broadway.  The building provides high-stud retail space with a basement car-park providing 33 spaces and mezzanine offices. Pedestrian access to the retail units is gained from Broadway via a significant frontage which is opposite the Westfield shopping centre.

Binning continues, “The site sits in a very prominent location and therefore is subject to high volumes of pedestrian traffic along Broadway and also vehicular traffic exiting the motorway system and Gillies Avenue. This gives particular prominence to the site and reinforces the position as an accessible and growing location.”

Directly opposite the property is the well-established Westfield Two Double Seven shopping complex, whilst further to the south along Broadway is a large format Farmers and other specialist retailers. A short distance to the east is the Nuffield Street precinct which comprises a high-quality redevelopment by Westfield of speciality shops.

Newmarket is widely regarded as Auckland’s premier strip retail shopping destination because of its combination of boutique retail, cafés, eateries, movie theatres, hotels, bars and gyms. There is also a very high level of access to transport linkages and infrastructure with both rail and buses feeding into the area. As a result Newmarket draws a wide spectrum of consumers, an attractive feature for tenants and investors alike.

The property’s prime retail location means it gains exceptional exposure and reaps significant benefits of agglomeration. The redevelopment of Westfield’s 277 and the new University of Auckland development in Newmarket has been a significant catalyst, delivering positive externalities to the owners of retail and residential property; both increasing the population and driving traffic to the area. Statistics New Zealand forecasted a 41.1% increase in the growth of the population for the Newmarket area and surrounds between 2011 and 2026. The units are each zoned Business Activity 3 under the Auckland District Plan 1997.