Skip Ribbon Commands
Skip to main content

News Release

Auckland

Bright future ahead for Golf House


 

 

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
Rare vacant land in Grey Lynn for sale/new-zealand/en-gb/news/861/rare-vacant-land-in-grey-lynn-for-saleAucklandRare vacant land in Grey Lynn for sale

​As the University of Auckland’s new inner city campus in Newmarket begins to take shape, the significant downstream impacts on surrounding properties are beginning to be felt. This development is triggering nearby and neighbouring properties to either come to market to transact or redevelop entirely. 

A redevelopment or investment opportunity has come to market at 10 Kingdon Street, the building also known as The Golf House. This freestanding two-level office building is located firmly within the sphere of influence of both the University of Auckland’s Newmarket and Grafton campuses. JLL’s Director of Capital Markets, John Binning, is offering this property for sale on behalf of Kingdon Investments Ltd via an expressions of interest campaign closing Tuesday the 16th June 2015. 

Binning says the 1,193sqm site provides an excellent redevelopment or investment opportunity. “Investors can either hold this asset as an investment or redevelop the site, taking advantage of the current gap in the supply pipeline for accommodation in Newmarket, at a time when demand is significant reflecting the increase in international students coming to study in Auckland.”

“The strong and growing demand for accommodation primarily from overseas students has attracted new entrants into the sector and this site presents an opportunity for developers/ investors to gain a significant foothold in Newmarket at a time when Auckland is emerging as a core market for large international investors,” says Binning.

The property is situated on a high profile corner site on the eastern side of Kingdon Street, a short distance from the major intersection of Khyber Pass Road and Broadway. The site has frontages to Kingdon Street and Short Street and is just a 5 minute walk to the University of Auckland’s new campus at the former Lion Breweries site and a 15 minute walk to the University of Auckland’s Grafton Campus. The first phase of Auckland University’s new campus covers half of the 5ha site and provides high quality research facilities. Kingdon Street provides an entrance for student access to railway and Broadway.

There is a comprehensive public transport network of bus and rail routes servicing the area, with a railway line running adjacent to the northern boundary which will greatly enhance the attractiveness of the site. This area is on the fringe of the Auckland CBD with access to the southern and north western motorways and railway station a short distance from the site.

“The immediate locality has previously been characterised by a range of commercial service activities with fringe retail. However, with the new Auckland University campus underway, over the past 24 months the locality has experienced a significant change in character and tenant type, with the emergence of quality retail activity along Carlton Gore Road, including a development to the intersection of Carlton Gore Road and Kingdon Street, the Domain Terraces office development and numerous residential terraced housing and apartment developments surrounding,” says Binning.

Tenants at the property will be able to cater to surrounding office, Auckland University sites and residential accommodation. The two level building comprises retail and showroom accommodation and 24 onsite car parking spaces provided adjacent to the building. The 1,225sqm property sits on a 1,193sqm commercially zoned site contained within two separate certificates of title.

Binning adds that “the building was built in the 1950’s and is currently occupied by anchor tenant The Golf House, Harvey World Travel, Zebrano a sushi outlet and Chinese restaurant; providing an annual income of circa $303,000. These tenants have been strategically placed on month by month leases containing a demolition clause.”

Statistics New Zealand forecasted a 41.1% increase in the growth of the population for the Newmarket area and surrounds between 2011 and 2026. This prediction was released prior to the development of the University of Auckland’s new campus so it is likely that population will exceed even these optimistic growth forecasts.

Research undertaken by JLL indicates that the developments happening both within Newmarket’s Westfield’s 277 development and the University of Auckland site combined with the regulatory plan will tilt development towards new urbanism which will significantly lift the overall pitch of the area.