Broadway property with two tenants

Midea Appliances has its frontage on Broadway; Claddagh Irish Pub occupies the basement below. Photo / Supplied

A Newmarket property with significant retail frontage on Broadway and a long-established Irish Pub below it is up for sale in Bayleys' latest Total Property portfolio publication.

The offering comprises the 607sq m of buildings, fully leased to two tenants, located on 501sq m of leasehold land at 372-376 Broadway.

The lessee's interest in the property is for sale by deadline private treaty closing 4pm, October 5, unless sold earlier, and is being marketed by Beterly Pan, Nicolas Ching and Oscar Kuang of Bayleys Auckland-based international division.

Pan says the property is generating net annual rent of $137,280 after ground rent which means it provides an affordable means of entry into a part of Newmarket which will grow substantially over the next few years.

"It is located towards the southern end of Broadway where the 277 Shopping Centre is undergoing a massive redevelopment and expansion which will substantially increase the amount of activity and foot traffic in this part of Broadway."

Ching says the property is split into two distinct tenancies:

Fronting on to Newmarket's high street is 305sq m of retail space, recently redeveloped with a new fit-out into the flagship New Zealand store for Midea Appliances. Midea is a giant multinational manufacturer of kitchen and other homeware appliances as well as HVAC systems. There is a new three-year lease over the premises to JH Electrical and Appliance Ltd, an authorised distributor of Midea Appliances products. Midea Group is a publicly listed Chinese electrical appliance manufacturer, headquartered in Guangdong.

It has also featured on the Fortune Global 500 list since July 2016. The firm employs about 100,000 people in China and overseas across 21 manufacturing plants and 260 logistics centres in over 200 countries. The Midea store has just over 18m of frontage to Broadway, plus 27m of frontage to a service laneway running off the busy high street. The land it occupies has a medium to steep fall from the Broadway frontage, which has has enabled basement level development of a further 302sq m.

Below Midea, the basement space has been occupied by The Claddagh Irish Pub for 23 years. The establishment has renewed its lease for a further three years from the beginning of this month. The pub has its main entranceway off the laneway which also provides three carparks for tenants as well as a courtyard area for pub patrons.

"This is one of the longest established and most popular Irish pubs in Auckland which is reflected by the consistently high ratings it receives in online reviews," says Oscar Kuang. "It has a cosy tavern-style interior with plenty of character and it brews its own beers. It has a busy events schedule including Thursday karaoke sessions and Wednesday pub quizzes. It also features regular live music including traditional Irish dancing music." He says the laneway access for the pub gives the property additional exposure from Broadway and increases the amount of natural light it receives enhancing its future development potential.