Elevated view of a strip of four connecting retail units for sale at 312-330 Broadway, Newmarket.
Elevated view of a strip of four connecting retail units for sale at 312-330 Broadway, Newmarket.
Four connecting prime retail units within one building are for sale at 312-330 Broadway in the heart of Newmarket's commercial centre which is regarded as one of Auckland's top retail destinations.
"This is a tightly held and developing commercial precinct," says John Binning of JLL, who is selling the unitsvia an expression of interest campaign closing at 4 pm on Thursday December 11.
Binning says the four retail units provide are opposite the popular Westfield Two Double Seven shopping complex about 3 km southeast of the Auckland CBD.
"The sale gives investors with the chance to gain a foothold in Newmarket," he says. "These retail units will be popular among buyers because they are extremely well-presented and benefit from unrivalled levels of exposure to substantial pedestrian traffic along Broadway along with vehicle traffic exiting the State Highway One motorway system and Gillies Ave.
"With stand-out tenants, 100 per cent occupancy and a rental return of $915,769.00 per annum, the investment properties offers a solid income stream."
The high-quality retail units are leased to well known A-grade and brand name tenants BNZ, Adidas, The Cooperative Bank and Bivouac Outdoor. The leases have a weighted average lease term (WALT) of 5.3 years and have a variety of terms with final expiries occurring between 2018 and 2020.
The four retail units, zoned Business Activity 3 under the Auckland District Plan 1997,
have a total floor area of about 2000 sq m with BNZ taking up over 1000 sq m of the space and the remainder split between Adidas, The Cooperative Bank and Bivouac Outdoor.
Each of the rectangular shaped units benefits from a large, full height glass frontage to Broadway and features high-stud retail space along with mezzanine offices. A basement car-park has 33 spaces while pedestrian access to the retail units is from Broadway via a significant frontage.
Binning says building sits on leasehold land that is subject to perpetually renewable terms of 21 years each, with the rent being reviewed every seven years.
The latest ground rents were struck in July 2012 with 312 - 318 Broadway paying $245,962 per annum and 320 - 330 Broadway paying $320,006 annually.
Further to the south along Broadway is a large format Farmers store and other specialist retailers. A short distance to the east is the Nuffield Street precinct in which Westfield is undertaking a high-quality specialty shop development.
Binning says Statistics New Zealand forecasts a 41.1 per cent increase in the growth of the population for the Newmarket area and its surrounds between 2011 and 2026.
