Prestigious multi-development opportunity
Prestigious multi-development opportunity in Carlton Gore Road
A once in a cycle opportunity
One of Newmarket’s most advantageous properties has come to the market. Jones Lang LaSalle has been appointed to market 79 Carlton Gore Road, the 1,915 sqm site located 2.8km drive from Auckland’s CBD.
Newmarket is widely regarded as Auckland’s premier strip retail shopping destination because of its combination of boutique retail, cafes, 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.
The property faces one of Auckland’s largest green spaces enjoying unimpeded views over the Auckland Domain. It is in the nexus of the CBD, the Newmarket commercial, the Grafton Hospital precinct and the amenity provided by the Auckland Domain.
As well as being situated within the vicinity of a number of corporate headquarters, the property is located firmly within the sphere of influence of the University of Auckland’s Newmarket campus. This comprehensive redevelopment of the 5.2 hectare former Lion Nathan Brewery site is likely to lead to a substantial urban renewal throughout Newmarket. The University of Auckland has committed to spending some $1 billion to redevelop the site over a period lasting as long as 10 years which will be a significant catalyst to the area.
As the University of Auckland’s new campus 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.
Nick Hargreaves, Jones Lang LaSalle’s Managing Director states “This is a classic example of a property that will benefit from the urban renewal that will flow on from significant redevelopment of the area. The property is at the top end of a strip of office properties that saw significant redevelopment through the late 1990’s and early 2000’s. This means it and the neighbouring properties are the next logical phase in this trend”.
Pan regional and global work undertaken by Jones Lang LaSalle strategic consulting indicates that the development happening both within Newmarket (Westfield’s 277 development) and the University of Auckland site combined with the regulatory plan will tilt development towards new urbanism which should significantly lift the overall pitch of the area.
The property is well supported by a
commercial centre with over 16,000 people working in
business district every day, according to the Newmarket Business Association. 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.
Justin Kean, Jones Lang LaSalle’s Director of Research and Capital Markets says “We’ve seen this type of development completely revolutionise the urban fabric in locations such as Docklands in Melbourne, Kings Cross in London and in the Toronto Waterfront Regeneration project. When underutilised urban space in built up areas undergoes a wholesale redevelopment the downstream impacts on neighbouring properties can be significant.”
Not only will Newmarket and surrounds benefit from this development but the uses which include accommodation, tertiary study as well as high end research and development will deliver extensive positive externalities to the owners of retail and residential property in the area.