Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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 the
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.

ebds

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news