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

 

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Eggs-it Strategy: Countdown Programme For Free Range And Barn Launches

Countdown has today launched an Egg Producer Programme to support free range and barn egg farmers to increase the supply available for Countdown stores and our customers. More>>

ALSO:

LVRs: Banks Get An Extra Month To Meet New Lending Restrictions

The Reserve Bank won't impose new lending restrictions for highly-leveraged investment purchases until the start of October, giving lenders an extra month to clear their backlog of pre-approvals. More>>

ALSO:

Commerce Commission: Charges Against Youi Insurance

The Commerce Commission has filed charges in the Auckland District Court against insurance firm Youi NZ Pty Limited, alleging it employed misleading sales techniques when attempting to sell policies to consumers who were only seeking a quote. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news