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

 

Retail property of top fashion designer placed on the market


Retail property of top fashion designer’s tenanted ‘ad-dress’ placed on the market for sale



A prime corner retail property which has seen the rise of one of New Zealand’s most internationally-renowned fashion brands – worn by the ‘queens of pop’ and a US First Lady – has been placed on the market for sale.

The ground floor commercial unit at 6 Balm Street, in the premier retail hub of Newmarket, Auckland, has been leased to leading global fashion label Karen Walker for the past 27 years – since the early years of what would become an international fashion empire.

The property, which is on the market for the first time in 16 years, comprises a high-profile corner retail unit leased to the fashion brand, generating annual net rental of $83,000 plus GST per annum, plus a small accessory unit which comprises two vacant car parks.

Karen Walker, which has outfitted some of the world’s biggest names, from Madonna to Michelle Obama, currently occupies the property on a two-year lease expiring in September 2021, with four further two-year rights of renewal extending to September 2029.

New Zealand-born Karen Walker launched her fashion label in 1988 and quickly established herself and her brand among the world’s most prominent fashion names – showcasing her work at the Balm Street site from about 1993. Her innovative label specialises in designer fashion, also extending to accessories such as jewellery and sunglasses.

Karen Walker’s stellar reputation has seen the label become associated with some of the world’s biggest-name celebrities, including Adele, Rihanna, Lorde, Lady Gaga, Michelle Obama, Jennifer Lopez and Madonna.

The label has six stores located across New Zealand and is now located in 35 countries, 200 cities and 1,000 stores globally – including Barneys New York, Liberty London and Harvey Nichols.

In 2004, Karen Walker was appointed a Member of the New Zealand Order of Merit for services to the fashion industry. In the 2014 New Year’s Honours she was made a Companion of the New Zealand Order of Merit for services to fashion design.

The unit at 6 Balm Street, which is a Stratum in Freehold title, is now being marketed for sale by Bayleys Auckland Central.

Salespeople James Chan and Matt Lee said the approximately 103-square metre premises, with an additional accessory unit containing two car parks, is part of a building comprising nine strata-titled units across two levels.

The Balm Street property had undergone a variety of renovation and alteration works over the years, and was converted into separate strata unit titles in 1993, said Mr Chan.

It was zoned “Business – Metropolitan Centre”, which provided for a wide range of activities including commercial, leisure and high-density residential.

“The street-level unit for sale has dual frontages onto Balm and Nuffield streets in the heart of Newmarket’s retail and business precinct. It occupies a prime site in an area which has built a reputation for having Auckland’s highest pedestrian volumes outside the central business district,” said Mr Chan.

He said the property was within walking distance of the newly-redeveloped $790 million, seven-storey 277 Westfield Shopping Centre – Westfield’s biggest development in Australasia, which had added further to foot traffic in this traditionally bustling retail precinct.

Public transport amenities, including Newmarket Train Station – New Zealand’s second-busiest with 17,000 passengers per day – were also located within a short walking distance of the Balm Street site, he said.

“With a long-established tenant of international standing, in one of the best locations in one of New Zealand’s premier retail and business precincts, this is a trophy investment opportunity for a passive investor in retail real estate.”

Mr Chan said the two upstairs car parks which formed part of the property were accessed via a ramp along Nuffield Street, and provided additional future options for new investors.

“Currently unoccupied, these car parks offer further add-value income potential. The increasingly tight supply of parking in city-fringe locations such as Newmarket would lend itself to new opportunities to lease these to individual workers, or retail or office businesses concentrated in the surrounding area.”

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

National: National Backs Businesses With $10k JobStart

National will provide a $10,000 cash payment to businesses that hire additional staff as part of our commitment to keeping New Zealanders in jobs, National Party Leader Todd Muller and Finance spokesperson Paul Goldsmith have announced. Our JobStart ... More>>

ALSO:

DIY Law: Government Exempts Some Home Improvements From Costly Consents

Homeowners, builders and DIYers will soon have an easier time making basic home improvements as the Government scraps the need for consents for low-risk building work such as sleep-outs, sheds and carports – allowing the construction sector ... More>>

ALSO:

Media Awards: The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards

The New Zealand Herald has been labelled a “powerhouse news operation” as it claims the two biggest prizes – Newspaper of the Year and Website of the Year – along with many individual awards at the 2020 Voyager Media Awards Website of the ... More>>

ALSO:

ASB Bank: ASB Takes The Lead Again With New Low Home Loan Interest Rate

ASB has moved again to support its customers, cutting a number of home loan rates, including the two-year special rate to a new low of 2.69% p.a. Craig Sims, ASB executive general manager Retail Banking says the reduced rate will be welcome news for many ... More>>

ALSO:

Nathan Hoturoa Gray: The Problems With Testing And Case Statistics For Covid-19

To begin to understand disease transmission in a country requires adequate testing of your population with properly vetted, accurate tests. As the world struggles to find what 'adequate percentage' of the population is necessary, (estimates predict ... More>>

ALSO:

RNZ: Fletcher Building To Lay Off 1000 Staff In New Zealand

The construction company will cut around 10 percent of its workforce as it struggles with the fallout from Covid-19. More>>

ALSO:

Can Pay, Won't Pay: Cashflow Moves Urged

Government Ministers are asking significant private enterprises to adopt prompt payment practices in line with the state sector, as a way to improve cashflow for small businesses. More>>

ALSO:

Gordon Campbell: On Why We Should Legally Protect The Right To Work From Home

For understandable reasons, the media messaging around Level Two has been all about “freedom” and “celebration”, but this is not necessarily going to be a universal experience. When it comes to workplace relations, Level Two is just as likely to ... More>>

ALSO:



Auckland Airport: Thousands Of Kiwis Travelling For Queen’s Birthday Weekend


Confidence in domestic travel is beginning to steadily ramp up, with thousands of Kiwis travelling within New Zealand for Queen’s Birthday.
Nearly 400 flights will be operating to and from Auckland Airport over the long weekend... More>>

ALSO:

Science Media Centre: Understanding 5G Concerns – Expert Q&A


Recent attacks on cell phone towers have brought concerns over the rollout of 5G technology into sharp relief.
While scientific research has consistently shown that the technology does not adversely affect human health, public concerns about its impact have spread around the world, fueled in part by growing misinformation online. The SMC asked experts to comment... More>>

ALSO:


Trade: Record Monthly Surplus As Imports Dive

Imports in April 2020 had their biggest fall since October 2009, resulting in a monthly trade surplus of $1.3 billion, Stats NZ said today. “This is the largest monthly trade surplus on record and the annual goods trade deficit is the lowest ... More>>

ALSO:


Media Blues: Stuff Chief Executive Buys Company For $1

Stuff chief executive Sinead Boucher has purchased Stuff from its Australian owners Nine Entertainment for $1.
The chief executive was returning the company to New Zealand ownership, with the sale is expected to be completed by 31 May.
"Our plan is to transition the ownership of Stuff to give staff a direct stake in the business as shareholders," Boucher said in a statement.... More>>

ALSO:

RNZ: Bar Reopening Night 'much, Much Quieter'

Pubs and bars are reporting a sluggish first day back after the lockdown, with the fear of going out, or perhaps the joy of staying home, thought to be a reason for the low numbers. More>>

ALSO:

Stats NZ: New Zealand’s Population Passes 5 Million

New Zealand's resident population provisionally reached 5 million in March 2020, Stats NZ said today. More>>

NIWA: Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist

Seven weeks of lockdown has provided evidence of how pollution can vanish overnight with benefits for the environment and individuals, says NIWA air quality scientist Dr Ian Longley. Dr Longley has been monitoring air quality in Auckland, Wellington ... More>>

ALSO:

Government: Milestone In Cash Flow Support To SMEs

A significant package of tax reforms will be pushed through all stages in Parliament today to throw a cash flow lifeline to small businesses. More>>

ALSO: