Two adjoining Newmarket freehold properties, each offering a range of add value or development opportunities, can be tendered for together or individually.
Located at 3 and 5 Morgan St, close to the intersection with Carlton Gore Rd, the offering comprises two industrial buildings which have been converted to a mixture of office and warehouse/workshop accommodation underpinned by 665sqm of Mixed Use zoned land with a 27m height overlay.
“This is great blank canvas opportunity for owner occupiers, investors and developers in a premium Newmarket location close to Broadway,” says Alan Haydock, director of Bayleys Auckland City & Fringe division who is marketing the property with colleagues Damien Bullick and Dean Budd.
“For owner occupiers or add value investors, there is potential for full character office or showroom conversion, warehouse use - in a location where industrial space is in increasingly short supply - or alternatively a city fringe live and work option.
“Developers could take full advantage of the sought after central Newmarket position and the flexible Mixed Use zoning which encourages a mix of compatible residential and non-residential activities. The normal height limit for this zoning is 18 metres but in the case of these two properties development up to 27m is allowed because of their proximity to Newmarket’s metropolitan centre where the predominant height limit is 30 metres.”
Each property is producing holding income of approximately $100,000 per annum from established monthly tenancies. They are located within the double Grammar zone for Auckland Grammar and Epsom Girls which increases their residential development appeal, says Haydock.
Featured in Bayleys’ latest Total Property portfolio, the properties are for sale by tender closing 4pm, Wednesday September 15, unless sold prior. Tenders can be submitted for one or both offerings.
3 Morgan Street: A two-level 396 sq m building, currently utilised by Car ‘n’ Camper as an automotive service centre, on a fee simple title of 330 sq m. It has 210 sq m of warehouse/workshop space plus 186 sq m of office accommodation over two levels.
5 Morgan Street: A 367 sq m building occupied by a construction company and a Thai massage business located on 335 sq m of land. It has 201 sq m of warehousing and 166 sq m of offices.
Collectively, the two sites have 23m of street frontage onto Morgan St, says Dean Budd. “This gives great commercial exposure in a sought after and established location for commercial, retail and residential development.”
Next door to 3 Morgan Street, New Zealand’s largest office building developer Mansons TCLM has started work on a new nine-level $250 million, 6-star green-rated office building which will have its main entrance on Carlton Gore Rd.
Mansons commenced the development without any tenant commitment but already has lease agreements on 45 percent of the building well ahead of completion, according to director Cullum Manson. International engineering consultancy company Aurecon has signed up as the anchor tenant on a 12-year lease. Mansons also recently developed the nearby Mercury NZ head office building which is located on Broadway.
Another major development encompassing four apartment buildings proposed for a nearby site is currently seeking council approval.
“Newmarket is expected to continue be one of Auckland’s major growth locations with much of the future development expected to be focused on under utilised sites close to Broadway, like this one,” says Damien Bullick.