Versatile blank canvas in heart of Newmarket
Situated in the heart of bustling Newmarket, 10-14 Mahuru St is an opportunity for developers and investors to unlock significant potential.
JLL is presenting the 2299sq m freehold site to the market, ripe for commercial development with demand for properties in prime locations skyrocketing.
Mahuru St is a well-connected and vital side street that connects Broadway, the home of shopping and dining in Newmarket, to St Marks Rd.
It also provides direct access to the boutique shopping experience on Nuffield St and is close to the Southern Motorway.
The site is a short walk from Westfield Newmarket, ensuring a constant flow of foot traffic which makes it an ideal location for a future commercial development.
With major brands, boutique retailers and dining options in the vicinity, the property's position at the heart of Newmarket is a significant drawcard.
10-14 Mahuru St is for sale by tender through the agents at JLL, with offers closing 4pm, Thursday May 9.
JLL capital markets director John Davies highlights the advantageous zoning as critical to future development options.
“The property is zoned Business– Metropolitan Centre, which provides flexibility and a broad range of options to owner-occupiers and developers,” says Davies. “This zoning signifies 10-14 Mahuru St is a prime area for commercial activity. The astute investor or developer who secures this opportunity will be able to tap into the growing demand for commercial space in this vibrant central neighbourhood.”
JLL head of metropolitan sales and investments Jonathan Lynch says the new owners will benefit from a versatile layout that allows for a range of low-rise development options, given the development height limit of 12.2m due to the Newmarket Viaduct above.
“Dual street access to Mahuru St is a key feature of this site that allows for efficient traffic flow, easy access to customers and site visitors, and multiple entry/exit points for service providers,” says Lynch.
“This access enhances the functionality and long-term viability of 10-14 Mahuru St for any owner-occupier or developer with an eye to the future.
“Currently leased to Wilson Parking on a monthly basis, this agreement will be terminated prior to settlement, so the buyer will have a blank canvas with considerable potential to work with.”
The JLL team say the property is an outstanding investment opportunity. Its location, layout, proximity to major transport connections and versatility combine to create a rare development site in a prime, sought-after commercial location. They add that the flexible zoning and dual street access will appeal to any investor or developer seeking a value-add acquisition in the ever-popular suburb.