Prestige premises in Newmarket
Two contemporary office buildings moments from Newmarket’s main retail strip are expected to attract diverse interest from occupiers, add-value investors, developers and landbankers, who have identified value in their versatile use potential.
Bayleys Auckland metropolitan markets senior director Alan Haydock says the vacant properties are offered together or separately, representing a scarce opportunity to secure neighbouring assets in a sought-after city-fringe location.
He is marketing 4 and 6 Clayton St with colleague Damien Bullick in conjunction with Cam Paterson from Barfoot & Thompson.
The combined freehold landholding of 891sq m is offered by tender closing 4pm, Tuesday April 23, unless sold prior. Tenders can be submitted for one or both offerings.
“This is an excellent blank canvas opportunity. For owner-occupiers or add-value investors, there is potential for refurbishment to achieve the highest modern specifications in a location where prime office accommodation is in demand,” Haydock says.
“Developers could take advantage of the sought-after central Newmarket position and the flexible Business–Mixed Use zoning, which encourages a mix of compatible residential and non-residential activities.
“The usual height limit for this zone is 18m but in the case of these two properties development up to 27m is allowed, owing to their proximity to Newmarket’s metropolitan centre, where the predominant height limit is 30m.”
The properties are stand-alone with stepped building heights and independent basement parking.
“At 4 Clayton St, the modern, two-level commercial property offers office accommodation totalling 389sq m with a striking double-stud lobby and floor-to-ceiling window frontage,” says Bullick.
“Internally, a contemporary fit-out provides either a turnkey solution for an occupier or an opportunity to tailor the property to specific requirements for maximum suitability or rental return.”
The site spans 393sq m and has nine carparks in the basement with internal access.
6 Clayton St, constructed in the 1990s, comprises a four-level building. Floors one and two are dedicated to office accommodation, while the ground and basement levels provide for 25 secure and covered carparks.
“The larger property at 6 Clayton benefits from an extensive self-contained office fit-out, allowing a single tenant or occupier to take over both levels or provide split-leasing to two separate occupants,” Bullick says.
The 775sq m building features 386sq m on the first floor and 386sq m on the second level. It occupies a 498sq m site.
The salespeople say Newmarket continues to evolve as a major growth location, with future development eyes firmly focused on underutilised assets near Broadway.
“Newmarket is one of New Zealand’s premier retail and office districts and is home to many major corporations. Mercury Energy has invested in a new 13,000sq m headquarters a short distance from the subject properties, further reflecting the depth of confidence in the area as a prime commercial precinct,” Haydock says.
“The high level of local investment further demonstrates the underlying value of these strategically located sites, with virtually limitless potential for an array of purchasers.”