Revamped commercial standalone on Broadway
A prominent standalone commercial building housing a business IT consultancy and a popular Chinese restaurant has been put up for sale in the fast-growing Newmarket commercial precinct.
The two-level freehold property at 60 Broadway, Newmarket, has been extensively refurbished to an A-grade asset. It is fully leased to three established businesses on long leases, generating total net rental income of $370,058 plus outgoings and GST per annum.
The land and buildings at 60 Broadway, Newmarket, are now being marketed for sale by tender closing at 4pm on Tuesday 1 June (unless sold prior), through Bayleys Auckland Central.
OneHQ NZ, whose IT services have supported the growth of hundreds of New Zealand businesses, leases 415 sqm of office space on level one, paying annual rent of $154,095 plus outgoings and GST on a lease that runs through to 2024 with a further five-year right of renewal. The lease includes three-per cent annual rent increases with a market review at renewal.
HK Cuisine Group, trading as Guangzhou Hotpot, occupies 362 sqm on the ground floor, generating net rental income of $163,962 plus outgoings and GST per annum. Its lease extends to 2029 and incorporates annual CPI rental increases with a market review at renewal.
Guards Fisheries Nelson pays $52,000 plus outgoings and GST for 77 sqm of ground-floor commercial space on a lease that extends to 2026, with annual rental increases to CPI.
Salespeople Phil Haydock and James Were said the 854 sqm building sat on 455 sqm of freehold land with 12 metres of frontage at the Parnell end of Broadway.
Haydock said the building, which was constructed in stages during the 1950s and 1960s, had been extensively refurbished, repositioning the property as an A-grade asset.
These works included an all-new internal fitout, upgraded fire system, new ducted air-conditioning and new canopies to the Broadway frontage.