King-size potential at bed retailer’s site
A pair of standalone buildings in Newmarket housing a top national bed retailer and an innovative computer science college have been placed on the market for sale.
The single-storey retail showroom and four-storey office/educational building for sale at 25-27 Crowhurst Street, Newmarket, sit on a large site with dual street access in a prime location within one of New Zealand’s premier retail and office districts.
The freehold land and buildings at 25-27 Crowhurst Street, Newmarket are being marketed for sale by James Chan, Quinn Ngo and Owen Ding of Bayleys Auckland Central. Sale will be by auction on Wednesday 15 December, unless the property is sold earlier.
Chan said the property consisted of two buildings constructed around the 1960s with a total floor area of 1336 sqm on approximately 1410 sqm of freehold land. The site contains 39 car parking spaces.
Currently 76 per cent leased, the property is anchored by a Bedpost outlet and the Wentworth Computer Science College, a satellite campus of prestigious Gulf Harbour-based private school Wentworth College.
The site generates total net rental income of $315,375 plus outgoings and GST per annum. A number of smaller vacant tenancies offer the potential to increase this by a further $147,000, according to a recent market rent appraisal.
The site’s high-density zoning also presents new owners with possibilities for a substantial multi-storey redevelopment.
‘‘At the Crowhurst Street frontage, the retail/showroom premises of 240 sqm are leased to Bedpost,’’ said Chan.
Bedpost’s tenancy generates net rental income of $105,000 plus outgoings and GST per annum, on a lease which runs through to 2028.
‘‘To the rear of the site, with secondary access off Melrose Street, is a four-storey building containing multiple tenancies.’’
Approximately 410 sqm on the ground floor and level 2 is occupied by Wentworth Computer Science College, a coeducational, private secondary school specialising in computer science and digital
The college pays annual rent of $96,915 plus outgoings and GST, on two leases running through to 2022 and 2024, each with rights of renewal extending to 2028.
A tenancy of 254 sqm on level 3 is leased to after-school tutoring provider EduExperts. It pays $71,600 plus outgoings and expenses per annum on a lease extending to 2024, with a further three-year right of renewal.
The lease agreements provide for twoyearly rent reviews to CPI plus three per cent.
Ngo said developers would take a keen interest in the Crowhurst Street site due to its high-density zoning.
‘‘The site lies within an area targeted for significant growth through its Business – Metropolitan Centre zoning under the Auckland Unitary Plan. This permits intensive development opportunities up to a maximum height of 72.5 metres, subject to resource and building consent.
‘‘The Unitary Plan has introduced more intensive zoning for many properties in this area, encouraging the development of substantial buildings with a greater floor area and height.’’