- Located in the Newmarket office precinct adjacent to Carlton Gore Road
- 100% leased with partial built-in rental growth, below market rental levels
- Lease profile offers opportunity to refurbish space as it becomes available and re-position the asset with a continuation of its current commercial use
- Longer term options include hotel, apartment hotel or residential conversion
- Well known building with multiple tenancies over 7 levels and 72 onsite car parks
- Net passing income $1,485,570 + GST pa
Rarely do larger commercial buildings become available in Newmarket with the opportunity to add value or re position. This is a substantial and well-built office building enjoying excellent views from the upper levels and natural light on three boundaries. A WALT under 3 years provides flexibility.
Developed in the mid 1980s and occupied by Lion NZ at one time, the unique design with decks at each level and three levels of car parking provides plenty of options. A new owner will likely consider a major refurbishment over time, with a continuation of the current use or take a longer view to convert to residential, serviced apartments or a hotel. Situated adjacent Auckland University Newmarket campus, the long-term benefits are significant, while the location is the focus of a number of new office developments, infrastructure upgrades and the new Scentre Group shopping center.
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