Hot Market in Newmarket

Hot Market in Newmarket

34 Morrow Street, Newmarket, Auckland. Sold on 2nd March 2016.

The Property
- 754m2 freehold corner site.
- Refurbished 640m² building area over two levels plus 10 onsite car parks
- IEP 90 % NBS - Seismic Grade A
- Mixed Use Zoning
- Fully-leased to two tenants – Bed, Bath and Beyond and Kitchen Things – returning $218,820pa + GST

Quick Look
- National Total Property marketing campaign with auction method of sale
- SOLD under the hammer with more than 60 bids received, for $6,125,000 at 3.6% yield
- Buyer was a neighbouring property owner with future expansion plans
- Sales price reflects a substantial premium over vendor reserve

The Story
A fully-leased two-level standalone retail and showroom offering with on-site car parking at the high-profile corner intersection of Morrow Street and Gillies Avenue in Newmarket, Auckland, got the Bayleys auction room revved up early in 2016.

The prime city fringe investment opportunity with future development flexibility under the new Auckland Unitary Plan, sold under the hammer after spirited bidding for an impressive $6,125,000.

The refurbished property sits directly opposite Westfield 277 shopping centre. Westfield owners Scentre Group, will spend up to $200 million on a centre upgrade and expansion which, along with the University of Auckland’s nearby new campus on the former Lion Breweries site, further enhances the credentials of the Morrow Street property.

Vendor Comment
Vendors Mr and Mrs Parker, shares some insights about the property and its sale through Bayleys.

The property was always a long-term hold for us and principally a retirement fund investment. The time was right to release that capital – an end of an era.

Naturally, in terms of the sale price, we wanted as much out of the property as possible - that’s not greed speaking, but the acknowledgement that it was a superior offering that still had some “fat” in it for a new owner. We believed that anyone who bought that property – be they developer, owner-occupier, family trust or high net worth individual – could drive past the property and know it was an astute investment.

Kate Kirby our Bayleys’ agent – who we have worked with over a number of years – knew the property inside and out and had leased it for us previously. Her enthusiasm and professionalism coupled with auctioneer Richard Valintine’s inherent understanding of our situation and needs, meant that auction day was a runaway success.

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