Buyers Awaken To Newmarket Site’s Potential As Bed Retailer’s Premises Go Up For Sale


Two separate buildings, which house a top national bed retailer and an innovative computer science college, were offered for sale.

The single story retail showroom and four story office / education building for sale at 25-27 Crowhurst Street, Newmarket, is on a large two-street lot in a prime location in one of New Zealand’s premier retail and office districts.

The property is currently 76 percent let and is anchored by a Bedpost branch and Wentworth Computer Science College, a satellite campus of the prestigious private school Wentworth College in Gulf Harbor.

The site generates a total of $ 315,375 net rental income plus expenses and GST per year. A number of smaller vacant leases have the potential to add another $ 147,000, according to a recent market rent.

The high-density zoning of the area also offers new owners opportunities for substantial multi-storey renovation.

The property and buildings at 25-27 Crowhurst Street, Newmarket are offered for sale by James Chan, Quinn Ngo and Owen Ding of Bayleys Auckland Central. The sale will take place via auction on Wednesday 15th December unless the property is sold earlier.

Chan said the property consists of two buildings built around the 1960s, totaling approximately 1,336 square feet on approximately 1,410 square feet of land. The site has 39 parking spaces.

“On the facade of Crowhurst Street, the retail / exhibition space of around 240 square meters is rented to Bedpost. Bedpost was founded in 1991 and has about 15 locally owned stores across New Zealand selling beds, mattresses and bedroom furniture from a variety of manufacturers, ”said Chan.

Bedpost’s lease generates net rental income of $ 105,000 plus expenses and GST per year on a lease that runs through 2028.

“At the back of the lot, with secondary access from Melrose Street, is a four-story, multi-tenant building,” said Chan.

“Approximately 410 square feet on the ground floor and on Level 2 are taken up by Wentworth Computer Science College, a co-educational, private high school specializing in computer science, digital technology, and STEM (science, technology, engineering, and mathematics) subjects. ”

The college pays an annual rent of $ 96,915 plus expenses and GST for two leases that run through 2022 and 2024, each with renewal rights through 2028.

A rental area of ​​around 254 square meters on level 3 is rented to the tutor EduExperts. It pays $ 71,600 per year plus expenses and expenses on a lease extended through 2024 with an additional three-year extension right.

The rental agreements provide for a two-year rental review according to the CPI plus 3 percent.

Mr Ngo said the developers would be very interested in Crowhurst Street because of the high density zoning.

“The location is in an area that is geared towards substantial growth through the zoning Business – Metropolitan Center as part of the Auckland Unitary Plan. This enables intensive development opportunities up to a maximum height of 72.5 meters, subject to resource and building permits.

“The unit plan has introduced more intensive zoning for many properties in this area, which encourages the development of important buildings with larger areas and heights.

“Zoning offers a wide range of activities including commercial, medical, recreational, and high-density residential construction.”

Mr Ding said the immediate vicinity of the Crowhurst Street location is a vibrant mix of cafes, boutique offices and apartment buildings. Nearby Broadway and the well-known Westfield Newmarket Shopping Center were home to world-class shopping with leading local and international brands.

“Newmarket is also home to a growing number of large corporate offices including Mercury Energy, Watercare, Fuji, Xerox and 2degrees,” said Mr. Ding.

The property for sale benefits from excellent transport links as it is located directly on Khyber Pass Road with a motorway access just a few minutes’ drive away. It is a short walk from two train stations and the area is served by numerous bus routes.

The property has the added charm of being in the coveted “Double Grammar Zone” for enrollment at the Auckland Grammar and Epsom Girls’ Grammar Schools, and close to other leading schools such as St. Cuthbert’s College and the Diocesan School for Girls .

© Scoop Media

.

Leave a Comment