JLL to sell four retail units on Broadway

JLL to sell four retail units on Broadway

JLL’s commercial sales group have been appointed to sell four connecting retail units at 312-330 Broadway, Newmarket, located in the heart of Newmarket’s high street.

The four retail units have a total floor area of 2,000sqm with BNZ taking up over 1,000sqm of the space and the remainder split between Adidas, The Cooperative Bank and Bivouac Outdoor. Each unit benefits from a large, full height glass frontage to Broadway. The building provides high-stud retail space with a basement car-park providing 33 spaces and mezzanine offices. Pedestrian access to the retail units is gained from Broadway via a significant frontage which is opposite the 277 Westfield shopping centre.

The tenants are on various lease terms, with final expiries occurring between 2018 and 2020 and together provide a weighted average lease term (WALT) of 5.3.

Marketed by John Binning of JLL, this is a leasehold opportunity that will be sold via an expression of interest campaign closing 4pm Thursday the 11th December 2014.

Binning says the four retail units provide investors with the chance to gain a foothold in Newmarket, which is a tightly-held and developing precinct. “These retail units will be popular among buyers because they are extremely well-presented and benefit from unrivalled levels of exposure, substantial footfall and passing traffic,” Binning says.

“With stand-out tenants, 100% occupancy and a rental return of $915,769.00 per annum, this investment offers a solid income stream.”

Binning continues, “The property’s prime location means it gains exceptional exposure and reaps significant benefits of agglomeration. The redevelopment of Westfield’s 277 and the new University of Auckland development in Newmarket has been a significant catalyst, delivering positive externalities to the owners of retail and residential property; both increasing the population and driving traffic to the area. Statistics New Zealand forecasted a 41.1% increase in the growth of the population for the Newmarket area and surrounds between 2011 and 2026.”

Directly opposite the property is the well-established Westfield Two Double Seven shopping complex, whilst further to the south along Broadway is a large format Farmers and other specialist retailers. A short distance to the east is the Nuffield Street precinct which comprises a high-quality redevelopment by Westfield of speciality shops.

The units are each zoned Business Activity 3 under the Auckland District Plan 1997.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

JLL has over 50 years of experience in Asia Pacific, with over 28,453 employees operating in 80 offices in 16 countries across the region. The firm was named ‘Best Property Consultancy’ in seven Asia Pacific countries at the International Property Awards Asia Pacific 2014, and won nine Asia Pacific awards in the Euromoney Real Estate Awards 2013. www.jll.com/asiapacific

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