"Being located near to Westfield Newmarket's $790 million redevelopment presents many possibilities for the property," he says.
"The scale and quality of Westfield Newmarket will positively transform the surrounding area."
Burley says the shopping centre stands upon a 4.5ha site, which will have 74,000sq m of retail space and more than 230 specialty stores.
"Newmarket will become a premier destination, not only for the people of Auckland, but for all New Zealanders seeking a world-class shopping and dining experience. Due for completion later this year, the centre's speciality retail offerings will include Auckland's first David Jones department store," says Burley.
Coburn says the property for sale is on the northern side of Edgerley Ave, adjacent to the Newmarket Viaduct. It comprises an industrial workshop, originally developed in the 1980s, providing low to medium stud warehousing with mezzanine storage and two levels of associated offices and amenities.
"Given the location and considering the highest and best uses for this site, the building provides limited added value," says Coburn.
"The site therefore presents a short-to-medium term redevelopment opportunity to a higher-yielding use thatwill maximises the height limit and development controls of the zoning."
The regular-shaped site slopes gently from street level towards the northern boundary. Business Mixed Use zoning allows for development of up to 27m in height and a broad variety of uses.
Child says the southern end of Newmarket is where multiple land uses converge, including high-street retail, shopping centres, car dealerships, offices, hospitality offerings and education providers, making the development opportunities almost endless.
"The immediately surrounding area is typified by a variety of retail outlets, commercial office space, accommodation, terrace and apartment buildings and single dwellings.
"A newly completed apartment and short-stay accommodation development, The Edgerley, is located at the end of the cul-de-sac street," says Child.
The site offers easy access to Auckland's motorway network, being positioned in between the northbound and southbound on-ramps to State Highway 1.
It is also near the intersection of three main arterials – Great South Rd, Manukau Rd and Broadway.
All three roads are major bus routes, while Newmarket Train Station is located some 900m to the northeast. Auckland CBD is a mere 5.5km drive.
