A large landmark building on Broadway towards the Parnell end of Newmarket is for sale, boasting scale, profile, and diversified income streams from office, retail, digital marketing, and utility tenants.

The commanding six-level building at 23-25 Broadway has A-grade seismic credentials, a net lettable area of around 2,329sqm including secure basement carparking for 35 vehicles, and occupies a high-profile circa-736sqm freehold site close to the intersection with Carlton Gore Road, one of Newmarket’s busiest arterials.

It offers five levels of quality office accommodation with modern fitout and sweeping elevated views extending to the Auckland Domain and Waitematā Harbour, with the upper four levels having expansive balconies with north and west-facing aspects for natural light and views.

There are three ground floor retail tenancies, all with large glazed frontages to the Broadway strip, along with two rooftop cell towers and a prominent digital billboard with high exposure to passing traffic.

The building is fully leased with varying lease terms in place including built-in rental reviews and rights of renewal and returns annual net income of $1,216,699 plus GST and outgoings.

Owen Ding, James Chan, and Karen Yung of Bayleys Auckland Central team are handling the sale, with an International Tender process closing 15th August, unless sold prior.

As one of Auckland’s most-connected and high-performing commercial nodes, Newmarket property remains in high demand from investors, says Ding.

“Newmarket assets hold their value through market cycles and always generate strong volumes of enquiry. This is a well-performing property with a split-risk leasing profile and established tenants across office and retail, supplemented by income from the digital billboard and two cell towers.

“The building has an enviable leasing history, with the office levels appealing to professional tenants seeking premium workspace in a highly connected area.

“It adjoins the flagship purpose-built Mercury Building, the head office for utilities company, Mercury Energy Limited, with the location selected for its accessibility, strong public transport connections and high level of retail amenity. Those fundamentals also hold true for the subject property.”

Chan, Bayleys director international sales says enquiry on quality office property is increasing among both local and offshore investors, with the offshore interest driven in part by the country’s new immigration settings, particularly for the $10 million-plus category.

“The Active Investor Plus (AIP) visa is attracting attention from high-net-worth individuals with the Balanced Category which requires NZ$10 million investment seeing momentum.

“There is inherent long-term upside in the subject property given the significant underlying land value of the Business – Mixed Use zoned site and developer activity in the broader area which is demonstrating the desirability of Newmarket.

“The zoning is very favourable and supports Newmarket’s growth trajectory which will provide confidence for a new owner.”

The enduring appeal of Newmarket has seen strong commitment and investment from entities looking to leverage the locational advantages with retail giants Westfield dominating the retail landscape, the University of Auckland cementing its campus in the former Lion Breweries site in Khyber Pass Road, and more recently, Precinct Properties making strides into the living sector with the conversion of office properties in Carlton Gore Road to residential use through its Domain Collection apartments.

“23-25 Broadway represents a generational investment opportunity that will appeal to both yield-focused and landbank investors looking to get a stake in this sought-after central Auckland suburb,” says Yung.