A prominently positioned retail centre in the popular Auckland suburb of Newmarket is being refurbished and upgraded, creating the opportunity for new tenants to lease space in an area that is well served by transport options and amenities.
Located at 80 Broadway, there are multiple available tenancies that range in size from 515sq m to 2,150sq m but can be configured in different ways to suit incoming tenants. The landlord is motivated to work with occupiers to ensure the existing buildings meet their requirements.
Enhanced signage opportunities will be available to the new tenants providing greater exposure for their brand for passing cars and foot traffic. The owner is planning on stripping out the dated fit-outs from the previous retailers, returning the premises to a warm bare shell that will be specification ready for the new occupiers to put their stamp on their tenancies.
The centre has over 200 car parks delivering considerable convenience for customers, while Newmarket benefits from being a major hub for public transport with multiple bus routes and a train line running through the suburb.
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Amenities within walking distance include furniture stores Freedom and Nood, as well as the Olympic Fitness Centre. Westfield Newmarket is also just down the road, while the new Nike store has proven a strong drawcard.
The neighbouring tenancy in the subject centre is The Warehouse who recently agreed to a long-term lease extension meaning the popular shopping location will continue to draw people to this precinct.
The refurbishment works are expected to be completed rapidly, allowing for incoming tenants to be trading by Christmas and meet the increased shopper demand that arrives during the holiday season.
Leroy Wolland, National Director of Large Format Retail at Colliers, has been exclusively appointed to lease the space via negotiation and says this centre provides retailers with an opportunity to secure space in one of Auckland s busiest city fringe suburbs and well-known retail precincts.
"Very rarely do large format retail spaces of this size come up in this sort of retail environment.
"Given the surrounding retailers, there's a range of different potential tenants that would be well suited to this centre, such as home-related retailers, including furniture and homewares, lifestyle or pet stores, grocery providers, stores that meet daily needs, or discount pharmacies," Wolland says.
"We have already engaged a number of interested parties and have had some positive discussions. This centre is set to enjoy a new lease of life when the refurbishment works have taken place.
"The landlord is targeting big-name national and international brands, ensuring there are desirable shopping options that will bring people to the centre."
Mark Knoff-Thomas, CEO of the Newmarket Business Association, says foot traffic numbers in Newmarket are strong with figures on the rise.
"The overall outlook for Newmarket is incredibly positive and we are feeling more upbeat about what is happening in the local, regional, and national retail space as it seems we have passed through the bottom of the economic downturn with the recovery taking shape," Knoff-Thomas says.
"There are multiple major retail and hospitality brands that are eyeing Newmarket at the moment for new sites. The suburb has the single best spread of retailers in New Zealand from top-tier luxury brands through to everyday affordable offerings.
"With over 120 cafes, bars, and restaurants, there's plenty of reasons to shop and dine in Newmarket and a resurgence of international and domestic visitors is helping to drive our recovery in a post-pandemic environment."
- Supplied by Colliers
