Competition grows for quality property on Auckland fringe
Monday 29 March 2004
Colliers International has set up a specialist city "fringe team" in response to the rapid expansion and demand for commercial property in Auckland suburban areas.
By The LandlordInvestors are increasingly looking to the city fringe for commercial property investments, says fringe team leader Luke Richardson.
As investment property in the CBD tightens, competition is growing for quality, well-leased stock in areas such as Newmarket, Parnell, Newton, Kingsland, Grey Lynn and Ponsonby.
"The demand is strong right across the board for commercial and residential investments and development sites," says Richardson.
"Quality properties attract dozens of buyers, achieve good prices, and demand is so strong we could often sell them 10 times over."
Richardson says the fringe of the CBD is an area of constant change and evolution. Typically, one sector, such as education, will either be expanding or contracting, new roads are under construction or being upgraded; and new residential, commercial, industrial and retail areas are being developed or expanded.
Properties in the fringe areas change their use and owners more frequently than other parts of the city, opening up opportunities for investors, developers and owner/occupiers.
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