Barragar says the immediate surroundings are undergoing significant residential and commercial development. "It’s a location that’s seen to be a desirable environment for young professionals or empty-nesters who like being close to the CBD and on major transport routes. Residents are also attracted by the trendy retail and commercial centres of nearby Freemans Bay, Ponsonby and The Viaduct with their numerous cafes, restaurants, bars and other amenities.
"We believe the precinct will see increased residential density as it develops and this in turn, will result in increased retail demand as the location gains further momentum."
Barragar says the State Highway One north-south motorway and northwestern SH 16 motorway on-ramps are less than a kilometre from Victoria Park Markets while Auckland’s rail CBD hub is 1.6 kilometres away at the Britomart Transport Centre. "Overall, this is a very convenient location."
Zoning
The property is zoned Victoria Park Precinct, Strategic Management Area 3 under the current Auckland City District Plan which allows for a wide range of activities, including office, retail and hospitality outlets.
The maximum height limit under the zoning is 16 metres but, under the Proposed Auckland Unitary Plan, the property will have a City Centre - Victoria Park Market Precinct zoning with the height limit increased to 30 metres.
"The proposed zoning seeks to ensure the city centre is an international centre for business and learning, innovation, entertainment, culture and urban living," Barragar says. "It also protects important historic heritage places, the admission of sunlight onto parks and public spaces, and significant views to Auckland’s volcanic cones and other landmarks."
Victoria Park Markets with an onsite management office and property manager are professionally managed by Barfoot & Thompson Commercial Property Management, led by Steve Sampson who is the head of asset management.