City fringe property sales are riding high, with Barfoot & Thompson Commercial reporting the sale of 45 fringe properties during the past three months for $60 million.
Sunday, October 10th 2004, 9:40AM
by The Landlord
Fringe property is defined as any commercial real estate just outside the limits of the central business district, and includes suburbs such as Herne Bay, Ponsonby, Grey Lynn, Newton, Parnell, Newmarket, Kingsland and Morningside.
Rick Hamilton and Warwick Lewis, who specialise in city fringe sales for Barfoot & Thompson Commercial, say the demand for fringe properties far exceeds supply. Some commercial properties on the city fringes have more than doubled in value in the past three years and they often field between 100 and 160 inquiries for each property.
Hamilton says the majority are former warehouses and small factory buildings only two or three floors high dating from the 1970s onwards.
