A multi-level office building in a prime central Auckland location is available for purchase, offering buyers the opportunity to acquire an asset with significant add-value potential.
151 Victoria Street West has 4,778sq m of total net lettable area on a 1,741sq m freehold site that is zoned Business – City Centre Zone under the Auckland Unitary Plan.
The property, which has seven levels of office space and two floors of basement car parking, is partly tenanted by NZ Post who are based on the lower ground floor, providing net annual passing rental income of $599,462 plus GST.
NZ Post’s lease runs until late next year and there are future rights of renewal available to them.
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Sitting in an A-grade position in the CBD, the property is surrounded by a collection of amenities and prominent attractions such as the Sky Tower, while there is convenient access to the motorway network and public transport.
The impending opening of the City Rail Link next year will enhance the accessibility of this location even further, making it keenly sought by potential office tenants.
Colliers Brokers Ross Hinshelwood and David Burley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 19 November, unless sold prior.
Originally constructed in 2013, Levels 1-5 offer floorplates ranging from 507 to 540sq m, while the ground and lower ground floors are approximately double the size.
Hinshelwood, Investment Sales Broker at Colliers, says with passing income in place from the existing tenant the new owner will be able to plan their future moves for the property.
“An owner-occupier could take over the premises immediately and utilise it for their own business endeavours or they may choose to improve the fit-out before moving in,” Hinshelwood says.
“The opportunity exists to lease the building in its current state or add to it, and the new owner could grow the existing income through new tenancy agreements.
"With the structural aspect of the building intact, a general refurbishment is potentially all that is required.”
The location of the property is a major drawcard given it is surrounded by popular Auckland CBD attractions Wynyard Quarter, Commercial Bay, and Victoria Park.
The newly developed New Zealand International Convention Centre is only a short walk away and already has an exciting array of events lined up for next year.
Popular hospitality spot City Works Depot is nearby, alongside other local bars and cafes.
Te Waihorotiu Station (Aotea) is approximately 1.3km from the property and is set to be the country’s busiest train station when the City Rail Link is up and running.
Burley, Auckland Director of Investment Sales at Colliers, says investment conditions are improving with falling interest rates driving increased activity in the property market.
“With the Official Cash Rate steadily dropping this year, investors are active as purchasing opportunities have become more viable,” Burley says.
“With further interest rate cuts potentially on the way, lending will become more favourable for buyers allowing them to secure capital.
“The subject property has an attractive mix of add-value potential in a sought-after location.”
- Supplied by Colliers
