A fully leased, mixed-use property in Auckland’s western CBD is being brought to market, offering investors a rare combination of split-risk income and future live-work flexibility in a high-profile central location, Bayleys brokers say.
Bayleys International Markets’ senior broker, Quinn Ngo, is marketing Unit 1, 194 Victoria Street West for sale by deadline, closing at 4:00 pm on Thursday, 16th April 2026 (unless sold prior), together with colleague Matt Lee.
The asset sits within the Victoria Square development and comprises 151sqm (more or less) floor area across three levels with two dedicated car parks, returning a combined net rental of circa $62,000 per annum plus GST.
Positioned on a prominent frontage along one of the CBD’s key arterial routes, the property is fully occupied by two tenants, providing split-risk income while retaining the ability to reposition or occupy part or all of the asset over time.
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Ngo says the property is offered to the market amid a growing shift in buyer preferences toward assets that provide both immediate cash flow and longer-term flexibility.
“Investors are increasingly looking to assets that offer versatility – the ability to generate income today, while retaining the flexibility to adapt the asset to suit future needs.
“This property delivers that in a highly accessible CBD location, combining split-risk income with the added advantage of residential consent across the upper levels.”
The ground floor is occupied by an established national retailer, which has occupied the premises since 2020, providing street-facing activation and consistent foot traffic exposure.
Levels 1 and 2 are leased to a wellness operator utilising the space in a live-work configuration, recently exercising the first of two four-year renewal rights.
Importantly, the upper levels were consented for residential use in 2014 and are already configured with kitchen and bathroom amenities, creating a clear pathway for conversion to a CBD apartment or continued live-work use.
Bayleys International Markets’ senior broker, Matt Lee, says this flexibility becomes increasingly rewarding as the way people live and work continues to evolve.
“The lines between commercial and residential use are becoming more fluid, particularly in central city environments where accessibility, amenity and lifestyle converge.
“Assets that support the shift – whether through home-and-income, owner-occupation, or hybrid workspaces – are seeing heightened interest from a broad range of investors.”
The subject property sits within Business – City Centre zone, which supports a spectrum of commercial, residential, and mixed-use activities, reinforcing its long-term adaptability.
Located within walking distance of SkyCity, the Sky Tower, Victoria Park and the upcoming Te Waihorotiu City Rail Link station, the property benefits from exceptional connectivity and proximity to some of Auckland’s most significant infrastructure and amenity hubs.
“Continued investment in the CBD, particularly through the CRL, is reshaping the way central Auckland will function well into the future,” Lee says.
"As connectivity improves and more people return to the city as a destination, we’re seeing anticipatory confidence in CBD assets, especially those that offer accessibility, flexibility and income.
“The CRL itself will be transformative, significantly reducing travel times across the network and reinforcing the CBD as a focal point of Auckland’s commercial and residential activity.
“With stable income in place and several pathways for future use, this is a property that can evolve alongside its owner. It represents an accessible entry point into the CBD for investors, while also appealing to owner occupiers seeking a well-located base with income support,” he adds.
- Supplied by Bayleys
