Some buildings just sit in the city, and then there are buildings that sit right in the heart of how it functions - 85 Airedale St is definitely one of the second category, says Barfoot & Thompson Commercial broker Ian Hall.
Positioned on the Symonds St ridge, right in the epicentre of Auckland’s education precinct, this property benefits from consistent, high-volume daily demand.
Students, staff and residents move through this part of the CBD in significant numbers, driving strong economic activity across the surrounding area.
“It is a very rare mix,” says Hall, who is marketing the freehold asset alongside colleague Cam Paterson.
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“Four levels of fully leased commercial space, paired with 32 furnished residential apartments above, make this is a rare gem with two very complementary income streams.”
Combined, the property generates approximately $1.47 million a year, delivering immediate scale and opportunity for diversification.
The commercial component spans approximately 3262sq m across four levels and is fully leased to a tertiary education provider through to September 2026.
The floorplates are open, with great natural light, very professionally presented and currently configured for teaching and administration.
Sitting above are 32 fully furnished apartments, each on its own title, providing a fantastic second stream of income. They are well suited to students and young professionals, with very high occupancy reflecting the ongoing strong demand in this location.
“You have income from two very distinct parts of the market,” says Paterson. “Both underpinned by the same fundamental driver, people really want to be here.”
With the University of Auckland and AUT both within walking distance, there are over 72,000 students underpinning activity in the immediate area.
This precinct is positioned well to continue to thrive on the back of the Government launching its International Education Going for Growth Plan, which aims to double the sector’s export value from $3.6b to $7.2b by 2034, and increase international student numbers to over 119,000.
The property is held as stratum in freehold across 36 titles, providing flexibility in ownership, management or repositioning. Business-City Centre zoning allows for a wide range of future uses, from education and office through to residential or service-based activity.
There is clear scope to enhance performance over time. Rental levels across both the commercial space and the residential apartments are in line with comparable stock, providing a foundation for future growth as the precinct continues to evolve.
Ongoing infrastructure investment, including the City Rail Link, will further strengthen connectivity across this part of the CBD.
The building is very well maintained and serviced, with a seismic rating of 83 per cent NBS. This places it in the low earthquake risk category with no immediate strengthening required.
85 Airedale St is a substantial mixed-use holding in a location that will continue to perform for years to come, and is offered via expressions of interest, closing 3pm, Wednesday April 15, unless sold prior.
- Supplied, Barfoot & Thompson
