A two-level office building on a highly visible corner location in central Auckland is being presented to the market for sale and will appeal to buyers of all kinds given the significant potential on offer.
201 Victoria Street West has 1,558sq m of high stud, open plan character office accommodation on a prominent 1,561sq m freehold site on the intersection of Victoria Street West, Halsey Street, and Wellesley Street.
The property offers 58 secure, covered car parks, equating to a desirable ratio of one car park per 27sq m of floorspace.
Two tenants lease space in the building, SLR Consulting and Klein Architects, providing a net contract annual rental income of $1,010,706 plus GST. There is also additional income from signage revenue and a Wilson Parking agreement.
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SLR Consulting is a well-established, international professional services firm specialising in environmental planning and sustainability advisory.
The business operates across multiple sectors including infrastructure, energy, property, and government and has a growing presence across New Zealand.
Meanwhile, Klein Architects is an award-winning business, specialising in the design of private and public healthcare assets.
With its blue-chip corner position and over 100m of street profile, this property offers clear flexibility across multiple strategies.
The property is zoned Business City Centre Zone under the Auckland Unitary Plan.
Colliers Directors Richard Kirke, Blair Peterken, Peter Herdson, and Mike van der Putten have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 18 March, unless sold prior.
Kirke, Managing Director of Agency at Colliers, says there are multiple avenues for prospective purchasers to explore with this top-tier asset.
"The lease agreements finish for Klein Architects in February 2027 and SLR Consulting in November 2028 respectively, meaning investors have the opportunity to seek new tenants or negotiate new agreements with the existing occupants," Kirke says.
"Owner-occupiers will have an interest in the property, and they could utilise the premises for their own firm and not be bound to a lease agreement giving them control over their own destiny.
"There is also the possibility the property could be developed or repositioned to intensify the usage of the site, unlocking its true value and capitalising on its premium location."
Peterken, Director of Capital Markets at Colliers, says the surrounding area has a host of amenities that tenants are seeking.
"The building looks out across Victoria Park while there is a range of eateries, cafes, and bars in walking distance," Peterken says.
SkyCity and the surrounding entertainment and hospitality precinct is less than 1km away, while the nearby Midtown area of the CBD is set to be revitalised with the impending opening of the City Rail Link.
Herdson, National Director of Capital Markets at Colliers, says the accessibility of the location makes this a building that requires serious consideration from buyers.
"Neighbouring areas such as Victoria Park Quarter, the Viaduct, and Wynyard Quarter have all undergone significant development in recent years, demonstrating the strength of demand for this high-profile spot," Herdson says.
"The public transport connections and access to the motorway network make this a highly desirable area for businesses to position themselves."
Van der Putten, Director of Capital Markets at Colliers, says the property offers the ultimate in flexibility for the new owner.
"Buyers have a range of different options to explore, and a previous resource consent has been granted for the construction of an eight-storey commercial development on the existing site, which shows the potential on offer to create something of scale in the future," van der Putten says.
- Supplied by Colliers
