A commercial building in one of Auckland’s fastest-evolving and most tightly-held locations has come to the market, giving owner-occupiers, value-add investors and developers the chance to secure one of the closest standalone freehold buildings to the waterfront at an accessible price point.
Sited on 455sqm, the property at 4 Hobson Street, Auckland Central, just off Fanshawe Street, is a circa-1,100sqm building comprising ground-floor carparking and storage with 8-plus car parks, two levels of office accommodation, and a surprisingly spacious two-level penthouse apartment with harbour views.
The parking/storage level is accessed via a roller door from Hobson Street, with the ground floor entrance to the building via an adjacent compact lobby with lift and stairwell to service all upper levels.
There is a total 800sqm of office space across levels one and two, with a mix of open-plan and partitioned spaces.
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Each floor is fully self-contained with male and female amenities, and there are additional shared facilities located within the stairwell lobby.
A substantial four-bedroom apartment spanning levels three and four has two expansive deck terraces, with the front deck enjoying northwest-facing views.
The generous master suite is positioned above the main living area and has views toward the Harbour Bridge.
The rectangular site is zoned Business-City Centre and has approximately 14 metres of frontage on to Hobson St near the intersection with Wolfe St, across the road from Hotel Grand Chancellor.
The vacant property is for sale by tender closing 4pm, Wednesday 4th March, unless sold prior, through James Were of Bayleys.
With Precinct Properties progressing plans for its twin-tower mixed-use redevelopment of the nearby former Downtown car park building and given the subject property is conveniently close to the waterfront, Commercial Bay, City Rail Link stations, SkyCity and the New Zealand International Convention Centre, Were says he’s expecting solid interest from a range of buyers.
“The northern end of Hobson Street has perhaps been overlooked, and yet it has so many factors in its favour, and this freehold property represents good value, particularly when the multiple onsite secure carparks are considered.
“There are several potential buying scenarios here. An owner-occupier could have a box-ticking work-live option or look to lease components they don’t require, while an value-add investor could refurbish the office levels as plug-and-play space and keep the penthouse apartment as a city-bolt hole.
“A developer could hold it as a split-risk CBD investment for now, by filling up the floors to generate income while considering the future redevelopment upside that the location supports.”
Were says the existing office space is versatile, with each floor plate circa-400sqm which is a sweet spot for a range of business types.
“It has been used in the past by education and training providers but would equally suit conventional office-based businesses.
“The full level of ground floor carparking is also like gold in the city and is a compelling feature of this property, as is the immediately accessible motorway network for northern, southern and western route connections.
“With limited competing standalone stock in this location, and with plenty happening in the immediate area, this is an opportunity for savvy buyers to acquire a versatile asset that is well-positioned for future growth.”
- Supplied by Bayleys
