A central Auckland office building that is surrounded by transport options and amenities is being presented to the market for sale and offers buyers the opportunity to acquire an asset with a significant rental stream and future occupation potential.
3/167 Victoria Street West is a six-level, A-grade office tower with 76 basement car parks across two levels, providing a high car parking ratio that will be attractive to investors.
The property has 7,508sq m of total net lettable area and is one of four buildings in a campus-style development that is centred around a large open atrium with staircases and air bridges connecting the surrounding buildings.
Currently returning approximately $4.8 million plus GST in net annual rental income, there is a head lease in place until 31 May 2028 that is underpinned by a diversified sub-tenant mix, which is made up of a collection of well-known businesses.
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The stratum in freehold property is surrounded by an exceptional array of food and beverage options, while Les Mills is over the road and Victoria Park is only moments away.
Accessibility is a key feature of the offering and high-frequency bus routes service the area.
The new Te Waihorotiu Station that is part of the City Rail Link is approximately 500m away, and nearby motorway interchanges offer connectivity to the wider Auckland region.
The property is zoned Business-City Centre Zone under the Auckland Unitary Plan.
Colliers Directors Richard Kirke, Peter Herdson, Mike van der Putten, and Rob Bird have been exclusively appointed to market the property for sale and are taking expressions of interest closing at 4pm on Wednesday 18 November, unless sold prior.
Kirke, Managing Director of Agency at Colliers, says the building presents magnificently with an impressive fit-out and is awash with natural light.
"Assets of this quality in such a well-connected location are rarely found on the open market, and we expect considerable interest among prospective purchasers, domestically and abroad," Kirke says.
"Efficient floorplates and a central core configuration provide excellent flexibility for full floor, split floor, or multi-floor occupation.
"There is also the possibility the buyer may wish to acquire the building for their own purposes, and they would immediately command a major presence in a thriving hub of central Auckland."
Herdson, National Director of Capital Markets at Colliers, says Victoria Street West acts as a key western gateway into the CBD, placing the property in a highly accessible position for both staff and visitors.
"Public transport connectivity is excellent, and the City Rail Link is giving commuters a new way to get around Auckland in a quicker and more efficient way," Herdson says.
"Being within easy walking distance of the new rail line makes this building a compelling location for businesses to help draw people into the CBD."
Van der Putten, Director of Capital Markets at Colliers, says the amenities in the general vicinity of the building offer occupants plenty of appealing options.
"The popular hospitality precinct, City Works Depot, is only a few moments away, while the wider Sale Street food and beverage area also has a collection of popular local hospitality spots," van der Putten says.
"Victoria Park provides tenants with a nearby green space to enjoy."
Bird, National Director of Office Leasing at Colliers, says this is an eye-catching asset in one of the city s most attractive office environments.
"Due to the scale of the offering and expiring lease profile with holding income, this opportunity will appeal to add-value investors looking to take advantage of live leasing briefs in the market," Bird says.
"There are a range of options for the new owner to consider given the existing head lease runs until 2028. The incoming buyer may seek to negotiate lease extensions with the existing occupants or change the tenancy mix."
- Supplied by Colliers
