A multi-level commercial building in central Auckland that has considerable value-add potential is being offered to the market for sale.
Located at 40 Anzac Avenue, the property has 1,419sq m of floor area on a 374sq m freehold site and is only a few minutes away from many of the CBD’s key amenities such as shopping, hospitality, and transport options.
The property is largely vacant with one tenant located on Level 2 and their lease provides $60,000 plus GST in net annual rental income. A three-month termination clause is in place.
Prospective purchasers may be eyeing this opportunity to refurbish the office space and secure new tenants. Alternatively, the asset could be repositioned or developed and utilised for apartments, student accommodation facilities, or as a hotel.
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The building’s Business – City Centre Zone designation means there is a height restriction of up to 40m that enhances its scope for redevelopment.
As outlined in the Auckland Unitary Plan, the zone’s objectives support a vibrant, high-density urban core that serves regional, national, and international functions.
The zone encourages growth, intensification, and development that strengthens the economic, social, and cultural vitality of the city centre.
There are 10 dedicated car parks and the location of the property offers easy access to the motorway network, while Anzac Avenue is also well served by multiple bus services.
The impending opening of the Auckland City Rail Link will further boost the general connectivity of central Auckland, leading to greater accessibility to the subject location via the nearby Waitematā Station (Britomart).
Colliers Brokers Ross Hinshelwood and David Burley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 20 August, unless sold prior.
The building spans four floors and aside from the office accommodation, which has been the primary function of the property, there is a 20sq m unit on the ground floor that could be used for retail purposes.
The property’s proximity to Auckland’s education facilities is a major selling point with the University of Auckland only 350m away, while their law faculty is also close by. AUT is in walking distance.
Hinshelwood, Investment Sales Broker at Colliers, says opportunities of this nature are scarce with central city assets like this one seldom seen on the open market.
“Downtown Auckland remains a sought-after location for business operations and inner city living. Freehold properties in the CBD are rarely available for purchase making this an opportunity that warrants serious consideration among buyers looking for a value-add opportunity,” Hinshelwood says.
“The Government recently announced a strategy targeting the growth of international student numbers in New Zealand’s tertiary education institutions with the goal to double the economic impact of the sector over the next decade.
“One specific target is to grow student enrolments from 83,400 in 2024 to 105,000 in 2027 and 119,000 by 2034. That means this property could be perfectly placed to capitalise on a growing international student population through redevelopment.”
Burley, Auckland Director of Investment Sales at Colliers, says with the Britomart precinct and Auckland waterfront in walking distance, this property benefits from its well-known surrounds.
“With popular shopping options on Queen Street readily accessible and Auckland’s vibrant hospitality scene on hand, this is a prime location,” Burley says.
- Supplied by Colliers
