One of the only single-level stand-alone office buildings in Auckland CBD is being offered to the market for sale, presenting buyers with an opportunity to acquire a versatile asset with long-term development potential.
Sitting at 105 Wellesley Street West, the property has 337sq m of floor area on a 586sq m site that is zoned Business – City Centre Zone under the Auckland Unitary Plan.
The favourable zoning means the property could be redeveloped in the future to create a substantial CBD asset of some 15 storeys high.
The building is currently split into two large open plan office spaces, reception area, and a large boardroom, offering high levels of functionality. The modern layout includes a kitchenette, bathrooms, shower, and an outdoor deck. There are also eight dedicated on-site car parks.
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There is approximately $187,800 plus GST in net passing income from the property from the existing tenant through until April 2026, but early termination of the lease is a possibility.
With an unparalleled array of amenities nearby, the central location of the property is a major drawcard given the motorway network is only moments away, while the impending opening of the City Rail Link will improve connectivity across Auckland. Multiple bus routes can also be accessed from this busy spot.
Colliers Brokers Ross Hinshelwood, Hugo Findlay, and John Davies have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 19 November, unless sold prior.
Hinshelwood, Investment Sales Broker at Colliers, says there’s considerable long-term growth potential attached to this offering.
“Buyers who have an interest in this property will recognise the immediate opportunity to occupy the asset, while there are also development options that could be explored now,” Hinshelwood says.
“Conversely, this building is perfectly positioned for an occupier to acquire the property and utilise it while their business scales up and then either develop it or divest it in the future to capitalise on the underlying land value.
“The recent planning changes that have been made to intensify land use in central Auckland have made this a highly appealing asset.”
Findlay, Office Leasing Broker at Colliers, says the central location of the property means it is surrounded by a swathe of hospitality and entertainment options.
“City Works Depot, a hospitality and parking hub, sits directly across from the building, while the New Zealand International Convention Centre that is set to open early next year is a short walk away,” Findlay says.
“There is also a large calendar of events that are set to take place at the facility that will drive foot traffic in Auckland CBD.”
Future occupants or tenants will also benefit from being able to walk to Victoria Park, Commercial Bay, and the Britomart transport hub.
Davies, Investment Sales Broker at Colliers, says given the site is underutilised and there is scope to position the asset in a range of ways in the future, there will be strong interest from buyers.
“Investors, developers, and owner-occupiers all have angles to consider with this asset that offers a desirable combination of a modern premises, convenient parking, and future development potential,” Davies says.
- Supplied by Colliers
