A fully leased office building in the Auckland city fringe suburb of Freemans Bay is being offered to the market for sale, giving buyers the opportunity to acquire a passive investment in a tightly held commercial location.
Sitting at 24 Spring Street, this high-quality asset has 912sq m of net lettable area split across three well-established tenancies.
The multi-level building has three separate street frontages owing to its prominent corner site that spans 503sq m.
The tenants at the property include creative agency The Boundary, property valuation and rating services firm QV, and Italian-flavoured cafe, wine bar, and eatery Queenies.
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The total net annual rental income from this freehold property is $479,437 plus GST and operating expenses.
Located just off College Hill, the property offers easy connectivity to the popular suburb of Ponsonby and State Highway 1, while Auckland CBD is only 1.9km away. Public transport routes are also readily accessible.
The property is zoned Business - Mixed Use Zone under the Auckland Unitary Plan.
Colliers Brokers Mike van der Putten, Adam White, and Blair Peterken have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 27 May, unless sold prior.
The office space tenanted by The Boundary measures 430sq m and they have access to two car parks, while QV leases an office that spans 394sq m with 32sq m of storage that is complemented by 11 car parks.
The interior space at the cafe measures 56sq m with a 22sq m outdoor area.
Van der Putten, Director of Capital Markets at Colliers, says the property has a commanding street presence on its high-profile corner location.
"This trophy asset gives buyers a steady rental stream from a complementary tenancy mix that includes firms with a nationally renowned presence in their respective industries," van der Putten says.
"Freemans Bay is a tightly held location where assets are rarely traded, making this an offering that warrants serious consideration among buyers seeking a purchasing opportunity in the western fringe of Auckland's CBD."
White, Associate Director of Investment Sales at Colliers, says the property sits in a bustling commercial precinct that has a high volume of foot traffic and benefits from its close connection to Victoria Park and the Viaduct.
"Located just minutes from Auckland s CBD and neighbouring Ponsonby, Freemans Bay is a suburb with character charm that blends heritage villas and modern developments," White says.
"The suburb has excellent connectivity, strong public transport links, and a diverse mix of retail, hospitality, and commercial activity.
"Its central location, walkability, and established amenity continue to underpin strong demand from both residents and businesses alike."
Peterken, Director of Capital Markets at Colliers, says while there are existing tenants in place, this property will also appeal to owner-occupiers eyeing a future move to this location.
"One of the office tenancies has a final expiry on their lease in July 2027 meaning a buyer could potentially acquire the building and utilise it for their own purposes while generating income from the other tenancies," Peterken says.
"The property presents buyers with multiple opportunities to consider."
- Supplied by Colliers
