Mixed-use zoning gives appeal to apartments in an upcoming city precinct.
Two modern, vacant commercial units in Freeman's Bay, with appeal for both boutique owner occupiers and tenants, are for sale or lease in Bayleys' latest Total Property portfolio.
The larger unit at 38 Sale St in the Victoria Quarter is in the road front part of an office complex built in the 1990s and has a lettable area of 205 sq m. It comes with two northeast facing balconies and two car parks. The unit is for sale or lease by deadline private treaty through Rachael and Mark Pittaway, Bayleys Auckland.
Rachael Pittaway says the property is north-facing, enjoys excellent natural light from the substantial number of exterior windows and has sweeping city views back to the Sky Tower.
She says the premises had been occupied by an engineering firm for more than 10 years and the previous rental was $45,160 per annum plus GST, with annual outgoings of approximately $10,263.
The interior is currently partitioned with reception, meeting room and offices that can remain or be removed as required. The car parks are at the entrance to the property and there is a large public car park nearby.
Pittaway says the Victoria Quarter precinct is experiencing considerable growth with the redevelopment of nearby Victoria Park, the relocation of Telecom's head office and the recent construction opposite this of the 162VIC office building by Mansons TCLM.
It is also attracting boutique commercial businesses such as interior designers, architects and New Zealand Fashion Week's head office.
"The area is now very sought after, with little vacancy, and is characterised by a mix of retail, office and residential accommodation plus a number of award winning cafes, restaurants, bars and pubs. The location is also a very functional one, being close to motorway systems, the CBD, Ponsonby and the Viaduct
"This unit would be ideal for a boutique office owner/occupier or tenant wishing to establish themselves in this outstanding location at an affordable price. The area's mixed use zoning also provides the potential for residential or live/work conversion.
"We have been receiving quite a bit of interest from owner-occupiers who would usually be tenants wishing to lease, but because of the low interest rate environment they are looking to purchase instead. In some cases they are finding mortgage repayments are less than rent."
Also for sale or lease through Mike Houlker, David Gubb and Sunil Bhana of Bayleys Auckland is a 100 sq m ground commercial unit built in 2000 as part of the fashionable Beaumont Quarter mixed use development in Beaumont St, opposite Victoria Park. Bhana says the premises have potential for retail, showroom and office use and possibly a live and work combination subject to council approval.
The unit has an office, meeting room, open plan space, a kitchenette and toilet area. There is also internal access to three secure underground car parks which come with the unit and it has visitor car parking outside.
Bhana says the unit's occupants can also avail themselves of on-site amenities including a spa, sauna, gymnasium and heated pool, plus there are attractive public spaces and landscaped grounds.
The property sits within an innovative inner city development which was built on the 2.4 hectare former gasworks site adjacent to Victoria Park.
It incorporates heritage Victorian buildings which were fully refurbished and adds approximately 250 houses and apartments, plus office and retail premises and other amenities and facilities including an on-site leisure centre and an on-site manager.
"This is an affordable freehold opportunity in a very attractive and central location, near the entrance to the Harbour Bridge, the developing Wynard Quarter precinct and the CBD," says Bhana.
"The move to give property owners the opportunity to freehold what were previously leasehold titles has also noticeably increased investment interest in the Beaumont Quarter and we would expect this to continue to gather momentum."