The Cook St property could be renovated or demolished and replaced, says an agent handling the sale. An underdeveloped site with a range of options for a new owner to add value is one of several central Auckland properties listed for sale in Bayleys' Total Property portfolio.
The 1353sq m site at 50 Cook St is home to a 2009sq m three-level building that was developed in 1960. It had an extension added to the rear of the building in 1984, and a mezzanine level in 2003.
It is for sale by tender through Alan Haydock and Cameron Melhuish of Bayleys Auckland, closing March 26 unless it sells earlier.
"The property is offered for sale with vacant possession which, in conjunction with its flexible underlying zoning and dual street frontages, provides a variety of opportunities for owner occupiers, investors and developers," says Haydock.
It is between Nelson St and Hobson St and can also be accessed off Nicholas St, which runs off Hobson St.
The building's 700sq m ground level has a showroom area fronting Cook St and extending into warehousing at the rear Nicholas St entrance to the property.
Part of this warehouse is now used as a cafe.
The 756sq m floor above is a mix of medium- to high-stud commercial accommodation, and the 552sq m top floor has a self-contained residence and further commercial space.
There are 28 car parks, five under cover at the Cook St frontage and the rest at the rear of the building and accessed from Nicholas St.
The property was occupied by the Fine Wine Delivery Company which has moved to new premises in Lunn Ave, Mt Wellington.
Haydock says the building's favourable seismic rating could appeal to an owner-occupier wanting a central city presence, but most of the property's value lies in the land and its redevelopment potential.
"It offers a blank canvas to a new owner who could renovate and add floor area to the existing building or demolish it and redevelop the whole site."
The property's zoning of Strategic Management Area 3 - Victoria Quarter Precinct permits buildings up to 50m high with a basic floor area ratio of four to one and a maximum of six to one.
"Auckland Council has recognised that a significant portion of the CBD's diminishing supply of vacant and underutilised land is in the western area, and it is the least developed of the peripheral strategic management areas outside of the core CBD," says Melhuish.
"The SMA 3 zoning, therefore, provides the flexibility for a variety of commercial and residential uses or a combination of these."
Melhuish says much of the apartment development in central Auckland is in or near the Victoria Quarter Precinct, the latest example of which is the Sugar Tree project on Nelson St, around the corner from 50 Cook St.
"Queen St and the waterfront are within walking distance and all motorways are close by which, in combination with elevated city and harbour views, makes the area suited to residential development.
"This location is also increasingly served by a range of popular cafes, bars and restaurants as well as new office premises.
"Tournament Parking's high quality upgrade of the old city council works depot site on Nelson St and Manson TCLM's ongoing development around the Telecom Campus have helped lift the profile of the precinct considerably."
The property has a 2011 rating valuation of $5 million of which the land comprises $4,350,000 and the building $650,000.
Haydock says here has been a significant increase in CBD land values over the past two years because of a strong recovery in the office market.