Five adjoining properties comprising two character office premises and three terraced apartments are for sale in Auckland's CBD.
Located at 13 Sale St and 2A-2D Vernon St, in one of the central city's most rapidly developing precincts, the boutique mixed-use offering is featured in Bayleys' latest Total Property portfolio and is being marketed by Cameron Melhuish and Matt Gordon. Tenders can be submitted for the five properties, each on their own title, either in their entirety or individually, closing July 5 unless sold earlier by negotiation.
"This portfolio provides an array of opportunities for both commercial and residential owner occupiers and investors looking to secure a position in the CBD's vibrant Victoria Quarter precinct," says Melhuish.
"The property at 13 Sale St comprises 438sq m of character space which would suit a wide range of 'creative type' tenants including architects, marketing companies, web designers etc or any companies that require a 'cool' showroom space. There are nine onsite carparks downstairs, which are great for visitors staying long-term or just popping in.
"This business accommodation features an open plan ground floor area of about 290sq m, plus a 138sq m mezzanine, two meeting rooms, a full kitchen, both male and female bathrooms with shower and a nine sq m north facing balcony," says Gordon.
"The building has an impressive internal stud with exposed, painted steel trusses and elegant dark wooden floors and has a good seismic rating of 72 per cent of New Building Standard for premises of this vintage. It's a stunning looking building both internally and externally and provides a rare opportunity to purchase a smaller property in sought-after Sale St."
The property has two entrances, off both Sale St and Vernon St. The basement carparking and storage is accessed through a roller door, with an internal staircase to the ground floor. Gordon says while currently configured as offices, the property's location would also lend itself to showroom use or potentially a mix of both.
The 2A Vernon St property contains boutique office accommodation of about 111sq m with one secure carpark and is producing net annual rental income of $37,080 from a monthly business tenancy. Gordon says it also has a good stud-height with shuttered concrete ceiling and beams plus concrete floors and is fully self-contained with well-appointed amenities.
"This funky character space features a versatile open-plan ground floor work area with a full kitchen, laundry area and an architecturally designed bathroom," says Gordon. "A mezzanine level provides a boardroom and offices which can house several work stations. This level could also potentially accommodate one or two bedrooms for a new owner wanting live and work premises."
At 2 B, 2C & 2D Vernon St three fully rented, two-bedroom apartments ranging in size from 81-90 sq m, each with 14 sq m of decks and one basement car park are rented out at between $700-$750 a week on monthly residential tenancies.
Melhuish says the Victoria Quarter Precinct, once the historic warehouse and industrial hub of Auckland's CBD, has undergone significant commercial and residential development recently, says Melhuish, and this is continuing with various large-scale projects nearing completion on the southern side of Sale St.
"The area is developing a strong hospitality offering, particularly in and around the Drake and Sale St areas, led by the vibrant City Works Depot, and a number of major commercial tenants have also relocated to new office buildings in the precinct," he says.
"It is also a sought-after location for tenants and owner occupiers looking for boutique character office accommodation."