One of a decreasing number of untouched character buildings in downtown Auckland is up for sale with concept plans available for a refurbishment into character offices.
Built in the 1920s, the five-level, freehold, stand-alone building at 37-39 Anzac Avenue is adjacent to the recently opened Waldorf Celestion Apartments.
Cameron Melhuish
and Mike Houlker of Bayleys Auckland are marketing the property, with tenders closing on September 6.
Melhuish says the building has holding income and is ripe for redevelopment in a location that is growing in popularity. In the past two years, he has marketed and sold four Anzac Avenue properties similar to the one now on the market with two of them refurbished successfully.
One was already occupied and sold to an investor and the other was sold to an owner-occupier as the perfect location for his inner city business because of the easy access to the motorway.
"They are solid buildings in a location underpinned by the Britomart transport hub, the Vector Arena and several new apartment buildings," Melhuish says.
The property offers 1292sq m of lettable area over five floors and has five secure, ground floor parking spaces and is located on a 369sq m site.
"The building has good natural light as it is set back from the rear boundary by about two metres," says Melhuish. Other features include high stud ceilings, a character passenger and goods lift and large windows.
The property is producing gross rental income of $42,000 with tenants on temporary leases, including a ground floor retail area leased to a travel agent and a kick boxing gym.
Melhuish says that while it will be ideal for an owner-occupier, it would just as easily suit someone willing to renovate the building and lease it, commanding a higher rental than now.
The property is within the Strategic Management Area 5, which allows a wide range of uses. Future development options could include apartments and ground floor retail or cafe, restaurant or bar or a mixed-use combination of these.
A Foodtown supermarket with pharmacy and café are also located in the precinct and it is understood a new retail and car-parking complex as part of the Britomart above-ground development is proposed on an adjoining site.
These improvements, coupled with Britomart and continuing growth in the nearby education precinct, has created more foot traffic in Anzac Avenue. This has, in turn, led to several popular restaurants and cafes opening up, including the Japanese restaurant and bar Ken Yakitori and the Gloria cafe.
