It's the now-cancelled mortgagee sale of land at 201 Hobson St, Auckland CBD. Video / Bayleys
The mortgagee sale of an Auckland inner-city commercial property has been cancelled suddenly after money was forthcoming just a few hours before D-day.
The curious case involved a small 536sq m Auckland site at 201 Hobson St in the inner city where Bayleys had launched a high-profile marketing campaignto sell the land via tender, closing today at 4pm.
But a reversal of the situation happened and the money flowed to the financier who had called in agents.
The site is between Cook St and Union St on the busy thoroughfare heading towards Spaghetti Junction.
Bayley’s Phil Haydock, leading the sales campaign, explained.
“It’s been withdrawn from the market. A previous party has been able to settle. We don’t know the exact details but one can only assume they found the money.”
The property on Hobson St as marketed by Bayleys. Photo / supplied
Haydock could not precisely what had happened, but the property was no longer for sale.
Haydock and two colleagues were promoting the site near SkyCity, the City Works Depot and other central city attractions, until mid-morning today.
The freehold land “enjoys dual frontages to Hobson and Nicholas Streets. Significant investment has been made into the re-development of this site including two resource consents, both of which are now lapsed.”
One of those lapsed consents was for a 109-unit development with 108 single-bedroom hotel room units, street-level shops, a guest drop-off area and reception at Hobson St with basement car parking and truck dock at the Nicholas St frontage.
The land has previously had resource consent for the development of a 109-unit building. Photo / Bayleys
The other lapsed consent was for 60 apartments in a 12-level block with basement car parking. Units were to be 40 sqm to 71 sqm, all facing out over Hobson or Nicholas Street, all with balconies, some up to 31sq m, Bayleys said.
The agency called the land “a prime development site”, ready to be built on.
Yet Auckland Council values it at only $4m and notes no buildings. Rates are more than $20,000 annually.
“Four million?” asked Haydock. “That could be overcooked if anything. It used to have a building on it. But there’s very little to generate a noteworthy income.”
A mortgage over the title was held by NZFF, he said.
Plans for 201 Hobson St. Photo / Bayleys
“The new owner is a developer - Chinese, but maybe a local at the same time.”
Three years ago, Bayleys were also marketing the property, with tenders called for by November 5, 2020.
Cameron Melhuish said that there had been a 1930s four-level commercial office building on the site and this was demolished to make way for the proposed Eve Apartments complex, which did not proceed.
Instead, a new hotel was planned. More than $1m had been spent and an application made with Auckland Council process to get consent for apartments on the site, he said then.
Plans showed a narrow white building with balconies facing the street on the site, awaiting a hotel brand for signage.
The site’s proximity to the under-construction SkyCity International Convention Centre and Horizon Hotel, new City Rail Link, the University of Auckland and Aotea Centre were cited.
Other agents have been involved over the years as well.
John Binning, previously of JLL, was also marketing the site in 2001 when it still had a building but he didn’t end up selling it then. He promoted what he said would be extensive views from the top of a block developed on the site by the new buyer.
A tea warehouse was once trading from the site but when Binning was marketing it, the existing building was promoted as character space.
“It consists of three storeys of office space with tenancies ranging from 100sq m to 325sq m, plus a basement car park providing 22 spaces,” he said some years ago.
Heritage features include exposed brickwork, concrete beams and a mix of polished wood and concrete floors. Dual street frontage increases its attractiveness with access.
