A high-profile slice of the Auckland waterfront commercial area at the gateway to the Westhaven marina is for sale with the opportunity to add value either by leasing vacant space or redeveloping the site, which backs on to the State Highway 1 Northern Motorway.
The leasehold property houses Swashbucklers Restaurant
with its Boatshed Bar, while most of the other tenants within the building are marine-industry related.
Peter Nikolov, of Bayleys Auckland, says the property has huge exposure to both the waterfront and the motorway at the rear of it, and could be leased further to take advantage of the expansion in visitor numbers expected for next year's Rugby World Cup.
The building is up for mortgagee sale by deadline private treaty closing on September 9 through Nikolov and Dave Stanley, of Bayleys Manukau, in conjunction with James Law and Toni Varley, of Ray White Commercial.
Nikolov says while the property is producing gross annual rental income of $390,000 it is estimated it is capable of generating a potential gross income of more than $500,000 if the empty space in it is leased.
"This is a rare opportunity for investors to secure property fronting the Auckland harbour in this strategic precinct which will become one of New Zealand's largest waterfront urban redevelopment projects."
The property comprises two buildings with a total net lettable area of 2706sq m.
The three-level 1079sq m eastern building, known as The Sail Loft was constructed in the late 1960s. It contains a mix of office, showroom and warehouse accommodation.
The largely single-level, 1635sq m western building, which has a substantial mezzanine extending over part of the ground floor, houses the Swashbucklers Restaurant.
There is a boardwalk along the sea wall of the 3972sq m site and the property has around 67 parking spaces, with this area of the site having significant potential for further redevelopment.
Nikolov says that in the long term, the whole property could be redeveloped in line with the revitalisation of the area.
It is proposed that over the next 25 years, the Wynyard Quarter, where the property is located , will be transformed in stages into a harbourside community precinct that will include parks, plazas, apartments, shops and offices alongside the traditional marine and fishing industries.
