One of the last remaining industrial properties in Sale St in the Victoria Quarter precinct of the Auckland CBD is for sale.
Occupying a 749sq m freehold site at 52 Sale St the property encompasses a vacant 656sq m warehouse and office building.
"This and the neighbouring warehouse would be the last two original, older style industrial buildings left in Sale St," says Cameron Melhuish of Bayleys Auckland office who, with colleagues Phil and Alan Haydock is selling it by tender, closing Friday, November 28, unless it sells earlier.
"The property offers a prime add-value or redevelopment opportunity in what has become a highly sought-after commercial and residential precinct," says Melhuish.
The building has 113sq m of office space over two levels at the front and 543sq m of warehousing at the rear which, until recently, has been occupied by an engineering tenant. The property has six car parks plus a cart dock entry into the main warehousing area.
"Numerous buildings of a similar ilk in this location have been rejuvenated through refurbishment over recent years into high quality commercial or residential space or a combination of the two.
"Alternatively, the purchaser could start from scratch, remove the existing buildings and develop the site more intensively," Melhuish says.
Alan Haydock says Sale St has transformed over the past decade from a predominantly fringe city warehousing precinct into a thriving location with a good mix of commercial, residential and food and beverage tenancies.
"Restaurateur Tony Stewart set the tone with his conversion of warehouse space into the award-winning fine-dining restaurant Clooney, followed further down the road by the opening of the massive and popular Sale Street bar and restaurant.
"More recently the redevelopment of the city works depot site on the corner with Wellesley St has attracted a range of well-known hospitality tenants and business occupants.
"Sale St's character space has also attracted high-profile creative tenants like architects Fearon Hay, which specialises in restoring older buildings, and film companies Screentime and Flying Start Pictures," says Alan Haydock.
"There has also been residential development in Sale St and the wider Victoria Quarter area is becoming a major residential precinct in the Auckland CBD.
"Sale St is well positioned on the Auckland CBD's doorstep and is also close to Ponsonby, The Viaduct, Wynyard Quarter, Victoria Park and Auckland's main motorway on and off ramps."
Phil Haydock says the area's flexible current zoning of Strategic Management Area 3 - Victoria Quarter Precinct permits intensive development and a range of property uses. "The zone is designed to allow the development of vibrant areas by enabling a mix of residential, business, educational and leisure activities in areas of the city which have easy access to public transportation systems," he says.
Phil Haydock says the floor area ratios will remain unchanged under the new Auckland Unitary Plan, but the maximum height allowance will be increased to 30m.
What's on offer?
The property: Industrial warehouse and office building.
Location: 52 Sale St, Auckland CBD.
Agency: Bayleys Auckland.
Sales method: Tenders close Friday, November 28.
Vacant two level building on a freehold site.
113sq m of office space and 543sq m warehouse.
Prime add-value opportunity.
In vibrant transforming commercial area.
Ideal for owner-occupier or developer.