Two building floors are for sale on one of the highest-priced corners in Auckland City. But there's a catch.
They are the top floors of the South British Building on the corner of Shortland and Queen Sts — and they are crammed with redundant pipes, tanks and telephone equipment.
Colliers International CBD specialist Tony Allsop is marketing the floors, which are for sale, "as is", adding that the unusual offering will be, "somebody's chance of a lifetime".
"I can't recall anything quite like this coming to market during in my career. Yes, the buyer isgoing to have to deal with the redundant contents of two floors but look at the rewards. It's a strategically-positioned investment property delivering almost unbeatable redevelopment potential.
"It's sort of thing that frankly just doesn't happen — a chance to transform the uppermost floors of one of Auckland's best-located CBD properties."
Set metres from the corner of Queen and Shortland Sts, Allsop says the property is "at the epicentre of Auckland's financial and legal precinct".
The two redundant plant-room floors are within a strata-titled commercial tower at 3-13 Shortland St. The two floors were added in 1966 to the original South British Building built in 1926.
However, most of the plant equipment inside them is no longer in use, allowing a new owner to clear out and redevelop the 357sq m space.
Allsop says add-value investors, developers and owner-occupiers who are willing to roll up their sleeves and get stuck in will immediately grasp the potential. "With its north-facing deck and unobstructed views over the corner of Queen St, the space is crying out to be redeveloped into a boutique property."
He says the property is for sale by expressions of interest closing at 4pm on December 6, unless it sells earlier.
Possession and settlement will be subject to the issue of a new stratum in freehold title.
Once titled, the premises will comprise about 150sq m on Level 11 and 133sq m on Level 12, plus a 74sq m deck on Level 11.
Both levels are now in separate titles and common ownership, but the South British Building's body corporate has passed a special resolution to seek expressions of interest in relation to the sale of the premises.
Allsop says the bulk of plant equipment in the premises is now redundant, except for the header tanks and part of the fresh air intake.
"The body corporate proposes to shift these to the south of Level 12, with a new wall to be built to preserve access for servicing."
The premises also contain about 13sq m of telecommunications equipment plus external antennae on a month-by-month licence to Spark.
Allsop points out the property is being sold "as is", with the new owner responsible for removing the redundant plant machinery.
"Interested parties will be invited to inspect the premises and make their own assessment of the methodology to remove the equipment. Removal and redevelopment plans will be subject to final approval of the body corporate. Prospective buyers should include these plans in their expressions of interest," he adds.
"The body corporate has obtained quotations for the removal of mechanical plant equipment, access works and asbestos containing materials. These may be made available upon request.
"The original South British Building comprises a nine-storey early high rise. Clad in sandstone with a base of Coromandel granite, the minimally decorated exterior accents its vertical form, relieved by elaborate string courses.
"The adjoining 1960s tower is also partly clad in sandstone, with no extraneous decoration to its built form," says Allsop.
"It has three lifts, one of which services Level 11; as well as two internal stairwells."