Office building to reflect upon

Exterior view of five-level office building for sale at 9A Hargreaves St, Freemans Bay. Photo / Supplied

A striking, reflective-glazed, five-level office building in the highly sought-after Freemans Bay/College Hill city fringe area, that has views out to the Waitemata Harbour, the harbour bridge and the city skyline, is being marketed for sale by Barfoot & Thompson Commercial.

"Investment attractions of this property at 9A Hargreaves St include a mixed-use zoning and a sound passive income from solid tenants," says commercial sales and leasing agent Reese Barragar. He is selling the property with colleague and commercial industrial agent Murray Tomlinson via deadline private treaty closing at 4pm on Wednesday, August 17, unless it sells before the deadline.

The building has a total area of 1746sq m made up of two lower level carparking floors and three upper level office floors. Secure basement carparking is accessed via a motorised roller door and provides for 46 vehicles while a further seven cars can be accommodated in open exterior carparks. The 1600sq m freehold site has dual direct access from Hargreaves St and a small private road entering from Gudgeon St, a secondary road off the northern side of College Hill, about 1.5km west of Auckland's CBD.

"Currently one of the office levels, Level 4, is vacant and this comes with up to 14 carparks," Barragar says. "The building dates from about 1987-1988 and is close to the Auckland CBD and motorway on and off ramps."

The building has reinforced concrete foundations, concrete footings, column pads and concrete floors. The exterior is a combination of concrete blocking with concrete block spandrels, Alucabond cladding and full reflective glazing that give the building local prominence.

"Internally the offices provide for a good standard of accommodation, with the majority of office space on all three levels incorporating suspended ceilings, flush mounted fluorescent lighting, carpeting and moderate partitioning," Barragar says.

Building services include a passenger lift and air-conditioning.

Tomlinson says Shell New Zealand is leasing the 579.79sq m top fifth level along with 25 carparks for $190,103 per annum plus GST.

Below the 583.4sq m vacant fourth floor, Koorb Consulting (1999) leases the 583.56sq m third floor for $186,359 plus GST including 22 carparks and naming rights.

"The property overlooks Victoria Park on to the CBD to the east, and the Waitemata Harbour to the north with the upper levels offering good views," Tomlinson says.

"A positive investment feature of this property is the mixed-use zoning under the Auckland City District Plan which provides considerable flexibility for potential residential conversion if necessary."

Tomlinson says the objective of the mixed-use zone is to cater for retail, residential and commercial activity at an appropriate scale and suitably designed and operated.

Permitted activities include offices (including educational facilities and care centres), residential units, warehousing and storage, cafes and eating places, and entertainment, meeting and retail premises with areas of less than 500sq m.

"The flexibility of the zoning is exemplified by the existing development in and around Hargreaves St and Gudgeon St which comprises a mix of uses including office, warehouse and residential units as well as some service industry uses," says Tomlinson.

He says there is ongoing redevelopment of the surrounding area into residential uses including the Beaumont Quarter and the conversion of an office building at 23 Hargreaves St into apartments opposite the property for sale.

"Overall, the location is regarded as an excellent fringe city office position, offering great access to surrounding amenities, motorway interchanges and the nearby CBD, along with a zoning that permits potential redevelopment."