NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
    • Cooking the Books
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Property

'Under-utilised' Auckland CBD site

By True Commercial
NZ Herald·
12 May, 2017 05:00 PM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

The building is opposite the entranceway to the City Works Depot and Sale St. Photo / Supplied

The building is opposite the entranceway to the City Works Depot and Sale St. Photo / Supplied

A fully occupied Auckland CBD standalone property opposite the entranceway to the City Works Depot and Sale St is for sale, offering its next owner initial annual rental income of $300,526 and future add-value potential.

The property at 119 Wellesley St is being marketed by Cameron Melhuish, Brendan Graves and Ben Wallace of Bayleys' Auckland office; and will be sold by a tender process closing May 23, unless sold earlier by negotiation.

"This is a compelling investment opportunity, encompassing a good quality building which is 100 per cent tenanted in the flourishing Victoria Quarter," says Melhuish.

"Longer term, the under-utilised site and a flexible zoning - which permits a wide range of activities including residential and has a 30m height allowance - provides development options. It's very much a case of enjoying the income while considering the property's further upside potential."

Melhuish says the two-level building, which has had upper level mezzanine space added to it, was originally developed as industrial premises in the 1960s for a printing company and has been converted and upgraded to provide well-appointed commercial accommodation. It is occupied by six tenants, mostly on three to nine year leases with built in rental growth based on the Consumer Price Index and/or fixed annual rental increases.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

"The largest tenancy comprises approximately 248sq m of ground floor retail space fronting Wellesley St West," says Graves.

"It is the Auckland CBD superstore for the Xtreme Nutrition health and supplement retail group which has 12 North Island outlets as well as a strong on-line presence."

The interior of 119 Wellesley St has been converted and upgraded. Photo / Supplied
The interior of 119 Wellesley St has been converted and upgraded. Photo / Supplied

The balance of the ground floor, accessed from the rear of the building, is occupied by The Corrective Clinic physiotherapy practice. It includes consultation rooms, a rehabilitation gym and bathroom.

Advertisement
Advertise with NZME.

The upper level consists of four office tenancies with mezzanine areas, totalling 601sq m of lettable floor area. "The largest of these tenancies, at the rear of the building and occupied by Hobby Co, has superb character attributes including polished wooden floors and an impressive stud height with exposed trusses," says Graves.

He says the tenancies have varying expiry dates through to August 2023 for Xtreme Nutrition, but all with no rights of renewal plus termination rights for redevelopment in the three largest leases. "This offers considerable flexibility for a purchaser looking at further development of the property."

Wallace says the property adjoins the Les Mills national flagship facility. "Its site spans from Wellesley St to Victoria St, attracting high volumes of clientele and traffic to the area. Les Mills owns the block of undeveloped land next door to 119 Wellesley St, which is used for customer car parking. It has potential for further development at some stage which would add further impetus to the rejuvenation of this location which has occurred in recent years.

"This has included the transformation of the former Auckland Council Workshops site across the road into the popular City Works Depot precinct which has incorporated many of the original raw materials of this historic industrial space. It is now home to a number of creative and talented hospitality groups, beauty, fashion and home decor boutique retailers as well as marketing and media companies," says Wallace.

"Progressing well, a block or so away, is the construction of Sky City's new 32,000sq m International Convention Centre and a five-star 300-room hotel. There is also a surge of development along the southern side of adjacent Sale St with various large scale projects underway there."

Mansons TCLM has been the most active developer in the Victoria Quarter in recent times having built Spark's head office complex, the neighbouring BDO Centre in which NZME is the anchor tenant, Oracle House and a new hotel on top of the Victoria Park Market car park building. It is also nearing completion of a new 10,000sq m, $100m-plus office building at 46 Sale St.

Save

    Share this article

Latest from Property

Property

Radio star Matty McLean sells his Auckland home in under a week

29 May 08:42 AM
Property

Kāinga Ora selling flood-damaged Auckland homes with huge discounts

29 May 08:35 AM
Property

'I love auctions’ - Trophy home breaks this year's record with $7.41m sale

29 May 08:30 AM

Deposit scheme reduces risk, boosts trust – General Finance

sponsored
Advertisement
Advertise with NZME.

Latest from Property

Radio star Matty McLean sells his Auckland home in under a week

Radio star Matty McLean sells his Auckland home in under a week

29 May 08:42 AM

He praises his agent husband for the quick sale: "He's the best."

Kāinga Ora selling flood-damaged Auckland homes with huge discounts

Kāinga Ora selling flood-damaged Auckland homes with huge discounts

29 May 08:35 AM
'I love auctions’ - Trophy home breaks this year's record with $7.41m sale

'I love auctions’ - Trophy home breaks this year's record with $7.41m sale

29 May 08:30 AM
Could the OCR drop to 2.5%? Economists split on size of interest rate cuts

Could the OCR drop to 2.5%? Economists split on size of interest rate cuts

29 May 08:20 AM
Gold demand soars amid global turmoil
sponsored

Gold demand soars amid global turmoil

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • What the Actual
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven CarGuide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP