For sale on ever-popular Karangahape Road is a beautifully presented two-level Edwardian style building that offers a secure blue-chip investment with the option to occupy.
“K’Road has become one of Auckland CBD’s most vibrant commercial and residential hubs,” says Murray Tomlinson of Barfoot & Thompson Commercial who, with Reese Barragar, is marketing 312 Karangahape Road for sale by auction commencing 10am on June 30, at 34 Shortland Street, unless the property sells earlier.
Tomlinson says the site, which sits on the corner of East Street and Karangahape Road, has a total area of 377 sq m, with a 12 metre frontage onto Karangahape Road and some 31 metres to East Street.
“The 620 sq m building was built in 1926 for the Australia and New Zealand Bank and while the design looks to have an Edwardian style, the property exhibits the practicality and restraint which occurred in the inter-war years.”
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He says, “For a building of this age, the maintenance and presentation are extremely good with the entire roof and gutters having been replaced about five years ago.”
Recent refurbishment to the upper floor provides an opportunity for office use or the possibility for residential usage. “The building has an extraordinary level of finishes featuring exposed beams, high ceilings, and polished concrete floors,” says Barragar.
“The two premium ground floor retail tenancies are fully leased with long-term tenancies in place, while the two upstairs self-contained character offices are being offered with vacant possession. With the offices fully leased at market rates, the building generates a diversified income stream of $211,570 net per annum + GST.”
“Karangahape Road and the surrounding area have evolved through a checkered past and is now a location rich in amenity with well-known cafes, upmarket restaurants and a range of quality retail stores,” Tomlinson says.
“Developments, such as the Iron Bank, cemented the area as a sought after office location and the local residential population has grown enormously in the last decade.”
Tomlinson believes the area will continue to see residential growth due to the favourable zoning rules and opportunities for under utilised sites.
“We will also see the completion of the City Rail Link, on target for 2024, which the Auckland Council has always viewed as an economic project. Their vision is for this Karangahape heritage area to become a vibrant, safe and well-connected fringe of the CBD, defined by quality residential accommodation, open spaces, colourful entertainment and creative businesses.”
The site is zoned Business - City Centre under the Auckland Unitary Plan and plays a pivotal role in Auckland’s present and future success. It seeks to ensure the City Centre is an international centre for business and learning, innovation, entertainment, culture and urban living and enables the greatest intensity of development in terms of height and floor area.
Access to and from the greater Auckland isthmus from this property is quick and easy with motorway access nearby as well as public transport hubs all within walking distance.
“The nature of the buildings, the retail, the ease of access and the general amenity environment makes this location a favourite with creative small to mid-sized,” Barragar says. “This offering has solid investment fundamentals and is for sale at an exciting stage in the evolution of the Karangahape Road precinct.”
