A strategically located office building in central Auckland is being offered to the market for sale and will appeal to buyers of all kinds given its significant future potential.
The stratum in freehold property that sits at 19 Graham Street has 473sq m of total floor area spread across multiple levels and offers 14 car parks, 12 of which are covered.
With multiple offices in the building, the passing annual rental income is approximately $96,069 plus GST. The month-to-month leases held by most of the tenants mean the new owner could make moves quickly following the acquisition of the property.
Nestled in the western part of the CBD, the property is just off Victoria Street West and provides convenient access to a host of amenities and transport options.
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The property is zoned Business – City Centre Zone under the Auckland Unitary Plan. This zone seeks to ensure the city centre is an international centre for business and learning, innovation, entertainment, culture, and urban living.
Colliers Brokers Tony Allsop and Ross Hinshelwood have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 31 October, unless sold prior.
Originally built as a warehouse in 1970, the property’s sought-after location adds to the appeal of the offering.
Allsop, Director of Investment Sales at Colliers, says the combination of short-term leases and its coveted location makes this an opportunity that is not to be missed.
“Owner-occupiers may choose to utilise the entire building or they could occupy a portion of the property and lease the rest to generate income,” Allsop says.
“There is the potential to convert the property into one or multiple apartments, while it could also be completely reconfigured to maximise its underlying value. The current rental stream does provide the new owner with the option to receive income while they examine their options.
“Whatever your investment strategy is, this property will catch the eye of astute purchasers who will recognise the substantial potential on offer from this valuable asset that is located in a high-growth area.”
Owing to its central location, the property is near a range of hotels, including the newly opened Horizon Hotel and Sudima Auckland City.
The Sky Tower is only 350m away, while there is a broad selection of hospitality spots and retail hubs nearby, including Queen Street and Commercial Bay.
Auckland’s Viaduct is also easily reached and is home to popular restaurants and bars that are a hive of activity throughout the day and into the evening.
Hinshelwood, Investment Sales Broker at Colliers, says the location of the subject property will be highly attractive to buyers.
“Aside from the broad array of amenities that are accessible within a few minutes on foot, the motorway network is approximately 1km away meaning vehicle access is convenient,” Hinshelwood says.
“Looking ahead, this location will be further in demand when the City Rail Link opens as it will be in comfortable walking distance via the Te Waihorotiu Station (Aotea).
“Properties with this much potential in a prime central location in Auckland warrant serious consideration among buyers and we encourage all interested parties to reach out to us to discuss their options.”
- Supplied by Colliers
