A character building in central Auckland is being placed on the market for the first time in more than 60 years and presents buyers with the chance to purchase a unique asset with a fascinating back-story.
Rationalist House, located at 64 Symonds Street, Grafton sits in Auckland’s Learning Quarter on the fringe of the CBD and offers easy access to the motorway network and a range of public transport options.
The building conveys a sense of history and delivers sought-after attributes, including a combination of brick masonry, high stud ceilings, stained glass windows, and a northwest-facing aspect. The property is zoned Business – City Centre Zone under the Auckland Unitary Plan.
There is 569sq m of total floor area, which is spread across three levels, on a 473sq m landholding.
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Purchased in 1960 by the New Zealand Association of Rationalists and Humanists, who occupy the second level, the property is also home to an internet cafe and the Rations Lunch Bar Cafe.
Once the building has been sold, the New Zealand Association of Rationalists and Humanists will remain in the property as a tenant on a short-term basis as they look to secure new premises.
The passing income from the property during the period when occupied by the vendors will be $171,792 plus GST per annum.
The stunning office space, currently occupied by the owners, measures 259sq m and will become vacant upon their exit from the premises, offering purchasers the opportunity to either occupy, or re-let and potentially boost the rental income.
Colliers Brokers Tony Allsop, Matt Plowman, and Jonathan Lynch have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 15 November, unless sold prior.
The building was originally constructed as an upmarket residence combined with ground floor medical rooms for Dr James Hardie Neil, a leading ear, nose, and throat surgeon who designed medical instruments and had a distinguished career across three wars.
The property was later acquired by the New Zealand Association of Rationalists and Humanists and has been refurbished on multiple occasions during the past 60 years. Rationalist House was declared a heritage site in 1997 and the building has a 34 per cent NBS rating.
The Rations Lunch Bar Cafe leases 55sq m of space on the ground floor on a rolling monthly agreement.
The internet cafe occupies 255sq m of floor area across the basement and ground level as part of a four-year lease that runs until August 2023 and has one further right of renewal for four years.
Allsop, Director of Investment Sales at Colliers, says the building has a sense of history that cannot be replicated.
“This is an outstanding, eye-catching property that will be known to many who frequent Symonds Street,” Allsop says.
“This building offers buyers the opportunity to secure a rare heritage site in central Auckland that is loaded with potential.”
Plowman, Investment Sales Broker at Colliers, says the new owner will have a range of options available to them.
“With holding income on offer from the current tenancies and the vendor, the buyer will have time to plan their strategy for the property, which may include adding value to the site,” Plowman says.
“Alternatively, owner-occupiers may wish to move in and make the most of the impressive second level of the building.”
Lynch, Director of Investment Sales at Colliers, says the location of the property is highly desirable.
“The building is located next to the University of Auckland’s Bioengineering Institute and is serviced by multiple bus routes. The Karanga a Hape Station (Karangahape) for the City Rail Link, which is currently under construction, will be in walking distance,” Lynch says.
“Given the CBD is nearby, and Albert Park is only 430m away, this is a popular location that adds to the appeal of this incredibly rare offering.”
- Article supplied by Colliers
