A high-profile central Auckland character building with multiple tenants in tightly held Vulcan Lane will pique the interest of buyers looking for a unique asset which conveys a sense of history.
12 Vulcan Lane in Auckland’s CBD, also known as the Queen’s Ferry Hotel, is a four-level building, including a basement and cellar, that incorporates 314sq m of floor area and sits on a 118sq m site. The property also has a share of the 70sq m rear accessway.
Originally constructed in 1858, the freehold property oozes style, including the rendered brick facade, which is decorated in a late Victorian Italianate style with brick masonry walls and double-hung sash type windows.
A Detailed Seismic Assessment undertaken on the building has determined an overall seismic rating at a minimum of 50 per cent. This means the building meets the requirements of New Zealand’s Building Act ‘as is’.
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Confidential Bar & Eatery is the anchor tenant on the ground floor and has a long-term lease. The popular spot distinguishes itself from other local venues as a wine bar serving New Zealand and European wines, alongside Heineken on tap.
The bar sits among a portfolio of hospitality venues operated by Green Door Capital. Their wider portfolio includes Chapel Bar on Ponsonby Road, Cotto on Karangahape Road, and the Leigh Sawmill, north of Auckland.
The first-floor tenant is 9Eleven, an exclusive private club catering to their membership of successful corporate individuals.
The second floor is vacant with a vendor underwrite in place for up to three years.
The total annual net income from the property is $247,317.
Colliers brokers Tony Allsop, Matt Plowman, and Adam White have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 31 March, unless sold prior.
Confidential Bar & Eatery began a six-year lease in May 2021 on the 184sq m ground floor and there is one further right of renewal in place for six years, leading to a final expiry of May 2033. They also have access to the basement of the building.
9Eleven’s one-year lease on the 84sq m first floor space began in December 2021 and there is one right of renewal for one year available.
Allsop, Director of Investment Sales at Colliers, says the building is surrounded by some of the city’s most impressive character properties, including Cleave’s Building, The Occidental, and the Arthur Eady Building.
“The property enjoys favourable proximity to a high concentration of quality commercial offices and the laneway’s rich public house history, which make this locality attractive to hospitality uses, while it also offers a 6.4m retail frontage,” Allsop says.
“The heritage listed building is a rare remaining example of the intensive small-scale urban development that once characterised Auckland’s colonial commercial heart.”
Plowman, Investment Sales Broker at Colliers, says while the building brings immense historical value, the future remains full of potential for this eye-catching site.
“On top of the existing tenancies, there is the option for an owner-occupier to make use of the 46sq m second floor, which is a functional space that could be utilised for a range of activities,” Plowman says.
“Located towards the seaward side of the central city, the property is only 40m away from New Zealand’s premier retail strip of Queen Street, providing a vast amount of foot traffic that will continue to grow as Covid-19 restrictions ease during the year.
“Popular central Auckland locations, including Britomart’s entertainment precinct, Commercial Bay, and the Viaduct are all within walking distance.”
White, Investment Sales Broker at Colliers, says this property represents a highly attractive purchasing opportunity.
“Taking into account the character, location, relative affordability compared with other CBD assets, and owner-occupier potential, this property is a desirable prospect,” White says.
- Article supplied by Colliers
