The exclusive chance to secure an entire mixed-use property at the heart of Auckland’s evolving Midtown precinct comes with a diversified income stream from a mix of retail, office and residential tenants, says Bayleys salespeople.
The four-level premises on a 261sqm (more or less) freehold site at 4 Kingston Street encompasses six separate titles, with a total floor area of approximately 846sqm.
Bayleys Auckland Metro Markets associate director Phil Haydock says the versatile asset includes two ground-floor retail units, an office unit split into six tenancies on level one, and three residential apartments, including a full-floor penthouse.
“With its current blend of tenancies, the property offers versatile future use options – whether as a live/work space, home and income, or add-value opportunity.
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“The combination of commercial and residential tenants makes this a unique offering in Auckland’s central city, particularly as investors continue to gravitate towards stable assets with security from multiple income streams and the potential for future rental growth.
“Currently part-leased, the property generates an annual income of circa $172,898 excl. GST, which we expect will be attractive to investors keyed into value enhancement prospects through lease renewals or leveraging the ongoing revitalisation of the CBD.”
Haydock is marketing the property for sale by tender, closing at 4:00 pm on Tuesday, 29th October 2024, with Bayleys colleagues Alan Haydock and Damien Bullick (unless sold prior).
Originally constructed in 1927, the premises have been recently updated with an industrial ‘rusted steel’ aesthetic and feature an original New York ‘OTIS’ elevator – a staple of many iconic buildings in the Big Apple - exclusively servicing the top-floor dwelling.
Bayleys Auckland Metro Markets senior director Alan Haydock says the building was strata-titled in 2020, providing prospective purchasers with the flexibility to sell individual units at their discretion. This feature enhances the liquidity of the investment and allows for greater responsiveness to prevailing market conditions.
“There is a well-balanced mix of tenants, including a hospitality business, two legal offices, and three residential tenancies. Vacancies offer considerable scope for adding value, particularly as demand for centrally located mixed-use spaces grows in this precinct.”
The property is near major city landmarks, including Commercial Bay, SkyCity and the Viaduct Harbour. It is also within walking distance of retail and dining precincts at Wynyard Quarter, Britomart and Karangahape Road.
“Being positioned in Midtown with proximity to the new Te Waihorotiu City Rail Link Station, this building offers convenience and diverse amenities,” says Bayleys Auckland Metro Markets associate director Damien Bullick.
“With office towers, hotels and residential developments on the rise in the area, this is a golden opportunity to be a part of the Midtown renaissance.
“Kingston Street is superbly positioned to benefit as new investments come online, and the subject property represents a distinctive opportunity to secure a strategic piece of Auckland’s city centre with a diversified income stream and room for growth.
"We anticipate a high degree of interest from purchasers that recognise the value in acting now before the next wave of development increases competition for assets in this precinct on the edge of transformation.”
- Supplied by Bayleys
