An office building in one of Auckland’s hottest development areas is being marketed for sale.
Located at 17 South Street in Newton, the two-level building provides 625sqm of floor space on an irregular-shaped land parcel of 449sqm.
The ground floor accommodates approximately 290sqm of conventional office space, and is occupied entirely by broadband provider WorldNet.
Level two is split up into two separate tenancies with approximately 190sqm leased to Gorilla Technology while the second tenancy of approximately 100sqm is currently vacant. There’s also a degree of flexibility in the leases.
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JLL brokers Jason Armstrong and Alex Wefers are marketing the property for sale by expressions of interest, closing 4pm, on March 5.
Wefers says the property offers potential buyers an opportunity to develop.
“A compelling advantage for future redevelopment is that the site adjoins public land to the southern and western boundaries, allowing unobstructed views to three out of four elevations,” says Wefers.
“What’s more, given its favourable City Centre Zoning, there is potential for a build height up to 35 metres.”
Armstrong says the property’s location comes with an interesting story.
“In the 1960s a large portion of Newton was demolished in order to make way for Auckland’s artery expansion, affectionately known as Spaghetti Junction. Quietly sitting on the city fringe for decades, the tables look to have turned as it’s now the city making way for Newton,” says Armstrong.
“Savvy investors are now taking note as factors like continued urbanisation, ‘Karangahape Road enhancements’ (a joint project from Auckland Transport and Auckland Council), and the imminent establishment of the CRL are all contributing to well and truly open up the entire area.”
The Karangahape Station is scheduled to launch as part of the CRL in 2024. According to Auckland Transport, passengers from Britomart wishing to go to the Karangahape Station (and vice versa) will be able to do so in a mere three minutes. As such, up to 1,400 passengers are estimated to exit the Karangahape Station every hour during peak travel times.
Forecasts from Statistics New Zealand reflects this impending growth, as population within a 2km radius of Newton’s centre is expected to surge 58% in the years to 2043.
“Obviously, this is an absolute game-changer for Newton and the city as a whole,” says Wefers.
“17 South Street provides a remarkable city fringe opportunity to secure a significant holding only two minutes’ walk to the imminent Karangahape Station, while Ponsonby Road, the CBD, and Mt Eden are also all within easy reach.”
