A strategically located office tower in central Auckland is being offered to the market for sale and presents buyers with the opportunity to purchase an asset that has considerable future growth potential.
Sitting on a 1,172sq m freehold site at 120 Mayoral Drive, the multi-level property is part-occupied by the Auckland University of Technology (AUT) who take up approximately 70 per cent of the net lettable area, with the remaining 30 per cent currently vacant.
There is 5,918sq m of total net lettable area spread over seven levels of office accommodation, plus two basement floors. There are 31 secure basement car parks on one level, and more could be available if the second basement level was reconfigured back into car parks from its current usage as a workshop.
The floorplates across most of the levels measure approximately 636sq m and offer high levels of functionality.
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The net passing income from the property is approximately $887,218 plus operating expenses and GST per annum. All income is derived from the single tenant AUT.
The favourable location means access to the City Rail Link will be only 500m away. Tenants can walk to Te Waihorotiu Station (Aotea Square), which will be a new underground station servicing Auckland's midtown.
Located on Victoria and Wellesley Streets, the station will act as a significant public transport hub for the CBD.
The property is zoned Business City Centre Zone under the Auckland Unitary Plan. This designation aims to ensure the city centre thrives as an international hub for business, education, innovation, entertainment, culture, and urban living.
Colliers Directors Kris Ongley and David Burley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 19 February, unless sold prior.
The property benefits from its prominent street position and multiple access points as it fronts Mayoral Drive, Wakefield Street, and Airedale Street.
Ongley, Director of Investment Sales at Colliers, says the property could be positioned in several different ways to ensure its value is maximised in the future.
"An add-value investor could look to upgrade parts of the building and tenant the available space to grow the overall rental income," Ongley says.
"On the other hand, there is scope to develop the property and capitalise on its sought-after location in the heart of central Auckland and its favourable zoning that allows for commercial, residential, retail, hospitality, education, and entertainment uses, with further height development potential."
Burley, Auckland Director of Investment Sales at Colliers, says the location of the property makes it a highly desirable purchasing opportunity.
"Sitting near Auckland's education precinct, the University of Auckland is easily accessible, as well as the central city AUT campus. Other notable landmarks nearby include The Civic centre, Albert Park, Aotea Square, and SkyCity, among others," Burley says.
"There is also significant private and public transport access to the site, with Britomart, multiple bus routes, and the Stanley Street and Nelson Street motorway junctions all close by.
"Assets with such potential in a prime location will always warrant serious consideration among discerning investors."
- Supplied by Colliers
