One of the most eye-catching heritage properties on Auckland’s city fringe in Grafton is being presented to the market, offering prospective purchasers the opportunity to secure a distinguished building with significant add-value potential in a rapidly gentrifying part of the city.
5 City Road, Grafton is a three-level property with approximately 448sq m of floor area on a 361sq m site that is zoned Business – City Centre Zone under the Auckland Unitary Plan.
The vacant building offers the new owner the ability to occupy all or part of the premises for commercial or residential use.
Having previously operated as well-known restaurant Number 5 for more than 40 years, the property is prime for new occupants to make the most of this rarely available offer.
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The property is perfectly positioned within walking distance of a range of Auckland landmarks and key arterial routes Symonds Street and Queen Street, while the motorway and public transport networks are only moments away.
The Historic Place Category 2 building conveys a sense of history and delivers sought-after attributes, including a combination of brick masonry and weatherboard exterior, high stud ceilings, stained glass windows, and a north-facing aspect.
Colliers Brokers Tony Allsop and Matt Plowman have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 17 May, unless sold prior.
Located at the edge of the city’s ‘Learning Quarter’ near a range of educational facilities, including the University of Auckland, the property will also benefit from the City Rail Link when it opens in 2024 with the Karangahape Station in walking distance.
Allsop, Director of Investment Sales at Colliers, says the property is steeped in history and is ready to be transformed for its next chapter.
“Originally a house designed by noted Auckland architect John Currie for hat manufacturer Charles Plummer, the property was converted to commercial use in the mid-1900s,” Allsop says.
“There is an incredible air of class about the building, and it would be an ideal fit for an owner-occupier given there is value-add potential if they choose to rejuvenate the usage of the property, potentially as a character office.
“Alternatively, investors may take advantage of the opportunity to secure a central city heritage building given it is incredibly rare to see affordable, stand-alone sites like this one presented to the open market.”
Plowman, Investment Sales Broker at Colliers, says the building is visually appealing with its unique design.
“The building exterior is of an asymmetrical external form with unique arched windows, and stained glass, while a Marseille-tile roof emphasises the building’s character,” Plowman says.
“As with the first floor, the ground floor incorporates large rooms with high ceilings complemented by open fireplaces. To the north side of the space, French doors open to an intimate sunroom.
“The lower ground floor, currently configured as a restaurant with a commercial kitchen and bar area extends outward to an enclosed outdoor porch area and is accessed via stairs on the western side of the property.”
Plowman says the location is highly desirable for buyers following the recent development of the Cordis, Auckland, which is the largest hotel by room count in New Zealand and sits across the street.
“City Road has been refreshed following the expansion of this hotel and the street has enjoyed notable gentrification.
“Auckland’s entertainment precinct, which includes Aotea Centre, the Auckland Town Hall, Civic Theatre, and Event Cinemas, is in walking distance and a range of bus routes are also located nearby.”
The property has a 31 per cent NBS rating and a detailed engineering evaluation and works quotation is available upon request.
- Article supplied by Colliers
