A high-profile mid-century modernist building - Rainger House - in Auckland’s CBD offers purchasers the chance to secure an exciting blank canvas commercial project, underpinned by one of the few remaining large sites in a sought-after inner-city precinct, Bayleys salespeople say.
The strategically located land parcel at 140-150 Victoria Street West, totalling 1,760sqm (more or less) benefits from a wide second frontage to Nelson Street, directly opposite the New Zealand International Convention Centre construction.
There is a four-level building and a two-level character building with car parking at the rear.
Bayleys Auckland City & Fringe team director Alan Haydock says the existing premises provides huge scope to add value through refurbishment or redevelopment, with considerable work already delivered by award-winning architects Fearon Hay and renowned firm Monk Mackenzie.
Start your property search
“Resource consent has been granted for a 12-level commercial office development which would redevelop the existing four-level building to maximum utilisation at a time businesses are working hard to attract employees back to the office and prioritising their environmental experience.
“The finished product would make an exceptional head office for occupiers seeking to expand their presence amongst prime corporate neighbours, including Fonterra, Spark, Sky City Convention Centre and Fidelity.
“Alternatively, a new purchaser may wish to oversee the individual refurbishment of the two buildings to create A-grade quality accommodation for lease or occupation,” he says.
Haydock is marketing the Victoria Street West premises for sale with colleagues Damien Bullick and Layne Harwood.
The properties will be sold together by deadline, closing at 4:00 pm on Thursday, 13th April 2023 (unless sold prior).
At 150 Victoria Street West Rainger House comprises four levels plus an additional 60sqm top floor, totalling 3,420sqm (more or less).
It occupies a 1,535sqm (more or less) site in Business – City Centre zone which features preferable development fundamentals and intensification provisions up to 40m.
Bayleys Auckland City & Fringe associate director Damien Bullick says the property has been primed for a comprehensive refurbishment.
“Some levels have already been stripped back and are ready for new interiors to maximise rental income potential. The new plans will deliver the clean and bright corporate aesthetic desired by occupiers in today’s marketplace, and the benefit of 25 car parks, in addition to income from a leased billboard.”
The property generates holding income from leases to iSite and Kiwi Parking.
A smaller character property at 140-142 Victoria Street West comprises two levels totalling 193sqm (more or less), currently configured as two retail shops at ground level with office accommodation above plus six car parks at the rear.
The 225sqm site (more or less) forms part of a three-building cluster listed as Special Character area in the Auckland Unitary Plan.
It generates an annual net rent of $60,670 plus GST from two tenants with varying lease arrangements.
Bayleys Auckland Investment Sales director Layne Harwood says the properties occupy an outstanding central business location, that continues evolving into a modern, innovative live-work-play hub, evidenced by significant transport investment into the nearby City Rail Link and Victoria Street precinct.
The latter, he says, includes plans for a linear park that will form part of a future ‘green link’ extending from Wynyard Point to the Auckland Domain.
“The midtown precinct continues to be a crucial focal point for the Auckland City Centre’s masterplan and stands to provide future value uplift potential from completing of ground-breaking works that will transform Tāmaki Makaurau into the world’s most liveable city,” he says.
- Article supplied by Bayleys
