JLL is marketing a unique opportunity in Auckland’s bustling CBD learning precinct, with two strategic assets available for sale.
79 Wakefield Street and 11 Mount Street are zoned Business – City Centre, which allows for building height up to 50m.
Currently under-developed, this is a rare opportunity for a future-thinking buyer to bring their CBD vision to life.
Both properties are situated nearby to one another, in close proximity to Auckland University of Technology (AUT) and the University of Auckland (UoA), and just a short walk from Queen Street and the soon-to-be-completed Aotea City Rail Link (CRL) station.
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Both properties are available as separate offerings and tailor-made for two buyer groups: owner-occupiers looking for a central headquarters with an opportunity to reposition or refurbish (79 Wakefield); or developers looking for an incomplete project with good ‘bones’ (11 Mount Street).
79 Wakefield Street comprises 443sqm of land, with a current three-storey building taking up 50% of the site with generous rear carparking.
Previously utilised as a retail offering, basement parking garage, and first-floor accommodation, this property is now looking for its next chapter either with a similar use in mind or repositioned entirely.
11 Mount Street features 104 separate freehold strata units within a 14-storey building that includes a retail shop and reception area as well as common kitchen and dining area, and laundry facilities.
11 Mount Street sits on a 312sqm site, with the accommodation building covering almost the entire section, and is neighboured by student accommodation buildings to either side. The property is currently undergoing renovations on floors 7 to 12.
JLL has been appointed to market the two properties at 79 Wakefield Street and 11 Mount Street, City Centre, Auckland, available separately or together, for sale by tender, closing 4pm on Thursday 3rd August 2023.
JLL Co-Head of Metro Sales Jonathan Lynch highlights the development potential of the two properties as the primary drawcard for buyers with an eye to the future.
“Being zoned as Business – City Centre, these sites are primed for a visionary occupier and/or developer who can see the benefits of the location, right in the heart of the university precinct of Auckland’s CBD,” says Lynch.
“Inside a 5-minute walk to both of New Zealand’s premier education facilities in UoA and AUT, the potential for student accommodation and other education-related amenities is enormous.
"Both properties already have, or have had, an accommodation function operating, and a savvy investor has a substantial opportunity to expand on these offerings to benefit from the growing education sector.”
With the future development of the area in mind, Metro Sales Senior Broker Kevin Reardon points to capitalising on the projected forecast return to the central city as an attractive drawcard for astute investors.
“With the official opening of the CRL in sight, we are already seeing businesses preparing for the boost to foot traffic in the CBD as fringe and suburban centres become more connected to the city,” says Reardon.
“The forecast doubling of Auckland’s rail network capacity when the CRL comes online means being situated close to Aotea Station will be a significant factor in the potential for these sites and occupiers’ ability to travel easily and quickly into Britomart, and further out into the suburbs.”
On top of the boost to foot traffic expected in the coming years from the CRL, JLL Metro Sales Broker Tommy Zhang indicates the return of international students in full is still to come.
“We are yet to see the full return of international students to our shores post-pandemic, and Auckland CBD is set for a major pedestrian boom when that does eventuate,” says Zhang.
“The latest JLL insights suggest we are only seeing the first trickle of that international student cohort, and in the coming years those who position themselves to take advantage of the expected uptick will benefit.”
- Article supplied by JLL
