Super Sized Corner Site in Victoria Quarter

132-134 Wellesley Street and 9 Sale Street, Auckland Central

Investment For Sale

For Sale by Deadline Private Treaty closing at 4pm Wednesday, 16 Oct 2019 (Unless sold prior)
Land Area: 1,823.00 m2.    Floor Area: 2,368.80 m2.    

Description

The mixed use nature of the Victoria Quarter comprises quality office space, both new and eclectic residential use and attracts hospitality businesses from fine dining to brew pubs. A high concentration of amenities and proximity to motorways and public transport make this locality attractive to both business and residential uses.

This outstanding property is being offered with several viable acquisition options afforded by the flexible zoning, tenancy arrangements and the nature of Victoria Quarter itself:

  • Refurbish, reconfigure and add value to the existing structure
  • Redevelop building into alternative use and maximise zoning potential
  • Rationalise/reconfigure titles and/or divest part of the existing property
  • Work with the existing tenancies in place
  • Reconfigure for alternative users
  • Medium term transformation of the entire site including demolition of the existing improvements

The property is held on four titles and the original warehouse buildings have been progressively upgraded and refurbished into high quality showroom, offices, warehousing and three residential apartments. Reece NZ Ltd, a plumbing and bathroom supplier, lease most of the property.

132-134 Wellesley Street and 9 Sale Street is located on the western side of Auckland’s CBD, a precinct experiencing unprecedented growth as public and private sector investment has resulted in major infrastructure and amenity improvements. The property is on a north facing site and enjoys prominence and potential advertising exposure afforded by its position adjacent to the intersection of Wellesley, Victoria and Halsey Streets.

The site also fronts Sale Street, connecting Wellesley Street through to Cook Street and Union Street. Surrounding development includes Sweat Shop Brew Tavern at 7 Sale Street, Victoria Park Market, Swiss-Belsuites Victoria Park and Glengarry Wines – Victoria Park.

Features

  • Holding Income of $607,200 pa plus GST
  • 1,823m² freehold site
  • Flexible mixed use zoning
  • Substantial 2,486m² building
  • 3 bedroom apartments
  • Three street frontages and high corner profile
  • Affluent adjoining residential suburbs
  • High growth commercial and hospitality precinct

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