A freehold office building in sought-after Freemans Bay is for sale with multiple income streams, a coveted CBD fringe location, and stunning elevated views of Waitemata Harbour and Auckland’s cityscape.
Located at 9A Hargreaves Street, the property comprises a five-level commercial building with two levels of car parking and three office floors above.
It is occupied by several established companies that are market leaders in their respective fields, returning a net annual passing income of $585,654.
A new owner will have the opportunity to add further value by leasing out two vacant units that are currently covered by a one-year vendor underwrite. Fully leased, the property’s net annual market income has been assessed at $691,533.
There is also significant value in the property’s 51 off-street car parks, which are scarce in such a central location.
Colliers International has been exclusively appointed to sell the property by way of deadline private treaty closing on Wednesday 25 November, unless it is sold prior.
White says it is a rare opportunity to acquire a freehold standalone office investment in one of Auckland’s most desirable suburbs.
“Holding a commanding position on the elevated ridge of Hargreaves Street, this tidy standalone property offers uninterrupted views toward the harbour, Victoria Park and the CBD.
“It is located only a few hundred metres from the College Hill New World and the Victoria Park Market, and a short walk uphill to Three Lamps and everything else Ponsonby has to offer.
“Real estate in this pocket of the central city is not often available and is highly sought after, making this an astute buy.”
The property was built in the mid to late 1980s and has an excellent seismic rating of 146 per cent NBS.
The 1,755sq m building has 45 internal car parks on the first two levels, with three office floors above that are drenched in natural light. A further six on-site car parks are located outside.
The building is situated on a 1,611sq m freehold site with Business Mixed Use zoning, which allows for a variety of uses including commercial, residential and retail. This allows the property to be redeveloped and repositioned in future.
Peterken says the property is superbly positioned in a strategic city fringe location, only 5 minutes west of the CBD centre and a short walk to Ponsonby Road. The views of the CBD skyline are very impressive, he adds.
“The property is only 300m from the intersection of College Hill with Victoria Street West and Beaumont Street. This puts it within easy walking distance of numerous amenities including neighbourhood bars, cafes, shops and gyms.
“The location also provides easy access to the motorway, with the north and southbound on-ramps only 600m away.
“It is also well serviced by public transport, with College Hill being the main bus route between the CBD and the city’s western fringe suburbs. Regular Link buses make it a breeze to access everything the city and nearby Ponsonby have to offer.”
Freemans Bay is among Auckland’s oldest inner-city residential suburbs and today still has many original dwellings alongside a mixture of apartment and office developments.
The majority of the commercial properties are located on College Hill, Gudgeon Street and Hargreaves Street, and to a lesser extent in the streets around Victoria Park Market.
The property for sale is accessed by a right of way from Hargreaves Street, which runs of Gudgeon Street from College Hill.
It is tenanted by established companies The Learning Wave, Unimarket, Strata Funding and Optimus Systems.
The Learning Wave is a coaching and learning provider that works with clients to inspire and engage their people and bring about long-term culture change.
Unimarket is a technology company that provides simple, unified cloud-based software solutions for government, financial services and healthcare clients in New Zealand, Australia and the United States.
Strata Funding works with commercial property and business clients in Auckland and throughout New Zealand to source commercial and business finance.
Optimus provides IT solutions that are tailored to meet clients’ specific business requirements including consultation, planning and design, technical support and maintenance, as well as offering a range of cloud services.