Auckland CBD office units for sale

5:00 AM Saturday April 1, 2017 True Commercial

The Princes Wharf unit encompasses 482sq m of office accommodation at Shed 19, 137 Quay St. Photo / Supplied

Two central Auckland office units are for sale, presenting opportunities for smaller investors and family trusts in the CBD.

One is a ground-level office unit on Princes Wharf and the other a full floor in a multi-level office building on Queen Street. Both are being marketed by Bayleys’ International Division.

The Princes Wharf offering encompasses 482sq m of office accommodation at Shed 19, 137 Quay St. It has a modern fit-out and a new six-year lease which is producing net annual rental income of $192,800.

Featured in Bayleys’ latest Total Property portfolio, it is being marketed by Nicolas Ching and Beterly Pan and is for sale by deadline private treaty, closing April 19.

“Positioned right on the waterfront with harbour and CBD views, this well-presented property provides a great opportunity for investors,” says Ching.

“While it is a leasehold property, the ground rent has been pre-paid up until September 2095 so the owner will not face any future ground rent increases before then.”

The property has a six-year lease from April 2017 to Stonewood Homes and investment company Inno Capital, with one six-year right of renewal. Ching says Inno Capital acquired Stonewood’s national franchise rights and Christchurch franchisee shortly after it went into receivership in March last year and has set about recapitalising and re-establishing the business. The award winning company is the third largest homebuilder nationally.

Pan says the unit is well positioned at the southern, CBD end. of Princes Wharf in Auckland’s waterfront precinct which has been given a boost by Precinct Properties’ nearby $681m Commercial Bay redevelopment of the former Downtown Shopping Centre into an office tower and a laneway retail complex.

Once a commercial wharf, Princes Wharf has been redeveloped into a multi-storey, mixed-use complex, containing the renovated overseas passenger terminal for berthing cruise ships, the Hilton hotel, various high end restaurants as well as apartments, office space and car parking.

True Commercial - Level 6%2c 175 Queen St - interior .JPG

At 175 Queen St a 408sq m office floor plus a large 88sq m outdoor courtyard is for sale. Photo / Supplied

Pan says the area’s City Centre- Central Wharf Precinct zoning permits a wide variety of uses which also include retail, cafes, bars and nightclubs.

Also for sale, through Quinn Ngo and Matt Lee, is a 408sq m office floor plus a large 88 sq m outdoor courtyard on Level 6, 175 Queen St.

Featured in Bayleys’ latest Total Property portfolio, the floor is for sale by deadline private treaty closing on April 13, unless sold earlier by negotiation.

“The property comprises multiple partitioned offices with excellent natural light from all sides of the floor and sweeping inner city views,” says Quinn Ngo.

“It includes a feature lobby and kitchen and bathroom facilities in addition to multiple offices plus one secure basement car park.”

The property is occupied by property management company AJ Stevenson, founded in 2006 and is generating net annual rent of $89,520. The tenant has exercised the first of two two-year rights of renewal from April 2017.

“Whole CBD office floors are seldom available to the market, so this represents an excellent opportunity to secure a modern high quality office floor in the heart of the central city,” says Ngo. “The well-presented, large outdoor courtyard is an added bonus providing an additional facility for both staff and clients.”

The property at 175 Queen St, known as CTS House, has frontage to both Queen and Durham Sts. It has basement parking for 12 cars, ground level retail space, 14 levels of offices, two levels of plant, plus three lifts.

Lee says the building is in a prime corner position on Queen St, surrounded by public amenities and facilities and only a short walk to Britomart and its transport hub, Viaduct Harbour and Sky Tower.