Auckland St James Building unit for sale

4:56 PM Friday March 23, 2018 True Commercial

The retail unit in two titles for sale in the St James Building, 28-36 Wellesley St East, is identified by a blue border. Photo / Supplied

A 140sq m character ground-floor retail unit, in the historic St James Building, in Auckland’s CBD, is on the market.

Colliers International is marketing the property, structured as two separate unit titles, (Units B and C) at 28-36 Wellesley St East, for sale by deadline private treaty closing at 4pm on April 19, unless sold earlier.

Investment sales broker Ned Gow, who is marketing the property with colleague Adam White, says it is extremely well located only metres from the entrance to the Auckland Art Gallery.

“This is an outstanding opportunity to acquire a prime retail investment in a landmark inner-city building,” Gow says.

“Constructed in 1913 and meticulously maintained, the five-storey Saint James Building is in outstanding condition both inside and out.

“The building holds a prime position on the corner of Wellesley St East and Kitchener St, directly across the road from the Auckland Art Gallery.

“The unit for sale is on the high-profile corner of Khartoum Place, a well-used public thoroughfare that links Lorne Street with Kitchener Street and Albert Park.”

Gow says the unit is tenanted by Romer Gallery on a four-year, triple net lease returning $68,000 a year, with market rent reviews every two years.

Three rights of renewal of four years each extend the total lease term to 2033.

True Commercial - 28-36 B and C Wellesley Street East St James Building - interior .jpg

The unit, with excellent natural light, is leased to the Romer Gallery. Photo / Supplied

Romer Gallery exhibits the work of Stephan Romer, a German-born commercial and landscape photographer now based in Queenstown.

White says the open plan unit has all day natural light, thanks to tall windows facing out onto large open public spaces.

“The L-shaped unit is used as a high-end exhibition space, making excellent use of its generous character stud height, which is typical of buildings of its era.

“It also has appealing views of the Auckland Art Gallery on one side and Khartoum Place on the other.

“Street access is via a door on Khartoum Place, right by the corner, while internal access is via the St James Building’s elegant common area.”

White says the building’s entrance on Khartoum Place ensures high levels of foot traffic.

“The pedestrian thoroughfare is a popular CBD route which is well-travelled by tourists, CBD workers, residents and students.”

The St James Building is in a desirable CBD area known as Auckland’s arts and culture precinct.

White says that along with the Auckland Art Gallery, the property is within a stone’s throw of the Auckland Central Library, The Civic Theatre, and the Aotea Centre. The unit also neighbours Auckland’s premier private art institution, the Gow Langsford Gallery.

“It’s also within five minutes’ walk of the University of Auckland, AUT University, Sky City and the main commercial and office precincts located along and off Queen Street.

“Britomart is only 10 minutes’ walk away, while the City Rail Link will bring regular commuter trains even closer to the property, with the entrance to Aotea Station to be located on Wellesley St.”

Gow says opportunities to acquire high-profile, character CBD investment properties are few and far between.