CBD character building for sale

11:29 AM Monday July 11, 2016 True Commercial

The building sits prominently on corner of Short St and Anzac Ave in Auckland.

A five-level character building close to the Auckland CBD has brought its 1920s style to the city real estate market.

The property — at 49-55 Anzac Ave — comprises a commercial office building with three ground floor retail units and four character office floors above.

All are on individual titles, being offered for sale either separately, or together as one entire building.

The property is being sold by Barfoot & Thompson Commercial brokers John Stringer and Scott Whitten, through a tender process closing on Thursday, July 14, unless sold earlier by negotiation.

Dating from the stylish 1920s, the 2697sq m building sits prominently on the corner of Short St and Anzac Ave.

“This is an established commercial and residential precinct with surrounding development comprising residential apartment towers and commercial office buildings. It’s close to both the CBD and the tertiary precinct,” Whitten points out.

“The office floors have high-stud, exposed and suspended ceilings, good natural light and range between 503sq m to 568sq m per floor.

“Some are tenanted and some are vacant, providing options for both investors and owner-occupiers.”

Stringer says three retail units on the ground floor return $131,145 at an average rental of $295 a sq m, on medium-to-long leases.

The property now returns about $366,078, with an estimated potential net return of about $610,249 fully leased.

It sits on a rectangular-shaped lot with frontage to Anzac Ave of just over 27m and a frontage to Short St of about 39m.

The site has a total land area of 1328sq m, including the Seaview Apartments at 4-8 Short St (on the same Unit Plan and Body Corporate). The building was strata-titled in 1999.

The Seaview Apartments, at the rear, are in a 15-level tower, completed in 1995.

Though the two buildings have the same body corporate, costs are apportioned separately; body corporate meetings are held independently of one other.

The character building for sale at 49-55 Anzac Ave has been zoned Strategic Management Area 5, by Auckland City.

Under the Proposed Auckland Unitary Plan it is to be zoned Business — City Centre, with a residential precinct and overlays for City Centre — Port Noise.