Central city office tower on rare corner site

5:00 AM Saturday April 23, 2016 Paul Charman

The seven level office tower for sale in Waverly St, Auckland CBD.

Central city corner site properties such as No 16 Waverley St — a seven-level office tower, with two-level car park including the basement beneath — do not emerge every day.

Barfoot & Thompson Commercial agents John Stringer and Murray Tomlinson are marketing the building as, “a rare opportunity to invest in a freehold standalone building in the CBD”.

The building, for sale through a tender process, closing at 4pm on Thursday March 5, unless sold earlier by negotiation, provides significant holding income, allowing time to assess the options to take advantage of the favourable underlying zoning potential in the land.

Zoning under both the current and Proposed Auckland Unitary Plan provides for a height limit of 50 metres and a site intensity of up to six to one metres (8:1 for residential subject to various controls).

A glance at the property memorandum shows the location as usefully very close to the CBD and the city’s education precinct.

“It appeals for commercial, residential, student accommodation or hotel uses,” says Stringer.

“The property will suit investors, land bankers and developers that appreciate the combination of income and development potential along with the superb central city location.”

The standalone structure is situated on a 731sq m freehold corner site. “As such the property represents an excellent investment with outstanding future development potential.”

Investors based overseas should note that the property is very close to Auckland’s main road, Queen St.

The immediate locality comprises a mixture of retail, office and residential accommodation.

“It sits on the edge of Auckland’s education precinct, with the University of Auckland, Auckland University of Technology and the Academic Colleges Group close by.

“It is in walking distance and in-zone for two of Auckland’s most prestigious secondary schools — Auckland Grammar and Auckland Girls’ Grammar,” Tomlinson points out.

“Surrounded by much apartment development, the location offers easy access to the motorway network, with the southern motorway via Symonds Street and to the northern and northwestern motorways via Karangahape Rd and Pitt St.”

The building was designed by Glossop Chan in 1985 and appears to have been completed in 1986. It was designed as an office tower and subject to a recent tenancy change on the ground level, has remained as office use.