City venue in the centre of the action.

9:58 AM Wednesday October 1, 2014 Paul Charman

General Equity House at 17 Albert St.

City venue in the centre of the action.

A high-ceiling entertainment venue on the mezzanine level of General Equity House at 17 Albert St in the heart of the Auckland CBD is for sale by auction at the end of this month.

The 843sq m floor over the ground-floor retail level, with 12 office floors above, is being marketed by Millie Liang of Bayleys Auckland Central and will go under the auctioneer's hammer on October 29 unless it sells earlier by negotiation.

Liang says the property was constructed in the 1970s and has a rateable value of $1.83 million. It has an A-grade seismic rating.

"The mezzanine level is being sold on a freehold stratum title basis, on a partial lease earning $52,052 per annum increasing to $56,522 from November," Liang says.

"It is perfectly positioned in an elevated position in the heart of the Auckland CBD on the corner of Albert St and Wolfe St. This property has massive exposure and is a two-minute stroll from Viaduct Harbour and the Princes Wharf restaurants and entertainment venues."

The 843sq m floor area was previously leased by a single tenant who divided the floor into two high-ceiling bar and club venues designated Venue A and Venue B. The layout provides each venue with its own large bar, dance floor, VIP booths and toilets. A walk-in cooler and commercial kitchen is positioned between the venues.

An exclusive goods lift services the mezzanine floor from an easy access loading dock on Wolfe St and the property has street entrances on Albert St and Wolfe St.

"Venue A is 515sq m and is currently vacant, making it ideal for an owner-occupier wanting to operate out of their own downtown property plus receive an income stream," Liang says.

Venue B of 328sq m is leased to the Scorpio Bar until 2018 if the right of renewal is exercised.

"As no formal splitting of the tenancies has been undertaken, any potential purchaser is advised to make their own inquiries as to formally dividing the venue," Liang says.

"The current premises layout would suit an investor or owner occupier looking at investing in their own entertainment, bar and nightclub or restaurant premises close to major hotels, apartment and corporate towers near the waterfront.

"The property may also suit creative minds, retailers or professional firms wanting to invest in their own CBD property and create their own personalised character space in the heart of Auckland.

"Its position provides a ready-made customer base and makes it a convenient and desirable location."

Liang says Auckland's CBD has long been an ideal place to own commercial real estate and engage in business with 27,000 residents, 90,000 workers and 12,000 tourists coming into the city every day.

"International visitors to the city spend an estimated $4.5 billion a year. In addition, the central city hosts 60,000 tertiary students which promises the precinct a bright future as the city continues growing.

"Statistics New Zealand predicts the Auckland region will be home to almost two million people by 2031 and the CBD will continue to have the highest population density in New Zealand, increasing from 4600 people per sq km to possibly more than 13,300 people per sq km by 2031."

Next to the property is the 41-level ANZ Centre. Across the street is the Stamford Plaza Hotel and diagonally opposite is the Quay West Tower apartment and hotel tower. Other businesses on Albert St include the DFS duty free shop, NZ Trade Centre, New Zealand Herald, AMI Insurance, Automobile Association and the Auckland City Council offices.

 

What's on offer

The property: Mezzanine floor in CBD tower block.
Location: General Equity House, 17 Albert St.
Agency: Bayleys Auckland Central.
Sales method: Auction on October 29.
Features:
• High profile CBD location.
• Floor area of 843sq m.
• Split into two entertainment venues.
• A-grade seismic rating.
• Ideal for investor or owner-occupier.
• Also suited to creative professional firms.

For more information on this property visit:

TrueCommercial.co.nz