Freemans Bay building has plenty of gas left
Exterior view of the fully leased character building for sale at 20 Beaumont St, Freemans Bay.
A high profile prime commercial heritage property that has been comprehensively refurbished in Freemans Bay, Auckland and which is fully leased to 10 tenants is one of 41 properties featured for sale in Barfoot & Thompson Commercial latest Insite commercial property portfolio publication.
“The property was originally constructed as the headquarters of the Auckland Gas Company in the early 1900s,” says Jack Downer who, with colleague Mark Stevens, is marketing 20 Beaumont Street for sale by tender closing at 4 pm on Wednesday, November 18, unless sold earlier by negotiation.
“This is a Category B heritage building with the southern portion over two levels comprising the office element of the original building,” Downer says. The ceiling height on the ground and first floors is about four metres.
The northern portion of the building is three levels in height and was originally the workshop for the gas company. It features exposed brick walls and steel columns with extra stud height.
“Historical features were well preserved during the extensive renovation in 2001 including an original timber staircase and panelling as well as ornate plaster ceiling and corner detailing,” Downer says. “While retaining character features, modern services and finishes were introduced including steel reinforcing.”
Interior view of 20 Beaumont St depicting retained character features like this original timber staircase and panelling.
The refurbishment included the construction of a link between the two buildings effectively creating one single building.
The outlook from the offices to the east is over Victoria Park and to the west it is over the Beaumont Quarter which is a recent development of low rise and high specification residential apartments.
Providing a net lettable area of 2372 sq m, the property occupies a 1386 sq m freehold Mixed Use zoned site on a single title on the western side of Beaumont St close to the junction with Fanshawe St. The ground floor comprises destination retail and showroom premises with the upper levels used as offices.
Stevens says an interest in 42 strata titled leasehold car parks that are primarily rented in an adjacent building to tenants will form part of the sale.
He says the building earns an annual profit of $635,570 while the car parks bring in an additional $14,765 giving a combined total gross profit of $650,335 per annum.
Other areas of the building include modernised interiors.
“There is potential for increased income with the property currently under rented for $268 per sq m net and $51 per car park per week.”
Stevens says offering will interest both owner occupiers and developers.
“The property has excellent exposure to vehicle traffic with the State Highway One Viaduct overpass only about 150 metres to the east of the building,” he says.
“Of special note is the development of the neighbouring Wynyard Quarter into a harbour side community with parks, plazas, apartments, shops and offices. We believe this Wynyard development will strengthen the profile for the Beaumont St property long-term.”
Jack Downer (left) and Mark Stevens (right), of Barfoot & Thompson.