Princes Wharf site primed for Cup kudos
The unit for sale – shaded in blue - is within Shed 24 on popular Princess Wharf. Photo / Supplied
Team New Zealand’s recent America’s Cup victory will help to shine the global investment spotlight on Auckland, enhancing prime CBD waterfront locations.
That’s the view of Colliers International brokers, who are marketing a well-sited waterfront office unit on Princes Wharf.
The agency has been exclusively appointed to market Unit CU 6, in Shed 24, for sale by deadline private treaty.
Offers on the property — featured in Colliers Portfolio released yesterday — close on September 13, unless sold earlier.
Gareth Fraser, Colliers International’s investment sales Auckland director, is marketing the property with colleagues Charlie Oscroft and Simon Felton. It is being offered for sale for the first time in 10 years.
“This stunning property is suspended over Auckland’s picturesque Waitemata Harbour, on the northwest corner of Princes Wharf,” says Fraser.
“Located in arguably the best position on the wharf, it offers uninterrupted 180-degree views over the Viaduct Harbour, Wynyard Quarter, the harbour bridge and North Shore.”
The property is tenanted by NZX-listed Property for Industry (PFI), which is signed to a new six-year-lease, with built-in rental growth. PFI was listed in 1994 and now has a portfolio of some 83 properties valued at $1.1 billion.
“Buyers will be attracted to the investment-grade tenant covenant, long-lease term, fixed growth and outstanding waterfront position,” Fraser says. “This is an unrivalled opportunity to take advantage of the growing buzz around Auckland’s waterfront ahead of the city hosting the America’s Cup in 2021.”
Oscroft says the unit is earning a net passing income of $110,000 per annum plus GST. “The property has recently been refurbished with new carpet tiles and floor coverings, and has an A-grade seismic rating.”.
Car parks are available from Wilson Parking on annual licences of between $80 to $110 per week plus GST. Access is directly from the carpark to the unit’s lobby.
Oscroft says Princes Wharf was originally established as a commercial wharf in 1929. “It was redeveloped for mixed use in 1998 and is now occupied by hospitality businesses, offices, apartments and the five-star Hilton Hotel,” he says.
“The wharf occupies a prime position in Auckland’s CBD, at the nexus of several of the city’s most popular areas.”
The nearby Viaduct Harbour is home to many of Auckland’s top bars and restaurants.