Central office units in prime positions
Princes Wharf and Queen St offerings set to appeal to family trusts
Two central Auckland office units are for sale, offering opportunities for smaller investors and family trusts in the CBD.
One i s a ground- level unit on Princes Wharf and the other a full floor in a multi- level office building on Queen St. Both are being marketed by Bayleys’ International Division.
The Princes Wharf offering encompasses 482sq m of office accommodation at Shed 19, 137 Quay St. It has a modern fit- out and a new sixyear lease, which is producing net annual rental income of $ 192,800.
Featured in Bayleys’ latest Total Property portfolio, it i s being marketed by Nicolas Ching and Beterly Pan and is for sale by deadline private treaty, closing April 19.
“Positioned right on the waterfront with harbour and CBD views, this well- presented property provides a great opportunity for investors,” says Nicolas Ching. “Although it is a leasehold property, the ground rent has been pre- paid up until September 2095 so the owner will not face any future ground rent increases before then.”
The property has a six- year lease from April 2017 to Stonewood Homes and investment company Inno Capital, with one six- year right of renewal. Ching says Inno Capital acquired Stonewood’s national franchise rights and Christchurch franchisee shortly after it went into receivership in March last year and has set about recapitalising and re- establishing the business. The award- winning company is the third largest homebuilder nationally.
Pan says the unit is well positioned at southern, CBD end of Princes Wharf in Auckland’s thriving waterfront precinct. This will be given a further boost by Precinct Properties’ nearby $ 681 million Commercial Bay redevelopment of the former Downtown Shopping Centre into an office tower and a laneway retail complex.
Once a commercial wharf, Princes Wharf has been redeveloped into a multi- storey mixed- use complex containing the renovated Overseas Passenger Terminal for berthing cruise ships, the Hilton hotel, various high end restaurants as well as apartments, office space and car parking.
Pan says the area’s City CentreCentral Wharf Precinct zoning provides for a wide variety of uses which also include retail, cafes, bars and nightclubs.
Also for sale, through Quinn Ngo and Matt Lee, is a 408sq m office floor plus a large 88sq moutdoor courtyard on Level 6, 175 Queen St.
“The property comprises multiple partitioned offices with excellent natural light from all sides of the floor and sweeping inner- city views,” says Quinn Ngo.
“It includes a feature lobby and kitchen and bathroom facilities in addition to multiple offices plus one secure basement car park.”
The property is occupied by property management company AJ Stevenson, founded in 2006, and is generating net annual rental income of $ 89,520. It has exercised the first of two two- year rights of renewal from April 2017.
“Whole CBD office floors are seldom available to the market so this represents a fantastic opportunity to secure a modern high- quality office floor in the heart of the central city,” says Ngo. “The well- presented, large outdoor courtyard is an added bonus providing an additional facility for both staff and clients.”
The property at 175 Queen St, known as CTS House, has frontage to both Queen and Durham streets. It has basement parking for 12 cars, ground- level retail space, 14 levels of offices, two levels of plant, plus three lifts.
Lee says the building is in a prime corner position on Queen St, surrounded by public amenities and facilities and only a short walk to Britomart and its transport hub, the Viaduct and Sky Tower. The property is also featured in Bayleys’ latest Total Property portfolio and is for sale by deadline private treaty closing on April 13, unless sold prior.