St James unit leased to gallery
Acharacter ground-floor retail unit in the historic St James Building, in Auckland CBD is on the market. Colliers International is marketing Units B and C at 28-36 Wellesley St East, for sale by deadline private treaty closing at 4pm on April 19, unless sold earlier.
Investment Sales Broker Ned Gow, who is marketing the property with colleague Adam White, says it is extremely well located only metres from the entrance to the Auckland Art Gallery.
“This is an outstanding opportunity to acquire a prime retail investment in a landmark inner-city building,” Gow says.
“Constructed in 1913 and meticulously maintained, the five-storey Saint James Building is in outstanding condition both inside and out.
“The building holds a prime position on the corner of Wellesley St East and Kitchener St, directly across the road from the Auckland Art Gallery.
“The unit for sale is on the highprofile corner of Khartoum Place, a well-used public thoroughfare that links Lorne St with Kitchener St and Albert Park.”
Gow says the 140sq m unit for sale is structured as two separate unit tiles.
It is tenanted by Romer Gallery on a four-year, triple net lease returning $68,000 a year, with market rent reviews every two years.
Three rights of renewal of four
years each extend the total lease term to 2033.
Romer Gallery exhibits the work of Stephan Romer, a German-born commercial and landscape photographer now based in Queenstown.
White says the open-plan unit gets all day natural light, thanks to tall
windows facing out onto large open public spaces.
“The L-shaped unit is currently used as a high-end exhibition space, making excellent use of its generous character stud height, which is typical of buildings of its era.
“It has appealing views of the Auckland Art Gallery on one side and Khartoum Place on the other.
“Street access is via a door on Khartoum Place, right by the corner, while internal access is via the St James Building’s elegant common area.
White says the building’s entrance on Khartoum Place ensures high levels of foot traffic.
“The pedestrian thoroughfare is a popular CBD route well-travelled by tourists, CBD workers, residents and students.”
The St James Building is in a desirable CBD area known as Auckland’s arts and culture precinct.
White says that along with the Auckland Art Gallery, the property is within a stone’s throw of the Auckland Central Library, the Civic Theatre, and the Aotea Centre.
“The unit als neighbours Auckland’s premier private art institution, the Gow Langsford Gallery.
“The property is also within five minutes’ walk of the University of Auckland, AUT University, Sky City and the main commercial and office precincts along and off Queen St.
“Britomart is only 10 minutes’ walk away, while the City Rail Link will bring regular commuter trains even closer to the property, with the entrance to Aotea Station to be located on Wellesley St.”
Gow says opportunities to acquire high-profile, character CBD investment properties are few and far between.