Prime Federal St unit
Barfoot and Thompson agents Ben Jamieson and John Stringer are selling a stratum freehold-titled commercial property, with two secure car parks, in the Auckland CBD.
The agents say unit E, 198 Federal St, City Centre, is a wel- presented ground floor office/retail unit of about 66sq m, within a development comprising 15 others.
These are in a four-level building built, circa 1964, of concrete and concrete block/longrun steel roof construction. It has a Grade B seismic rating, equalling 69 per cent of the New Building Standard, and comprises a mix of commercial and residential units, with the residential ones mainly on upper floors.
The unit for sale has an open planoffice area, with separate boardroom, kitchen and bathroom. It has two undercover carparks, accessed from the southern end of the building.
“Seldom do entry-level investments like this come on the market in such a high growth and sought-after location. It is just two blocks from vibrant Queen St, which could only be termed a prime CBD location,” Jamieson points out.
“Being positioned at the southern end of Federal St, makes it close to the city’s civic centre and arts and entertainment hub.”
Stringer says the property is zoned Business-City Centre under the Auckland Unitary Plan, allowing for a wide range of activities and the greatest intensity of development in Auckland.
“This unit would be well suited to either commercial or retail users, and — subject to the granting of a resource consent from Auckland Council — could possibly be converted for full residential use,” he adds.
The unit is returning $35,914.48pa net, plus GST, being occupied by Airbnb property management company Pillo Property. Pillo holds a three-year-lease that commenced on 1 October 2017. It has a three-year right of renewal at the conclusion of this term. Operating costs are $9,394.76 net plus GST, and are paid by the tenant.
The property is for sale by deadline private treaty, closing 3pm on December 6.