Block in city’s development hotzone
A two-level office building in innercity suburb Newton, one of Auckland’s hottest development areas, is for sale.
Located at 17 South St, the building provides 625sq m of floor space on 449sq m of land.
The ground floor accommodates about 290sq m of conventional office space and is occupied by broadband provider WorldNet.
Level two is split into two separate tenancies: about 190sq m is leased to Gorilla Technology, while the second tenancy of about 100sq m is vacant.
There’s also a degree of flexibility in the leases.
JLL brokers Jason Armstrong and Alex Wefers are marketing the property for sale, closing 4pm on March 5. Wefers says it offers potential buyers an opportunity to develop.
“A compelling advantage for future redevelopment is that the site adjoins public land to the southern and western boundaries, allowing unobstructed views to three out of four elevations,” says Wefers.
“What’s more, given its favourable City Centre zoning, there is potential for a build height up to 35m.”
Armstrong says the property’s location comes with an interesting story. “In the 1960s, a large portion of Newton was demolished to make way for Auckland’s arterial expansion, known as Spaghetti Junction.
Now it’s the city making way for Newton. “Savvy investors are now taking note, as factors like the City Rail Link [CRL] are all contributing to opening up the entire area.”
The Karangahape train station is scheduled to launch as part of the CRL in 2024.