Floors offered ‘as is’ in Auckland CBD
Two building floors are for sale on one of the highest-priced corners in Auckland City. But there’s a catch.
They are the top floors of the South British Building, Cnr Shortland and Queen Streets, and they are crammed with redundant pipes, tanks and plant equipment.
Colliers International CBD specialist Tony Allsop is marketing the floors, which are being advertised “as is” and he says the unusual offering amounts to a remarkable opportunity in disguise.
“I can’t recall anything quite like this coming to market during my career.
“Yes, you’re going to have to deal with the redundant contents of these two floors, but look at the rewards. Here is a strategically-positioned investment delivering almost unbeatable redevelopment potential.
“It’s the sort of thing that frankly just doesn’t happen — a chance to transform the uppermost floors of one of Auckland’s best-located CBD properties.”
Set metres from the corner of Queen and Shortland Streets, Allsop describes the property as, “right at the epicentre of Auckland’s financial and legal precinct”.
It comprises the two redundant plant-room floors, within a strata-title commercial tower at 3-13 Shortland St. The two floors were added in 1966, as part of an addition to the original South British Building built in 1926.
However, most of the plant equipment inside them is no longer in use, allowing a new owner to clear out and redevelop the 357sq m space.
Allsop says add-value investors, developers and owner-occupiers who are willing to roll up their sleeves and get stuck in will immediately grasp the potential. “With its north-facing deck and unobstructed views over the corner of Queen St, the space is crying out to be redeveloped into a boutique property.”
“It’s quite astonishing to find a virtual blank canvas like this one right at the centre of town.
He says the property is for sale by expressions of interest closing at 4pm on December 6, unless it sells earlier.
Possession and settlement will be subject to the issue of a new stratum in freehold title.
Once titled, the premises will comprise about 150sq m on Level 11 and
133sq m on Level 12, plus a 74sq m deck on Level 11.
Both levels are now in separate titles and common ownership, but the South British Building’s body corporate has passed a special resolution to seek expressions of interest in relation to the sale of the premises.
Allsop says the bulk of plant equipment in the premises is now redundant, except for the header tanks and part of the fresh air intake.
“The body corporate proposes to shift these to the south of Level 12, with a new wall to be built to preserve access for servicing.”
The premises also contain some
13sq m of telecommunications equipment plus external antennae on a month-by-month licence to Spark.
Allsop points out the property is being sold “as is”, with the new owner responsible for removing the redundant plant machinery.
“Interested parties will be invited to inspect the premises and make their own assessment of the methodology to remove the equipment. Removal and redevelopment plans will be subject to final approval of the body corporate.
“Prospective buyers should include these plans in their expressions of interest,” he adds.
“The body corporate has obtained quotations for the removal of mechanical plant equipment, access works and asbestos containing materials. These will be made available upon request. The original South British Building comprises a ninestorey early high rise. Clad in sandstone with a base of Coromandel granite, the minimally decorated exterior accents its vertical form, relieved by elaborate string courses.
“The adjoining 1960s tower is also partly clad in sandstone, with no extraneous decoration to its built form,” says Allsop.
“It is serviced by three lifts, one of which services Level 11, as well as two internal stairwells.”