Clooney adds Viaduct class

Abuilding for sale in Auckland’s Victoria Quarter accommodates the finedining restaurant Clooney; several funky office spaces and even a five-bedroom penthouse.

With five levels, adding up to 1275sq m, the stand alone building occupies a 489sq m site at 33-35 Sale St. Its mix of hospitality, character office and residential tenancies generates total annual rental income of $372,062 plus GST.

“This superbly presented building that has been meticulously refurbished and it has an A-Grade seismic rating,” says Cameron Melhuish of Bayleys’ Auckland City & Fringe team. “So here’s an opportunity to acquire a substantial multitenanted investment in the thriving Victoria Precinct.”

Melhuish and colleague Matt Gordon are marketing the property by a tender process — closing at 4pm on April 10, unless sold earlier — and it also appears in Bayleys’ Total Property portfolio. The layout is as follows:

Clooney occupies 569sq m — a private dining room with amenities in the basement, with its main restaurant and bar area at ground level.

“This striking high-stud space has been elegantly fitted out in keeping with Clooney’s reputation as one of Auckland’s leading fine dining restaurants,” says Melhuish.

The restaurant tenancy also has two staffrooms and a preparation area plus bathroom amenities. Established on the premises in 2006 by owner-manager Tony Stewart, Clooney is on an eight-year lease with two five-year rights of renewal. If exercised these would take its occupation through until 2031.

First and second floors offer character office spaces, with a high-stud, exposed building services and polished concrete floors. Level 2 is subdivided into four tenancies with bathroom and kitchen facilities shared.

The office accommodation has a lease to Spacific Year Books until March 2022, and a lease to Skyward Apparel until mid 2020. A vendor underwrite on 218sq m of vacant office space for a year from settlement, offers an add-value opportunity for the next owner, Melhuish says.

A 330sq m apartment, with panoramic central city views, occupies levels 4 and 5.

This has five ensuite bedrooms, the large master bedroom also having a walk-in wardrobe. There is a study, living room, open dining, kitchen and family room, laundry and guest toilet. Decking across both levels looks out over Victoria Park Market to the Harbour Bridge.

“The apartment is now rented out on a periodic tenancy at $1700 a week, providing an attractive cashflow,” says Gordon.

“It would make a premier innercity-pad for an owner-occupier, who could draw income from the commercial space, or potentially occupy the office accommodation as well.”

The apartment comes with a secure internal car park.