Sweetheart turns buyers’ heads
A stand-alone character building in Auckland’s centrally-located and evolving Victoria Quarter, behind Victoria Park Market, is for sale, with a boutique hair studio occupying the former warehouse.
The property at 18 Drake St, Freemans Bay, was acquired by furniture manufacturing business C.F. Neary Ltd for its upholstery work. It crafted solid timber furniture from
1920 in a factory next door.
The functional 160sq m building with good street presence occupies a fee simple
202sq m site. It was completely refurbished and converted in 2022 to provide a creative and contemporary workspace that celebrates its gritty roots.
Exposed brick walls, impressive ceiling trusses and polished concrete floors provide an industrial chic backdrop and attractive open-plan working environment for the tenant, Goodhood Hair.
Goodhood has a 5-year lease from 11 October 2022 with two five-year rights of renewal, fixed annual rental increases of 2.5 per cent and the rent reviewed to market on renewal dates. The net lease returns $59,757 plus GST annually and agents marketing the property describe it as a hands-off investment opportunity in an affordable price bracket.
The property is for sale by tender through Alan Haydock, Damien Bullick and Jack Kiely of Bayleys Auckland Central, closing at 4pm, Thursday December 7, unless sold prior.
Haydock says buildings like the late-1800s former Freeman’s Hotel, the Browns Mill building now occupied by Allpress coffee roaster and the imposing brick Victoria Park Market characterise the area. They share space with former warehouses like this property and more modern commercial buildings including the Swiss-Belsuites serviced apartment hotel. “Buyers hotly contest character property in this location.”
Bullick says the beauty of the Victoria Quarter is its clear nod to the past, juxtaposed with a foot firmly in the present due to entrepreneurial occupiers and pro-active developers.
“Along with some stalwart businesses, we’re seeing a second wave of hospitality operators offering innovative eateries.”
Character investments in this property’s calibre and price bracket are scarce, particularly stand-alone buildings.
It lends itself to a range of commercial uses, a live/work opportunity or a dwelling.