Affordable Unit In Well-connected CBD Location

Published: Tue 8 Sep 2020 09:49 AM
17 Albert Street.
Commercial occupiers reassessing their office space requirements in light of changing economic conditions and those seeking a blank canvas to create a customised city apartment, are expected to be tempted by a strata titled unit that is for sale in Auckland’s CBD.
The 194.25sqm northwest-facing corner unit is on the ninth floor of the 14-level building on the corner of Albert and Wolfe Street, which has a mix of ground floor retail and upper level commercial and residential occupiers.
Phil Haydock, Polly Markus and James Were of Bayleys Auckland are marketing the now-vacant unit on behalf of its Auckland-based vendor who has owned the property for around 25 years and until recently, had the same tenant in-situ for 14 years.
Haydock said the unit is in a prime position to leverage off the new Commercial Bay mixed-use development which includes a three-level retail precinct with a laneway design filled with global flagship brands and a diverse range of food and beverage offerings.
It is also within walking distance to the Viaduct Harbour, Britomart and the soon-to-be-built Aotea Station which will form part of the City Rail Link network.
The property has a Business-City Centre zoning and will be sold by Deadline Private Treaty, closing 4pm, Tuesday, 15 th September.
The unit, which has its own bathroom facilities including a shower, occupies around a quarter of the space on the ninth floor and is accessed by one of three passenger lifts in the recently-refurbished lobby which is at the Albert Street frontage.
Currently configured into a workable mix of open plan and individual offices, it’s a versatile unit with a generous footprint that lends itself to any number of different layouts.
“This is an affordable commercial premises with genuine add-value potential for a live-work situation, functional office premises for a small to medium business or complete residential conversion,” said Haydock.
“It’s corner position within the multi-level building gives it north-facing harbour views and good natural light and sun – both desirable traits in an office environment, or a residential context.
“There have been recent smart residential conversions within the building and in terms of location, this building is well-positioned to offer streamlined commute and recreational options once key infrastructural works in the heart of the city are completed.”
The unit has a rating valuation of $600,000 and Markus said this will place the property firmly into the affordable category for investors or owner-occupiers.
“The sub-$1 million market remains active and for many commercial occupiers, the COVID-19 situation has solidified their resolve to take control of their physical space and not be beholden to a landlord,” she said.
“Those commercial occupiers can take advantage of historically-low commercial lending rates and secure an office space that is strategically-placed in what will be one of the better connected and sought-after parts of Auckland’s CBD.”
The proactively and well-managed building is known as One Seven Albert and was built in the 1970s, before being strata titled into 51 freehold units at a later time and undergoing refurbishments.
It is located at the waterfront end of Albert Street where the recently-opened Commercial Bay precinct has redefined the look and feel of the former Downtown area adjacent to the waterfront.
Bayleys Realty Group
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
Contact Bayley's Real Estate
09 375 6868
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