Apartment Conversion Among Options For Versatile CBD Office

Conversion to apartments is among the options mooted for a full-floor office up for sale in a prominent tower in the heart of Auckland’s Queen Street.

The versatile, self-contained office sits on the 11th floor of a multistorey building at the corner of Queen and Wyndham streets which combines retail, parking and offices, along with existing residential accommodation.

The floor for sale is being offered with vacant possession, presenting a myriad of possibilities for commercial investors, owner-occupiers or those seeking a live/work setup in the centre of the CBD – along with a resource consent to repurpose the floor with apartments.

The property comprising Units 11A, 11B and 11C, 155 Queen Street, Auckland, is being marketed for sale by Phil Haydock, James Were and Dean Budd of Bayleys Auckland Central. Sale is by way of a tender closing on Thursday 28th July, unless the property is sold prior.

Haydock said the offering consisted of an entire floor of approximately 716-square metres spanning three freehold unit titles.

It forms part of a high-rise tower on one of the most prominent sites on Queen Street.

“Originally constructed in the 1970s and substantially renovated in the mid-1990s, this modernist-style tower contains flagship CBD retail outlets for Spark, Chemist Warehouse and Specsavers on the ground and first floors.

“Above this are three levels of car parking, with upper floors predominantly used for offices. The building’s prime frontage and grand entrance with extensive granite and terrazzo tiles and automatic glass doors create an inviting first impression.

“The 11th floor is currently configured as a single-tenancy office. The entire floor is partitioned into offices/classrooms with a large central boardroom, along with a kitchenette, toilets and lift entrance area. The elevated outlook helps ensure a good supply of natural light,” said Haydock.

Were said the size and flexibility of the multi-unit space lent itself to a variety of future options.

“It could suit a buyer seeking an office for themselves, or they could part-occupy and gain income by letting the remaining space. An investor could use the prime location to lure new tenants – potentially more than one to create a diversified investment.

“The residential possibilities are also attractive, with an existing resource consent opening the way to create eight one- and two-bedroom apartments.

“Alternatively, a new owner may seek ‘the best of both worlds’ by establishing a base to live and work in the heart of the city,” Were said.

Some office space in the building has already been successfully repurposed as apartments.

“This is part of a wider trend which has seen a number of CBD office buildings evolve into a residential and commercial mix, and in some cases whole buildings converted to apartments, to accommodate a swelling inner-city residential population,” said Were.

Budd said the property for sale benefited from its location in the heart of the Business – City Centre zone under Auckland’s unitary plan.

“Supportive of the most intensive development and a broad mix of activities, this zoning underpins the office and residential possibilities at this site and the vibrancy of its inner-city surrounds.

“Future office users or residents at the Queen Street property will be perfectly positioned amid key city amenities and an exciting concentration of hospitality and retail outlets.

“Commercial Bay, the universities precinct, SkyCity Auckland and the Viaduct are within a comfortable walking distance. A seven-minute stroll down Queen Street takes you to the Britomart Transport Centre and Downtown Ferry Terminal,” said Budd.

The future Aotea City Rail Link station is also taking shape a few hundred metres away.

“Expected to be New Zealand’s busiest train station, this will add even greater accessibility and foot traffic to what is already a dynamic part of town,” Budd said.

Click here for more information on this listing.

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