Sale Street industrial a good buy for options

11:31 AM Wednesday November 12, 2014 Colin Taylor

Industrial building for sale at 52 Sale St in the Victoria Quarter.

One of the last remaining industrial properties in Sale Street in the Victoria Quarter precinct of the Auckland CBD is up for sale offering a number of options for its next owner.

Occupying a 749 sq m freehold site at 52 Sale St the property encompasses a vacant 656 sq m warehouse and office building.

“This and the neighbouring warehouse would be the last two original, older style industrial buildings left in Sale Street,” says Cameron Melhuish of Bayleys Auckland office who, with colleagues Phil and Alan Haydock is selling it by tenders closing Friday, November 28, unless it sells earlier by private treaty.

“The property offers a prime add value or redevelopment opportunity in what has become a highly sought after commercial and residential precinct,” says Melhuish.

The building comprises 113 sq m of office space over two levels at the road frontage and 543 sq m of warehousing at the rear which, up until recently, has been occupied by an engineering tenant. The property has six off street car parks plus a cart dock entry into the main warehousing area.

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Cameron Melhuish. 

“There is plenty of scope here for an owner occupier, developer or add value investor to revitalise the building through refurbishment or by the expansion of the floor area,” says Melhuish.  “Numerous buildings of a similar ilk in this location have been rejuvenated through refurbishment over recent years into high quality commercial or residential space or a combination of the two.

“Alternatively, the purchaser could start from scratch, remove the existing buildings and develop the site more intensively,” Melhuish says.  

Alan Haydock says Sale St has undergone a transformation over the past decade from a predominantly fringe city warehousing precinct into a thriving location with a good mix of commercial, residential and food and beverage tenancies.

“Restaurateur Tony Stewart set the tone of things to come with his conversion of warehouse space into the award winning fine dining restaurant Clooney followed further down the road by the opening of the massive and popular Sale Street bar and restaurant.

“More recently the redevelopment of the City Works Depot site on the corner with Wellesley St has attracted a range of well known hospitality tenants and business occupants.

“Sale Street’s character space has also attracted high profile creative tenants like architects Fearon Hay which specialises in restoring older buildings, and film companies Screentime and Flying Start Pictures,” says Alan Haydock.

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Alan Haydock.   

“There has also been residential development in Sale Street and the wider Victoria Quarter area is becoming a major residential precinct in the Auckland CBD because of its easy access location, its closeness to the waterfront and the elevated sea and city views that can be obtained. “Sale Street is well positioned on the Auckland CBD’s doorstep and is also close to Ponsonby, The Viaduct, Wynyard Quarter, Victoria Park and Auckland’s main motorway on and off ramps.”

Phil Haydock says the area’s flexible current zoning of Strategic Management Area 3 – Victoria Quarter Precinct permits intensive development and a range of property uses. “The zone is designed to allow the development of vibrant areas by enabling a mix of residential, business, educational and leisure activities in areas of the city which have easy access to public transportation systems,” he says.

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Phil Haydock.  

The zoning permits a basic floor area ratio of three-to-one up to a maximum of four-to-one with the maximum height allowance set at 24 metres.

Phil Haydock says while the floor area ratios will remain unchanged under the city centre zoning proposed under the new Auckland Unitary Plan, the maximum height allowance will be increased to 30 metres.

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