Three for sale in ‘funky Victoria Quarter’

4:50 PM Friday February 2, 2018 Paul Charman

Attractive brickwork is a feature of 69/210-218 Victoria St West on Level 1 of Victoria Park Markets which can also be accessed off Drake St. Photo / Supplied

A new retail and office unit is for sale on the ground floor of the up-market Sale St Residences, in Auckland’s Victoria Quarter.

Unit 1C, at 52 Sale St, is being sold as an unfinished shell space, that will appeal to owner-occupiers and investors alike looking for a strategic investment in the rapidly growing Sale St precinct, says Barfoot and Thompson commercial sales broker Reese Barragar.

He is selling the property by a deadline private treaty process, closing on February 20 (unless sold earlier by negotiation).

“This is prominent freehold unit has high exposure on a desirable street comprising about 124sq m, with a generous five-metre stud at the front. There is also near floor-to-ceiling front windows, facing Sale St, letting in abundant natural light,” says Barragar.

“Covenants protecting the amenity value of the 17 high-end apartments above mean no food use in this unit, so of course that rules out future use as a cafe or bar. Nevertheless, this high-end property will appeal to office users as well as boutique retailers looking for a high quality premises.”

Barragar adds that Unit 1C has a freehold title and a new building standard [NBS] seismic rating of 100 per cent.”

It will be sold with vacant possession, in an area zoned Business City-Centre.

“This location is, of course, is one of the most appealing aspects,” he says.

“Victoria Quarter is experiencing significant residential and commercial development, as young professionals and empty nesters see this part of town as desirable. It’s just so close to Victoria Park, and only about 10 minutes’ walk from the city centre. Add in the closeness of Freemans Bay, Ponsonby, Westhaven and the Viaduct and it’s easy to see why people based here can do most of their business by walking or cycling.”

Live-work space

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Well-presented office space at 10 Adelaide St could also be converted to a residence. Photo / Supplied

Currently leased out as a business premises, a boutique freehold unit for sale in Auckland’s Victoria Quarter would suit a forward-thinking owner-occupier or investor looking for a foothold in this popular central area.

Barragar is selling the unit at 10 Adelaide St, through a deadline private treaty process, closing on February 23 (unless sold earlier).

Barragar says he’d like to list a lot more properties of this type, but they’re relatively hard to find.

“It’s a freehold unit of 106sq m, with large windows, high ceilings, excellent natural light and parking provided at the front. The option is there to invest or occupy this immaculately presented office space, while exploring the future upside to convert to residential or live/work space.”

The 2017 rating valuation was $650,000; body corp contributions are now set at about $3387 and rates are set at about $4630.

The property now earns $44,969 net per annum, but can be offered with vacant possession by negotiation.

“This unit has a prominent frontage onto Adelaide St, being set back from the road with — at the front — a single carpark allocated to the property, plus others shared with the rest of the complex. The total area of 106sq m comprises 69sq m downstairs and 37sq m on the mezzanine level.

“There is excellent presentation with polished wooden floors and separate toilet and kitchen facilities. The open-plan mezzanine level is carpeted and has good natural light.”

The seismic rating is A-plus (at 129 per cent of NBS). It is zoned Business City Centre.

“I see so many possibilities here — above all the opportunity to secure an entry level freehold investment in the prestigious and rapidly evolving Victoria Quarter,” Barragar says. “Nearby are some of the most high-end suburbs of Auckland — there’s all the buzz of the city, bars, restaurants, access to public transport and the beauty of the nearby maritime environment along the city’s waterfront.”

 Victoria markets

True Commercial - Unit 1C%2c 52 Sale St Victoria Quarter - interior .jpg

Unit 1C, at 52 Sale St, has a generous 5m stud. Photo / Supplied

Meanwhile, following a recent fit-out a former horse stables dating from the early 1900s is also for sale in the neighbourhood.

Barragar says the 214sq m unit at 69/210-218 Victoria St West is located on Level 1 in the Victoria Park markets.

It can be accessed either off Drake St, or from within the markets.

“Rectangular in shape, and resplendent with a near new fit-out this unit is predominantly open plan with separate offices. There is a boardroom, two toilets (one with a shower) and a kitchen break-out area. And as people familiar with the Victoria markets will know, the attractive brickwork is a real feature of this property.”

Located in an area zoned Business-City Centre, the freehold property has a 2017 rating valuation of $1,080,000. Body corporate contributions are currently set at $16,692 and rates at $7,902. The property is being offered with vacant possession, says Barragar.

“This is a very convenient and desirable location, in a part of town really coming into its own.”