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News Release

Auckland

Hobson Street high-rise development opportunity


 

 

Historic Auckland landmark the General Building for sale/new-zealand/en-gb/news/851/historic-auckland-landmark-the-general-building-for-saleAucklandHistoric Auckland landmark the General Building for sale
Significant piece of industrial land for sale /new-zealand/en-gb/news/848/significant-piece-of-industrial-land-for-saleChristchurchSignificant piece of industrial land for sale

​JLL has listed an Auckland CBD commercial office building with granted resource consent for a high-rise development containing 60 residential apartments. The 201 Hobson Street property, comprising a 563sqm site zoned Strategic Management Area 3 with two street frontages, is located on the western fringe of Auckland’s central business district.

The new owner will have the option of going ahead with the demolition of the existing building and constructing a new apartment building or leave the space as is. Development plans for the granted resource consent show a modern 4,516sqm 12-storey building comprising of ground floor retail space and 60 residential apartments, providing superb views over the Auckland harbour from the upper floors.

John Binning, JLL’s director of capital markets is offering this unique opportunity for sale by expressions of interest closing 11th June 2015. According to Binning this is a rare investment opportunity at a time when conditions are robust for apartment developments.

“Triggered by better economic conditions, there is long-term stable demand for accommodation in Auckland due to a combination of a growing population and the increasing acceptance of apartment living as a viable accommodation option,” says Binning.

If investors decide to leave the property as is, the potential income for the existing building when fully occupied is $304,277 per annum. 201 Hobson Street is a four level 1,246sqm character commercial office building built in the early 1930’s. The property has been recently refurbished to a good quality standard whilst retaining its character accommodation throughout. Heritage features include exposed brickwork, concrete beams and a mix of polished wood and concrete floors. Currently this property has a total land area of 563sqm and consists of three storeys of office space with tenancies ranging from 100sqm to 325sqm, plus a basement car park providing 22 spaces.

201 Hobson Street is located in a vibrant city centre zone and lies in close proximity to a diverse range of businesses and Auckland icons such as the Viaduct, Sky City and Albert Park. The surrounding area boasts an abundance of complimentary services and amenities which enhances the site’s appeal. Shopping and entertainment can be found in the CBD, to the east, whilst the recently developed Viaduct to the north and Victoria Park market to the west provide numerous bars and eateries. This property’s dual street frontage increases its attractiveness, with access to Hobson Street from an inner city lane along with rear access to the secure basement car parking facility.

Infrastructure improvements such as the new city rail link is also expected to significantly improve connectivity within the CBD and boost the draw and profile of the site.

The new property will form part of the City Centre Zone under the Proposed Auckland Unitary Plan (PAUP). This plan enables the greatest intensity of development to occur in the city whilst protecting important heritage sites, sunlight admission to public spaces and significant views to distinctive landmarks. This zone permits a wide range of activities and is designed to maintain and enhance the vibe of the city centre.