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News Release

Auckland

Retail unit leased to Gloria Jean in prominent St James Building


 

 

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East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease

18 Wellesley Street East.jpgA ground floor retail unit located at the bottom of one of Auckland’s most admired character buildings, St James, is being sold by commercial property specialists, JLL.

Built in 1913, the St James Building is rich in history starting as the first YMCA in New Zealand and once housed the offices of the Auckland District Health. In the mid-1990s the building was converted and refurbished to provide upper level apartments which are now highly sought by residents seeking classic heritage living. The ground floor of the building provides semi retail / showroom space.

Director of Capital Markets at JLL, John Binning, is selling the 139sqm retail unit at 28 Wellesley Street East, Auckland via an expressions of interest campaign that closes 4pm Wednesday the 9th December 2015. The retail unit incorporates two adjoining strata titles utilised as the one premises and occupied by J K Coffee Limited, who are trading as franchised specialty coffeehouse company, Gloria Jean. The current contract rental is $60,000 per annum plus GST with a final lease expiry on the 31 October 2029, subject to two rights of renewal. Also occupying retail space on the ground floor of the St James building is art gallery tenant, Gow Langsford Gallery.

Binning says this is a highly attractive investment property as there is a long term lease in place to a well-known quality franchise and a strong location profile; with dual frontage to both Khartoum Place and Kitchener Street and situated directly opposite the Auckland Art Gallery.

“The premises would suit a variety of commercial occupiers, its prime position takes advantage of the Auckland Art Gallery directly across the road and the short walking distance from Mt Albert Park, Auckland University and Queen Street,” says Binning.

The property is situated to the corner of Wellesley Street East and Kitchener Street in an established CBD fringe location. The area is characterised by a mixture of modern and older style buildings which are utilised for a variety of purposes including residential accommodation, offices, retail, restaurants and bars. The building’s north face is to Khartoum Place which is a popular pedestrian link between Kitchener and Lorne Streets. 

Binning says, “The recent rejuvenation of Khartoum Place adds further amenity to this incredibly busy retailing location. With increasing activity and vibrancy in the fringe, this retail unit is in a prime location and the investment offers the potential for higher rental income in the future.”

“There are only very few iconic historical buildings that have been a permanent part of Auckland’s history therefore unique opportunities like this rarely come to the market.” 

The site is zoned within the Queen Street Valley Precinct under the Auckland City Operative District Plan, with the aim enhancing the precinct whilst maintain its character nature. The St James Building is classified Heritage category B and the available retail unit provides one lower ground level car parking space.