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News Release

Auckland

Nelson St development site sold by JLL

A development site on the fringe of Auckland's CBD has been sold by commerical property specialists JLL after an international marketing campaign.


 

 

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

55-59 Nelson St small-min.jpgA former data centre on a 2,125 sqm site at 55-59 Nelson St has been sold by JLL. 

This development opportunity was marketed internationally at more than $10.5 million and attracted interest from local and international purchasers. 

The property has a lettable area of 4,987sqm over five levels (three below ground and two above), and 21 parking spaces. 

Nelson St has long been treated as an extension of the motorway off-ramp but is rapidly becoming a desirable location. 

“The appeal of the Wynyard and Viaduct precincts is extending up Victoria Street,” JLL New Zealand’s head of research Justin Kean says. “The addition of Spark’s Auckland headquarters, Oracle House and NZME’s new building on Victoria Street West have revitalised the area in recent years. The City Works Depot on Wellesley Street West has significantly improved the hospitality offerings in the area, and has become Bauer Media’s Auckland base.

JLL’s Managing Director Nick Hargreaves and agent Ian Hall negotiated the sale. 

“The location appealed to a variety of purchasers because it is opposite the planned $400m International Convention Centre and across the road form the City Works Depot. The transport linkages are excellent and will be even better once the City Rail Link is completed,” Hargreaves says. ​​


“It used to be the case that the CBD was clearly delineated into Core, Fringe and Viaduct. What we’re starting to see now is a western shift in the CBD’s centre of gravity, influenced by the CRL and the Convention Centre,” Kean says. “JLL sees the Nelson Street corridor as the nexus of a significant urban renewal programme.”

“Added to this, we’ve seen vacancy in Auckland’s CBD Fringe fall from 13.1% to less than 10% today.

“This market evolution is rerating many properties in the western Fringe CBD precinct which includes Nelson Street.”

“The purchaser of this property has linked into these many market drivers to capitalise on Auckland’s long-term growth story,” Hargreaves says. ​​