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Auckland

Freehold property for sale at the top of the town

Corner site available on K Rd and Upper Queen


 

 

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JLL is marketing a property for sale on the corner of Karangahape Road and Upper Queen Street. 

The corner site is on a ridge at the top of the town, looking down Queen Street to the harbour. 

This 359sqm freehold site is being marketed by Nick Hargreaves of JLL, through an expressions of interest campaign closing October 3. 

The property offers 522sqm of vacant retail and office space over three levels and has a rateable value of $2.35million. 

Hargreaves says the K Road area has huge untapped potential. 

“Imagine what Auckland will be like in 2023. When the City Rail Link opens in 2021, this part of town will be much more accessible, thanks to the new Karangahape and Aotea Stations. Trains will be faster and more frequent. For example, the trip from Kingsland station to Karangahape station will take six minutes.”

The new Karangahape Station will be located just three minutes’ walk from this property. 

Auckland Transport says the major improvement to the urban area around Britomart Station, following its opening in 2003, shows how investment in transport can lead redevelopment nearby. It brought new life to what was previously an under-utilised part of the city centre and attracted large employers like EY and Westpac. 

“The City Rail Link will open up the city fringe suburbs like Newmarket, Grafton, Mt Eden and Kingsland, bringing a new level of vibrancy to these locations,” Hargreaves says. 

Auckland Council expects city centre and city fringe residents to double to 140,000 by 2041 and forecasts that city centre and city fringe employee numbers will double to more than 200,000. 

Purchasers are doing everything from new builds to refurbishments, office upgrades and student accommodation in the fringe suburbs,” Hargreaves says. 

“K Road is well known for its diversity. It is lined with quirky boutique, cafes, art galleries and fashion designers. 

The New Zealand Film Archive has its library and exhibition space there,” Hargreaves says. 

“K Road is home to the Ironbank building, a visually stunning six-level retail and office development which includes an automated car stacker for 96 vehicles. 

“There is also a development of 65 apartments planned just around the corner at 8 Upper Queen Street, designed by award-winning Melbourne architects, to be built in 2017.” 

“All of this bodes well for the future of K Road, which will continue to be an important, vibrant part of Auckland,” Hargreaves says.  

“For all of these reasons, we expect to see city fringe properties continuing to sell quickly over the next five years to savvy investors. And once the CRL is open, the appeal of the city fringe will be obvious to all,” Hargreaves says.  

The property is being marketed through an expressions of interest campaign, closing October 3. ​

Read the NZ Herald story here​