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JLL are marketing 145 Karangahape Road, Auckland
A mixed-use investment property in an iconic CBD location is available for sale through Jason Armstrong of JLL.
145 Karangahape Road, in central Auckland was first built in the early 1900s and is a multi-tenanted opportunity. As the 1008sqm building sits on 446sqm of land moments from the top of Queen Street, its location arguably sees some of the highest foot traffic on Karangahape Road. The property consists of three levels currently split, to include two retail spaces, residential accommodation and office space.
The property currently has two retail tenants and income from an accommodation provider who rents space for short-term tenancies. The recently refurbished top floor is vacant office space complete with new kitchen and bathroom facilities. The space includes a high stud, pressed character ceiling panels and polished timber floors. It has plenty of warm, natural light and a floor area of 337sqm that would allow for a split tenancy or could be converted into inner city apartments or even into a ‘’New York Loft Style’’ live and work space. The annual net rental income is $304,609.00 p.a. with the vendor guaranteeing a three-year rental over the aforementioned vacant area, should a purchaser require a fully let property.
The two retail shops are at street level while an additional income stream comes from 10 recently and tastefully refurbished rooms done to a very high standard. These are located away from the noise on the level beneath, which have just been leased to a single tenant to accommodate AirBNB stays. This floor opens out onto a large courtyard. This extra land presents an opportunity to explore capitalising on further intensification of this site and also, having been well positioned, can take advantage of the generous development parameters in this Karangahape Rd Precinct, which brings with it scope to develop the property to a maximum height of 35m.
Once owned by The Auckland Baptist Tabernacle, the property has seen many colorful nights being on the well renowned ‘K’ Road. However, the area is changing. JLL agent Jason Armstrong says, “Karanagahape Road is becoming a popular location for quality restaurants and eclectic clothing stores selling designer and vintage items. It will also be the home of International electric car maker –Tesla, set to establish its New Zealand headquarters with a big glazed road front showroom, just down the street at 502 Karangahape Road.”
#Investment property for sale: mixed-use & multi-tenanted on iconic K-Road #JLL #Auckland https://t.co/uPujMxntN6 pic.twitter.com/SGcqGNcGp3— JLL NZ (@JLLNewZealand) June 24, 2017
#Investment property for sale: mixed-use & multi-tenanted on iconic K-Road #JLL #Auckland https://t.co/uPujMxntN6 pic.twitter.com/SGcqGNcGp3
A rejuvenation plan in the pipeline for Karangahape Road will see a major revamp set to start in 2018 with Auckland Council improvements said to be peak hour bus lanes, upgrades to the current street furniture, separate cycle way and improved landscaping.
One of the new train stations for Auckland CBD, forming part of the new City Rail Link, will be on Mercury Lane just off Karangahape Road. The City Rail Link project is expected to take five and a half years to complete and commenced in June 2016, so by 2022 Karangahape Road will experience more visitors with trains expected to allow for 30,000 people an hour at peak.
“Purchasers looking for a sound city investment in one of the most iconic Auckland CBD locations will view this as strategic acquisition play. The property has add-value components, multiple income streams and is located in what is a well-known, central area of Auckland that is reserved for further improvements to drive more people to the area. A developer may wish to capitalise on the ability to build up, or the property could remain as is to maintain the current charm of the existing bricks and mortar; a very rare market purchasing occurrence indeed.”
145 Karangahape Road is for sale by Expressions of Interest, closing 14 July 2017 at 4pm.