Residential Use Among Options Mooted For Versatile CBD Office

Residential conversion is among the possibilities mooted for a versatile commercial unit now on the market in one of the Auckland CBD’s original high-rise office buildings.

The self-contained unit for sale sits on the fourth floor of the commercial building at 17 Albert Street. Constructed between 1973 and 1976, the 14-level structure at the intersection of Albert and Wolfe streets is a prominent example of the city’s 1970s-era office towers.

Now strata titled into 51 freehold units with extensively upgraded building amenities, the building’s occupancy has diversified into mixed uses – blending retail, residential and office accommodation.

Unit 3B, 17 Albert Street is now being marketed for sale by tender closing on 16 March (if not sold prior), through Bayleys Auckland Central.

Salespeople Phil Haydock and James Were said the freehold strata-titled unit had a floor area of approximately 158 square metres.

“Unit 3B is positioned on the fourth floor of the building, after counting the mezzanine level, and is fully self-contained with its own bathroom and kitchen facilities. It is air-conditioned and enjoys good natural light,” said Mr Haydock.

“The unit is currently configured with a well-balanced mix of open-plan space and meeting rooms, as well as storage and administration areas.

“However, it would lend itself well to a wide variety of uses and configurations. As such, it presents attractive options for new tenants, owner-occupiers and add-value investors – including possible conversion to residential accommodation or a CBD live/work arrangement,” said Mr Haydock.

The property for sale has an A-grade Initial Evaluation Procedure seismic rating of 82 percent of new building standard.

Mr Haydock said access to the unit was via a lobby off Albert Street, which contained three centrally-positioned lifts servicing the building.

“The property has a proactive body corporate which continues to upgrade building amenities. The main entrance and lobby areas have recently undergone a high-quality refurbishment, resulting in a well-appointed and welcoming introduction to the building. A striking new mural has been added to the northern wall, by acclaimed New Zealand artist Sarah Hughes,” Mr Haydock said.

The artist was renowned for creating prominent public works, including examples next-door in the lobby of the 39-level ANZ Centre and, most famously, across the exterior of the NZ International Convention Centre, said Mr Haydock.

Mr Were said the Albert Street building’s ground floor housed retail units, with the levels above evolving into a mix of residential and office accommodation.

“This building’s evolution mirrors a wider Auckland CBD story which has seen a number of successful office-to-residential conversions in recent years,” said Mr Were.

In line with international trends, Auckland CBD’s residential population has grown rapidly – six times faster than the rest of the region, according to Statistics New Zealand – and is tipped to reach at least 75,000 by 2027.

Unit 3B, 17 Albert Street is zoned Business – City Centre under the Auckland Unitary Plan.

Mr Were said the property benefited from a superb downtown CBD location, a short walk from the retail and entertainment attractions of Commercial Bay, the waterfront, the Britomart precinct and Queen Street.

The surrounding area was also home to some of Auckland’s most prestigious office towers, including the ANZ Centre and the new PwC Tower at Commercial Bay, he said.

“Occupants of the Albert Street property will also enjoy some of the city’s best transport connections, with motorway onramps nearby – along with multiple public transport options to locations right across the city,” Mr Were said.

“The Britomart Transport Centre, a key inner-city hub of the rail and bus networks, and the downtown ferry terminal are both a five-minute walk away. In addition, the new Aotea Station, part of the City Rail Link, will be a short walk away, up Albert Street.”

Click here for more information on the listing.

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