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Affordable Unit In Well-connected CBD Location

17 Albert Street.

Commercial occupiers reassessing their office space requirements in light of changing economic conditions and those seeking a blank canvas to create a customised city apartment, are expected to be tempted by a strata titled unit that is for sale in Auckland’s CBD.

The 194.25sqm northwest-facing corner unit is on the ninth floor of the 14-level building on the corner of Albert and Wolfe Street, which has a mix of ground floor retail and upper level commercial and residential occupiers.

Phil Haydock, Polly Markus and James Were of Bayleys Auckland are marketing the now-vacant unit on behalf of its Auckland-based vendor who has owned the property for around 25 years and until recently, had the same tenant in-situ for 14 years.

Haydock said the unit is in a prime position to leverage off the new Commercial Bay mixed-use development which includes a three-level retail precinct with a laneway design filled with global flagship brands and a diverse range of food and beverage offerings.

It is also within walking distance to the Viaduct Harbour, Britomart and the soon-to-be-built Aotea Station which will form part of the City Rail Link network.

The property has a Business-City Centre zoning and will be sold by Deadline Private Treaty, closing 4pm, Tuesday, 15 th September.

The unit, which has its own bathroom facilities including a shower, occupies around a quarter of the space on the ninth floor and is accessed by one of three passenger lifts in the recently-refurbished lobby which is at the Albert Street frontage.

Currently configured into a workable mix of open plan and individual offices, it’s a versatile unit with a generous footprint that lends itself to any number of different layouts.

“This is an affordable commercial premises with genuine add-value potential for a live-work situation, functional office premises for a small to medium business or complete residential conversion,” said Haydock.

“It’s corner position within the multi-level building gives it north-facing harbour views and good natural light and sun – both desirable traits in an office environment, or a residential context.

“There have been recent smart residential conversions within the building and in terms of location, this building is well-positioned to offer streamlined commute and recreational options once key infrastructural works in the heart of the city are completed.”

The unit has a rating valuation of $600,000 and Markus said this will place the property firmly into the affordable category for investors or owner-occupiers.

“The sub-$1 million market remains active and for many commercial occupiers, the COVID-19 situation has solidified their resolve to take control of their physical space and not be beholden to a landlord,” she said.

“Those commercial occupiers can take advantage of historically-low commercial lending rates and secure an office space that is strategically-placed in what will be one of the better connected and sought-after parts of Auckland’s CBD.”

The proactively and well-managed building is known as One Seven Albert and was built in the 1970s, before being strata titled into 51 freehold units at a later time and undergoing refurbishments.

It is located at the waterfront end of Albert Street where the recently-opened Commercial Bay precinct has redefined the look and feel of the former Downtown area adjacent to the waterfront.

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