Peterken says historic commercial buildings are often seen as trophy investments, which explains their popularity among investors.
"The problem for investors is the limited supply of such buildings — you obviously can't build a heritage building.
"There is strong tenant demand for well located, well presented, functional character buildings.
"Freehold heritage buildings are particularly difficult to acquire, as many of them are strata titled with multiple owners. Examples include the strata-titled Dilworth Building at the corner of Queen and Customs, the South British Building on Shortland St and the St James Building opposite the Auckland Art Gallery."
Southbourne Holdings says: "This is a fantastic opportunity to own and work with one of Auckland's iconic landmark properties.
"It has so much potential and we look forward to working with new and existing tenants during the process."
While the building remains in good condition, it needs active management to retain and attract the best tenants.
The General Building was originally built for the Yorkshire Insurance Company, which requested fine and ornamental detail. Its Chicago-style architecture, ornate lobby and exterior detailing make it arguably Auckland's most revered heritage office building.
Chicago-style buildings are typified by their steel frame construction, large windows in a grid configuration, and limited exterior ornamentation, all of which the General Building displays.
The 10-level building is set on a 771sq m site with a gross floor area of 6770sq m and a net lettable area of 5486.5sq m.
With typical 578sq m floorplates, the spaces can be easily split into one to four tenancies capable of accommodating five to 60 people. The property also boasts a good NBS rating, having undergone seismic strengthening in recent years.
The General Building has been home to some of New Zealand's finest lawyers, and continues to boast many leading legal practitioners among its tenancies.
