Hobson St building has consent for high rise

Artist's impression of proposed retail and apartment complex planned for 201 Hobson Street, in the Auckland CBD.

An Auckland CBD commercial office building is for sale with granted resource consent for a high rise development that would comprise 60 residential apartments above street level retail outlets.

The 201 Hobson St property, comprises a 563 sq m freehold site zoned Strategic Management Area 3 with two street frontages, and is located on the western fringe of Auckland's central business district.

"A new owner will have the option of demolishing the existing building and constructing a new building or leave the space as-is as a passive investment," says John Binning, JLL's director of capital markets who is selling it by expressions of interest closing on June 11.

Development plans for the granted resource consent show a 4516 sq m, modern, 12 storey building with 476 sq m of ground floor retail space housing two commercial tenancies and nine car parks.

"The upper levels would provide superb views for apartment residents over the Auckland harbour," Binnings who says conditions are good for apartment developments.

The property at 201 Hobson St as it is now.

"Triggered by better economic conditions, there is long-term stable demand for accommodation in Auckland due to a combination of a growing population and the increasing acceptance of apartment living as a viable accommodation option," says Binning.

He says that investors decided to leave the building as an investment property, the potential income when fully occupied, would be $304,277 per annum.

Artist's impression of proposed retail and apartment complex planned for 201 Hobson Street, in the Auckland CBD.

The building at 201 Hobson Street is a four level 1246 sq m character commercial office building constructed in the early 1930s.

"The property has been recently refurbished to a good quality standard while retaining its character accommodation throughout," Binning says. "It consists of three storeys of office space with tenancies ranging from 100 sq m to 325 sq m, plus a basement car park providing 22 spaces."

Heritage features include exposed brickwork, concrete beams and a mix of polished wood and concrete floors. Dual street frontage increases its attractiveness with access from an inner city lane along with rear entry to the secure basement car parking facility.

The new property will form part of the City Centre Zone under the Proposed Auckland Unitary Plan (PAUP). The plan enables the greatest intensity of development to occur in the city while protecting important heritage sites, sunlight admission to public spaces and significant views to distinctive landmarks. This zone permits a wide range of activities and is designed to maintain and enhance the vibrancy of the city centre.