"Because of its history, the building holds significant heritage value in reflecting New Zealand's developing role as a processor of raw materials from other countries, forming an important part of the colonial trade," Binning said.
The New Zealand Police took over the lease of the building in 1961, and it was the Wharf Police Station up until 1993.
Buildings in the Britomart area endured a period of neglect in the 1980s and 1990s before the Historic Places Trust gave formal heritage protection to the Custom St and Quay St areas of Britomart.
"A re-establishment programme and master plan for Britomart allowed construction of seven environmentally friendly new buildings and included the refurbishment of 18 heritage buildings -- one of which was 102 Quay St," Binning said.
"The interior of this building has great importance, giving an insight into the organisation and appearance of the 20th century workplace."
In 2009 the building underwent full but sympathetic renovations. The northern section retained the original police offices, strongroom and mahogany partitions which now form part of the pub's new bar.
The middle section containing a 1920s toilet block and courtyard have also remained "as is" while the southern section, originally the sugar store and cart dock, has been refurbished in a modern style.
The roof and ceiling were demolished and the area now has a mezzanine floor with an outdoor rooftop terrace.
Binning said Brew on Quay was a popular venue known for its friendly restaurant and bar service.
It was a well-established tenant with an 11-year lease for the 377.42sq m premises until June 20, 2025 and an eight-year right of renewal, giving the lease an expiry date of June 2033.
The property earns annual rent of $220,000 and the lease has two-yearly rent reviews tied to market rates, the next on July 1, 2017.
"Brew on Quay has two Victorian style private rooms each seating up to 20 people, and a mezzanine roof top bar, the only one of its kind in Auckland," Binning said.
"The bar offers 102 varieties of beer focusing on a selection of the best brews from around the world along with a menu of fine food.
"Adding value to this asset is that the ground rent has been paid on this 341sq m site for the next 40 years until 2054."
The building is on the edge of the Britomart precinct, on the high profile corner of Quay St and Britomart Place and has access from three streets including Tyler St.
"Quay Street has the second highest traffic count of Auckland's arterial routes and the Britomart railway station is a one minute stroll away," Binning said.
"The location is ideal for a commercial property as Britomart has become one of Auckland's most vibrant commercial, retail and entertainment districts, supported by the thousands of visitors and residents who pass through it daily.
"A recent census survey for the Auckland Harbour area, which includes the Britomart precinct, showed a 61.2 per cent or 1710 person increase to reach 4503 people since a survey in 2006.
"Last year, Auckland Transport estimated that public transport patronage for Britomart, which includes rail, bus and ferry, reached about 35,000 people a day.
As well, a recent pedestrian count for the area indicated that around 800 people an hour passed key nodes in the precinct -- up 36 per cent from the year before."
The increasing resident and visitor numbers had been the catalyst for several new locations to be redeveloped.
"Four main sites have been selected including the Britomart Central, Galway St, Tyler St and the Seafarers Building," he said.
Plans for further retail, office and apartment development on the other sites had been announced, and would be completed as demand required it.
Binning said the Britomart area supported more than 100 businesses and had the region's largest rail and ferry hubs, as well as numerous restaurants, bars, cafes and boutique shopping outlets.
