"This is a significant opportunity for an add-value investor, developer or owner-occupier to acquire a CBD property with abundant potential for future upside.
"The site's Business City Centre zoning allows for intensive mixed-use redevelopment, with permitted activities including residential, office, retail, accommodation or a mix of these.
"The property fronts one of the most aesthetically pleasing streets in the CBD, with a wide footpath and beautiful tree-lined verges providing a leafy, tunnel-like canopy above the street.
"It is located in a hub of arts and entertainment activity. Notable venues include the Aotea Centre, Auckland Town Hall, Q Theatre, Classic Comedy Club and the historic Civic Theatre."
Coburn says the wider area is poised to benefit greatly from the upcoming completion of the City Rail Link, which will create two new underground train stations within walking distance.
"This will add greatly to the existing transport amenity, which includes regular bus routes and excellent accessibility to motorways."
Jonathan Lynch, associate director of investment sales at Colliers, says the 436sq m building was built in the 1950s as a low-rise commercial development.
"The property comprises a standalone building with some 18m of street frontage. It sits on a largely regular-shaped site with a gently sloping contour.
"The 134sq m ground floor, mostly occupied by a chapel, is smaller than the upper level due to the contour of the site.
"The larger 232sq m first floor comprises a high stud, hardwood-floored community hall with a stage, along with a full kitchen
and bathrooms.
"The rear of the section comprises a deck and a 48sq m building used for Sunday school classes. The property also has 22sq m of storage space."
Investment sales director Tony Allsop says the property is on the western side of Vincent St, close to the Mayoral Dr intersection.
"Vincent St links Albert St with Pitt and Hopetoun St s, providing access to the Karangahape and Ponsonby quarters.
"While it is not as busy as the main arterials connecting with the motorway — such as Hobson, Nelson, and Pitt Streets — it does benefit from constant traffic throughout the day."
Allsop says surrounding development includes a mix of medium-rise 1980s office buildings and residential apartment blocks.
"The property is a short walk to the southern end of Queen St, which has a range of cafes, restaurants and bars.
"It is also about 450m from the future Aotea station, which is expected to be the most popular CRL station once completed, and 500m from Karangahape station in the opposite direction.
"The motorway network in northern, southern and western directions is a 320m drive from the property."
Investment sales broker Matt Plowman says there is a huge amount of activity in the area, supported by significant infrastructure investment by Auckland Council.
"Auckland's western CBD fringe is undergoing significant rejuvenation, development and growth.
"The success of the Victoria and Wynyard quarters demonstrates the demand for quality developments outside of the traditional CBD.
"One example of successful urban renewal in the area is the nearby City Works Depot, a cluster of trendy boutiques, cafes and businesses in a revitalised former council workshop."
Plowman says new opportunities will likely emerge once New Zealand Police move out of the premises they have occupied since 1967, at the corner of Vincent and Cook Sts.
"The nine-storey, 4500sq m Auckland Central Police Station will be repurposed for another use, likely bringing refreshed life to the immediate area."
