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Commercial and residential offering for sale in Sale St

Tags: Commercial

A substantial mixed use building on Sale Street in Auckland’s CBD containing fine dining restaurant Clooney and a five-bedroom penthouse apartment is for sale.

Located on a 489 sq m site at 33-35 Sale St, the 1275 sq m building has a mix of hospitality, character office and residential tenancies which are currently producing total annual rental income of $372,062 plus GST.

“This a superbly presented standalone freehold property with a building that has been meticulously refurbished and added to over its lifetime and which has a favourable Grade A seismic rating,” says Cameron Melhuish of Bayleys’ Auckland City & Fringe team. “It provides an opportunity to acquire a substantial multi-tenanted investment in the CBD’s thriving Victoria Quarter precinct.”

Melhuish is marketing the offering, featured in Bayleys’ Total Property portfolio, with Matt Gordon by tender closing at 4pm on Wednesday April 10, unless sold prior

Clooney occupies 569 sq m on the lower areas of the building. There is a private dining room with amenities in the basement with the main restaurant and bar area above, at ground level (pictured).

“This striking high stud space has been elegantly fitted out in keeping with Clooney’s well-earned reputation as one of Auckland’s leading fine dining restaurants,” says Melhuish. The restaurant has further mid-level space comprising staff rooms and a preparation area plus bathroom amenities.

Clooney was established on the premises in 2006 by restaurateur Tony Stewart who still owns and manages the restaurant. It is currently on an eight-year lease with two five-year rights of renewal which if exercised would take its occupation through until 2031.

The first and second floors of the building consist of character office space, also with a high stud, exposed building services and polished concrete floors. Level 2 has been subdivided into four tenancies with bathroom and kitchen facilities shared.

The office accommodation has two leases to Spacific Year Books until March 2022 and Skyward Apparel until mid 2020. There is a vendor underwrite on 218 sq m of vacant office space for a year from settlement which offers an add value opportunity for the next owner, Melhuish says.

The two penthouse levels comprise a 330 sq m apartment with panoramic central city views. Its five bedrooms each have an ensuite, with the large master bedroom also having a walk-in wardrobe. There is also a study, living room, open dining, kitchen and family room, laundry and guest toilet. A substantial amount of decking across both levels looks out over Victoria Park Market to the Auckland Harbour Bridge.

“Completed to a very high standard, the apartment is currently rented out on a periodic tenancy at $1700 a week, providing an attractive cashflow,” says Gordon. “Alternatively, it would make a premier inner city pad for an owner occupier who could draw income from the commercial space or potentially occupy the office accommodation as well.”

The apartment comes with a secure internal car park accessed via a roller door at street level. A lift services all levels, with swipe card access to each level.

Gordon says the property is conveniently located on the doorstep of Auckland's CBD with other award winning restaurants plus gyms, parks, the waterfront and public transport links all located a short walk away.

“Sale St is becoming quite a sought after address with a wave of new commercial and residential development along the street which has followed on from Tournament Group’s highly successful City Works Depot redevelopment of Auckland City Council’s former workshops into character food and beverage, retail and office space.

“The location will continue to grow and flourish with this property offering a high quality investment opportunity or a stunning central city apartment with supplementary income.”

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