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Former apartment complex offers buyers blank canvas on CBD fringe

Expressions of interest are being sought as a prominent former apartment complex is put up for sale “as is, where is”, creating a unique blank canvas in one of Auckland’s most coveted city-fringe locations.

The former Ridge Apartments in Freemans Bay boasted panoramic views over the city and inner harbour and park-like grounds to the rear. Nestled between Ponsonby and Auckland’s CBD, the seven-level complex which once housed 33 apartments plus 60 car parks occupies more than 1,600 square metres of some of the city’s most sought-after land.

Now vacant and with various defects requiring remediation, the existing structure and freehold land have gone up for sale on the instruction of the body corporate. This has opened up a rare chance for a new owner to add value in a tightly held precinct identified by Auckland Council for intensive mixed-use development.

The area has in recent years seen numerous successful residential and commercial developments while upgraded offices in the precinct house prominent tenants such as MediaWorks, New Zealand Police, Alliance Print and Hynds.

The property at 23 Hargreaves Street, Freemans Bay, Auckland, is being marketed for sale on an “as is, where is” basis through Cameron Melhuish and James Were of Bayleys Auckland Central.

Expressions of interest are invited by Thursday 14 March, unless the site is sold earlier.

Melhuish said various reports were available to potential buyers as part of a due diligence package.

“With an approximate floor area of 4,675 square metres including car parks, the former Ridge Apartments complex provided spacious one, two and three-bedroom units, most with decking. Apartments ranged in size from some 58 square metres to 145 square metres.

“With the individually unit-titled apartments now vacant, the vendor intends to collapse the unit title plan and provide the buyer with a single freehold title at settlement,” said Melhuish.

The site’s flexible and intensive Business – Mixed Use zoning provides buyers with a wide range of possibilities for future use, including office, retail, residential, or a mix.

Were said this would maximise the options available to a new owner looking to take advantage of the existing structure and add value in what is a highly sought-after location.

“Bordering Auckland’s central business district, and neighbouring the affluent suburbs of Ponsonby, Wynyard Quarter, St Marys Bay and Herne Bay, this is some of the most prime real estate on the city fringe.

“Nearby is the popular concentration of cafés and restaurants on Ponsonby and Jervois roads, while to the east is the quickly developing Victoria Precinct which is also home to numerous notable restaurants and bars.

“With its high-profile position fronting Hargreaves Street, the property for sale is just off College Hill, a main link into the Auckland CBD. The area is exceptionally well served by public transport and both north and southbound motorway on and off ramps are around 500 metres away,” said Were.

Click here for more information on the listing.

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