K’Road precinct energy meets CRL connectivity

With the City Rail Link set to open later this year, investor attention is intensifying around the precincts expected to benefit from the country’s largest infrastructure project with this growing momentum driving strong interest in a well-performing commercial asset on the Auckland CBD fringe.

Located directly opposite the Beresford Square entrance to the new Karanga-a-Hape Station, four strategically-positioned freehold retail units known as G01–G03 and G05 at 70 Pitt Street provide approximately 278.4sqm of lettable area across separate titles, supported by four secure car parks.

The offering is fully leased, generating $119,315 in net annual rental income across three retail tenancies. Subway has occupied its premises since 2014 and holds renewal options extending to 2038, underpinning long-term income security. The remaining space is leased to a convenience store, and a specialty continental supermarket which spans two units, with these tenants also on substantial lease terms.

The retail premises are at street level of the Chatham building which comprises three levels of basement carparking and 11 levels of residential apartments. The Chatham Apartments feature a restored Edwardian-era façade from the early 1900s combined with a residential development above, with the building upgraded in 2009. The site is zoned Business – City Centre.

The retail units are within easy walking distance of Queen Street and the wider city centre and will be sold as one lot by deadline private treaty closing Thursday 18th June, unless sold prior, through Kate Kirby and James Were of Bayleys.

Kirby says the properties’ strong leasing history, proximity to the eclectic and fast-evolving Karangahape Road precinct, and the connectivity boost to be unlocked with the opening of the City Rail Link (CRL) collectively strengthen the asset’s appeal and long-term stability.

“These retailers have continued to trade well despite the disruption caused by construction of the new Karanga‑a‑Hape CRL station. Their steady performance through this period shows the strength of the local customer base and the everyday demand in the area.

“The ‘grab‑and‑go’ nature of the retail offerings has been a good fit for nearby apartment residents and local workers who rely on quick food and essential items. Once the CRL opens, the increase in foot traffic from commuters is expected to lift this demand even further, supporting ongoing tenant performance.”

Globally, commercial property within mixed‑use precincts around rapid‑transit hubs continues to perform well, and the improved connectivity delivered by the CRL is expected to lift demand for assets located close to Auckland stations.

“We’ve noticed a real increase in enquiry from investors, with many looking to secure opportunities ahead of the CRL opening. It’s one of Auckland’s most significant transport upgrades and will create new momentum in areas that were previously undervalued or overlooked,” says Kirby.

“K’Road offers a lively mix of cafés, restaurants, nightlife, and cultural venues, with the wider Auckland CBD only a short walk away. This walkable lifestyle is a major draw for professionals, students, and tenants who value convenience and energy, and Pitt Street is a natural extension of this.

“Myers Park is also nearby so the blend of urban living with nearby open space creates a balanced environment that stands out in the CBD market.”

Also for sale by the same vendor, as a separate lot through Bayleys, is Unit G06 which is an approximately 72.3sqm freehold commercial unit accompanied by 29 covered, secure car parks on a single title. The commercial unit is occupied by a Body Corporate manager’s office and returns a net annual rental of $17,230 plus GST. The car parks are leased individually and each return around $70 plus GST per week.