With Ponsonby and Herne Bay to the west and Auckland’s CBD to the east, a freehold standalone commercial property for sale with vacant possession in Hargreaves Street, just off College Hill in Freemans Bay, is ideally positioned for owner-occupiers, investors and developers.

Occupying a 304sqm site, the two-level building at 29 Hargreaves Street offers 495sqm of light and flexible office or showroom space configured as two independent tenancies, each with its own outdoor areas, and a total of four secure basement car parks.

Each floor is fully self-contained with access internally from the basement or directly from the Hargreaves Street frontage. The upper level has wooden floors, generous stud height, a mix of open plan and partitioned office space, a front balcony with city views and a private rear deck. The ground floor has polished concrete floors, a combination of open and partitioned areas, and a secluded private courtyard.

The circa-1960s building has a healthy 70 percent seismic rating.

James Were and Matt Gordon of Bayleys Auckland Metro team are marketing the property via a tender campaign closing Tuesday 20th May.

“This is a well-presented and versatile property in a highly sought-after location where property is tightly held. The area is seeing significant development off the back of the true city-fringe location close to the CBD, Ponsonby, and the thriving Wynyard Quarter, supported by a high level of amenity,” says Were.

“An owner-occupier could showcase their business and utilise both levels – perhaps as a live-work set-up with the necessary consents – or occupy part and benefit from cashflow off the other tenancy with the option to expand into that space in time.

“Alternatively, an investor will appreciate the two well-configured tenancies and the opportunity for a split-risk investment, underpinned by the valuable landholding in an evolving precinct likely to benefit from long-term capital growth and one where there is minimal vacancy.”

Were says another option could be to reposition the building as residential, with the favourable Business – Mixed Use zoning allowing moderate to high intensity development.

Given the layout of each floor and the convenient location, Gordon says the property would suit a wide range of businesses.

“It’s a great spot for creatives like advertising agencies or interior designers and would suit professional services providers like accountants, sole practice lawyers, architects or project management businesses.

“The appeal is amplified by the onsite basement parking, and there’s convenient motorway and arterial access.”

There are progressive projects in the immediate neighbourhood. Directly across the road is a premium storage facility in a building acquired by and converted for a Centuria NZ investment fund, along with a planned residential development by Krukziener Properties. The flagship headquarters for property advisory and management firm RCP, is two doors down the road in a recently converted building.