Billed as a rare opportunity to acquire a premium slice of Auckland's waterfront with some of the best views in the CBD, a fully leased modern office investment property adjacent to the Hilton hotel at the end of Princes Wharf is for sale.

Occupying a prime north-facing harbourside position in Shed 24 at 143 Quay Street, Auckland Central with views over the Waitematā Harbour and out to the Hauraki Gulf, the elevated and private single level circa-496sqm office unit has an additional 95sqm exclusive-use deck.

The unit has a generous stud height and timeless fitout and offers a flexible mix of open plan and partitioned workspace including meeting and boardrooms. It is immaculately resented and leased to an established tenant on new terms.

Project management firm Expedite Projects Limited, which also has offices in Wellington and Sydney, has committed to a new three-year lease for the entire floor, having occupied part of the premises in recent years.

The property returns net annual income of $219,400 plus GST with fixed annual increases built-in to the lease.

The mixed-use development on Princes Wharf is on leasehold land, with pre-paid ground rent out to September 2095 providing long-term security for owners.

The property is for sale by tender closing 22nd May, unless sold prior, with the campaign spearheaded by Damien Bullick and Alan Haydock of Bayleys Auckland Metro team.

With hands-off passive income and built-in growth from fixed annual rental increases, Bullick says the property is an ideal investment vehicle for a passive buyer wanting to add to an existing portfolio, or kickstart a new one with funds coming off term deposit.

“Waterfront property always has allure for investors and while this offering is leased, there is also future occupation potential given the length of the lease so owner-occupiers looking a few years out could find value in this superbly located and generously proportioned unit.

“Pure investors will recognise the leasing appeal and the inherent business advantages for occupiers looking to attract/retain staff and woo clients as the pivotal position of the property makes it seem like being at the prow of a cruise ship.

“It’s a property that has options for a range of buyers, and having had a solid leasing history, the property has proven traction with the occupier market.”

Princes Wharf has a high level of amenity in itself with (paid) car parking available, and is just a short walk from the Viaduct Harbour, the Wynyard Quarter, Commercial Bay and the Auckland Ferry Terminal.

Haydock says once the City Rail Link (CRL) opens, the connectivity advantages of the location will be further enhanced.

“It’s already an easy walk to Waitematā (Britomart) railway station and will be around a 15-minute stroll to the Victoria entrance of the new midtown Te Waihorotiu Station which will open as part of the CRL.

“Princes Wharf is a convenient and strategic location, well connected to other CBD precincts and sought-after by businesses wanting a prestigious address.”