34 Sale Street is situated in the recently renamed Victoria Quarter Precinct, which lies immediately to the West of Auckland’s CBD. The property enjoys a North Western aspect and is only minutes drive from the Northern, North Western and Southern motorways, as well as Victoria Park Market, Les Mills Gym, The Viaduct Basin, Ponsonby and the CBD.
Purchased 7 years ago with the intention of gaining a strategic foothold in a rapidly redeveloping part of town, the Group has progressively improved the cashflow from a changing tenant mix. In turn, that cashflow has provided us with the time to secure a Resource Consent for a substantial redevelopment of the property into a 6,200 sqm office building with associated car parking. A changing planning regime within this precinct which provided for two further levels was also a prime catalyst in increasing value in the property.
An unsolicited approach from an investment entity has resulted in the Group selling the property for ultimate redevelopment, whilst sharing in some of the unrealized development profit.