79 Wakefield Street, Auckland Central Under-developed CBD site with holding income

Available PropertyFiles:

  • /CT/
    • CT-WakefieldSt.pdf
  • /LIM/
    • LIM-Wakefield St 79.pdf
  • /Photos/
    • 79_Wakefield_Street_Auckland_CBD_original_1578630510.zip
  • /Property File/
    • PF.zip

Property Description

• Circa 513sqm building with approximately 443sqm site
• Under-developed site with 50m height limit & 8:1 MTFAR (according to the Auckland unitary plan)
• Projected holding income - $102,904p.a. net
• Located within (learning quarter) provides student-related opportunities
Bayleys Real Estate Ltd and Colliers New Zealand Ltd are pleased to offer 79 Wakefield Street, Auckland Central for sale by way of Deadline Private Treaty closing at 4pm on Friday 17th June 2022 (unless sold prior).
Located within the ‘Learning Quarter’, close by both The University of Auckland and AUT, this under-developed site with dual street frontage is ready for a new lease on life.
With favourable zoning parameters under the Auckland Unitary Plan (50m height limit and 8:1 MTFAR), this property is well suited for development or as an add-value or land-bank proposition.
Currently the property is made up of a three-level, mixed-use building on the Wakefield Street frontage and car parks on the rear of the site which can be accessed via Airedale Street.
The ground floor retail tenancy hosts V Market, a superette/dairy catering to local workers and the significant student population in the immediate area. The lower ground floor / basement is utilised by the superette for storage and incorporates a loading dock accessed via a roller door at the rear of the building. Residential accommodation makes up the first floor with 8 bedrooms, a common kitchen and bathroom facilities.
Holding income (projected to be circa $102,904 NET) is derived from the 8 car parks which are leased on a weekly basis as well as a singular commercial lease across the entire building with a final expiry date slated for 31st December 2022.
Land-bank, add-value or develop, this property is worth a look – call the sole agents for further information.

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Terms of Supply

The following information has been supplied to Bayleys Real Estate Limited (“Bayleys”) to be made available to any prospective interested parties for general information purposes only.
Bayleys and the Vendor do not warrant the accuracy or completeness of the information and recommends that all recipients make their own enquiries to their satisfaction in all respects and seek their own independent expert advice.

Contact Oscar Kuang

Oscar Kuang

Senior Broker, Asian Markets

09 375 7439   021 609 429   oscar.kuang@bayleys.co.nz   All Listings

Dedicating into commercial real estate industries for over 10 years, Oscar specializes in sale and leasing of commercial properties with proven sales & leasing track record.

His commitment of making a deal to both parties’ win-win situation through integrity, honesty and innovating thinking has gained him a professional reputation and an extensive client network.

With strong interest into history, social science and language, Oscar graduated with a Bachelor of Arts in the university of Auckland. Combining with his dynamic culture and multi-lingual, his worldview is enriched, and well-shaped by sustainability. He is an excellent communicator with fluency in English, Mandarin and Cantonese with a little in Spanish.

Oscar’s primary area of expertise is in assisting clients to optimize their investment portfolio sustainably through thorough market value analysis, prudent planning, and tailored sales/leasing strategies.

100% commitment, positive and integrity to deliver effective & efficient service is his implanted motto, and he strives to embrace any new challenges ahead.


Contact James Chan

James Chan

Director, Aisan Markets

09 375 8458   021 934 054   james.chan@bayleys.co.nz   All Listings

James Chan has been specialising in the sale of commercial property for nearly 30 years and is the first salesperson among Bayleys Real Estate’s nationwide commercial and industrial team to have achieved gross sales of more than $1 billion, placing him within an elite group of high achievers within the industry.

James is head of Bayleys’ Auckland-based international sales division, a team of multilingual salespeople specialising in servicing the property requirements of both offshore and local South East Asian investors.

James has been a top performing salesperson for many years, winning both Bayleys and the Real Estate Institute Salesperson of the Year (REINZ) awards on numerous occasions. Most recently, he was winner of Bayleys’ nationwide top auction agent award for 2011/2012; winner of Bayleys’ national top commercial and industrial salesperson award in 2011/2012 and runner up in 2012/2013; and runner up in REINZ national salesperson of the year award for 2011/2012. Bayleys Top Achievers status every years for the past 30 years.

Born in Hong Kong, James is fluent in Mandarin and Cantonese as well as English and says his “rich cultural base” gives him a point of difference in the marketplace. “I try to bridge the Kiwi and Asian way of thinking, acting as a mediator between the two. I always try and create an outcome that produces a win-win for vendors and buyers.”

In the time he has worked for Bayleys, James has built up a vast network of contacts both within New Zealand and throughout Asia. These not only include investors but also banks and financiers, lawyers, immigration consultants and other professionals. Due to "word of mouth" and as the result of numerous successful transactions over many years, James has built a level of trust and reputation which means clients personally seek out his advice.