College Hill commercial with edge and upside

A high-profile commercial investment on the doorstep of Auckland’s CBD is being brought to the market, presenting investors and forward-thinking owner-occupiers with an attractive opportunity underpinned by a long-standing flagship retail tenant with enduring street appeal, Bayleys brokers say.

Bayleys Auckland Metro senior director, Alan Haydock, together with colleague Damien Bullick, is marketing the freehold property at 3 College Hill in Freemans Bay for sale by tender, closing at 4:00 pm on Tuesday, 14th April 2026 (unless sold prior).

Comprising a refurbished two-level character building spanning 592sqm (more or less), the property generates a net annual income of circa $180,691 plus GST from two established tenancies, with future flexibility underpinned by favourable lease structures.

Positioned just metres from the iconic Victoria Park, Wynyard Quarter and the new Cracker Bay precinct at Viaduct Harbour, the standalone premises occupy a 276sqm (more or less) site within the Business – Mixed Use zone. This increasingly desirable planning framework supports a blend of commercial and residential intensification in line with Auckland’s ongoing urban consolidation.

Haydock says the offering aligns closely with current investor preferences, where well-located, income-producing assets with minimal near-term capital requirements are attracting renewed attention.

“Across the market, we’re seeing a gravitation toward turnkey investments in premium locations, particularly those with underlying versatility,” he says.

“The subject property at 3 College Hill delivers immediate income from established tenants, while the lease profile creates a defined pathway for repositioning, owner-occupation or future redevelopment. That combination is increasingly difficult to secure at an accessible price point.”

The ground floor is leased to Boardertown, an iconic skate, snow and streetwear retailer that has occupied the premises since 2013, using the space as its Auckland flagship. The tenancy extends into the basement, which provides customer parking and additional storage.

Above, a 250sqm (more or less) character office tenancy occupied by an award-winning creative studio, One to One Hundred, providing high-stud pitched ceilings, exposed timber trusses and abundant natural light via multiple skylights, alongside modern amenities including meeting rooms, boardroom space and end-of-trip facilities.

Bayleys Auckland Metro associate director, Damien Bullick, says the dual-tenancy profile provides both income diversification and strategic flexibility, given that both leases expire in 2027, with one tenancy offering a further right of renewal.

“The relatively short-dated lease profile is a key feature,” Bullick says. “It provides holding income in the near-term, whilst offering purchasers the ability to reposition the asset in line with their own requirements – whether that’s full or partial occupation, rental uplift, or longer-term development in line with the evolving community.”

The property sits within a rapidly advancing pocket of Freemans Bay, where commercial demand is being reinforced by significant residential investment and amenity uplift.

Notably, nearby development activity includes a major residential project by NZX-listed Precinct Properties, reflecting growing institutional confidence in the wider city-fringe environment.

“This part of the city is seeing meaningful transformation,” Bullick says. “The convergence of high-quality residential development, hospitality amenity, and proximity to the CBD and waterfront continues to underpin occupier demand and long-term value.

“These types of properties are retained for long periods. For buyers seeking a foothold in a proven city-fringe precinct, with both income and future flexibility, it doesn’t get much better.”