A commanding CBD site consented for a multistorey visitor accommodation or hotel development is up for sale at one of Auckland’s most prominent intersections.

The freehold property at the corner of Hobson and Cook Streets is a short walk from city landmarks such as SkyCity, the Aotea Centre, and Aotea/Te Waihorotiu Station, projected to be New Zealand’s busiest train station when it opens as part of the City Rail Link (CRL).

The site is being offered for sale with an existing resource consent for an 11-storey (plus basement) complex with 138 apartment-style hotel rooms over 10 levels, ground-floor hospitality and amenities, plus further amenities and parking in the basement. Consented rooms range in size from 19 to 49 square metres.

Two existing buildings on the more than 800-square-metre site are partly tenanted. These return a total annual net holding income of $180,000 plus outgoings and GST from tenants operating a Korean-focused supermarket and a dance studio.

The leases include redevelopment/termination clauses enabling new owners to end them at six months’ notice.

The freehold land and buildings at 161-169 Hobson Street and 43 Cook Street, Auckland Central, are being marketed for sale by Matt Lee, Owen Ding and James Chan of Bayleys Auckland Central.

The property will be sold by way of an international tender closing on Friday 30 May, unless it is sold earlier.

Lee said the landholding spanned some 809 square metres across two freehold titles.

“The approximately 602-square-metre Hobson Street title underpins a three-level 1980s building of some 1,423 square metres with 17 basement car parks. The ground floor is occupied by imported food outlet Royal Save Mart.

The Cook Street site, spanning some 207 square metres, is home to a two-level building constructed circa 1970 with an estimated floor area of 221 square metres. This is fully occupied by a dance studio on a monthly lease.

“The exceptional CBD location with significant frontage on Hobson and Cook streets ensures maximum visibility and accessibility for present and future occupiers. As a key multi-lane arterial feeding traffic from the city centre onto the motorway network a few hundred metres away at ‘Spaghetti Junction’, Hobson Street carries some of the heaviest traffic volumes in the city,” Lee said.

The site for sale sits in the Business – City Centre zone under Auckland’s unitary plan.

Ding said this enabled the city’s greatest intensity of development, with an eye to fostering an international centre for business and learning, innovation, entertainment, culture and urban living.

“Future residents or commercial occupants here will be ideally positioned for connectivity to the city centre, urban amenities and transport networks. This location boasts a vibrant mix of entertainment, dining, and hospitality options attractive to visitors and locals.

“It has given rise to numerous building conversions and new residential projects. Ongoing infrastructure investment and enhancements will continue to elevate the area’s appeal.

“On-ramps to the Northwestern and Southern Motorways are a short drive away and the area is well-served by public transport. Once the CRL is complete, both Aotea and Karangahape Stations will be within walking distance,” said Ding.

Chan, who heads Bayleys’ Auckland-based international sales division, said this world-class connectivity facilitated easy travel across the city centre and greater Auckland region – a vital consideration for future visitor accommodation at the site.

“The proximity to two new CRL stations in particular will be a key future advantage, further strengthening the area's accessibility and desirability.

“The entrance of Te Waihorotiu station, also known as Aotea Station, will be within a four-minute walk of the site for sale.

“The CRL will help unlock additional high-density residential capacity and generate urban renewal – as demonstrated by other well-designed, high-quality rail infrastructure initiatives such as the Britomart Transport Centre, which has given the surrounding area a significant boost,” Chan said.