A mixed-use portfolio of four city centre properties offers flexible buying options for investors, owner-occupiers, or those seeking a unique hybrid work/live pad.

The quartet of units on Vernon Street comprises a versatile character office and three spacious two-bedroom terraced apartments.

The fully self-contained ground-floor office is being promoted as a funky CBD base for new business occupiers, including work/live operators. The apartments above are well-appointed with outdoor living at both levels.

Each property is separately titled, creating various possibilities for buyers.

Bayleys salesperson Cameron Melhuish said buyers could acquire just the office, just the apartments, or all four properties.

“Purchasers of the full package will have options to suit various needs: rent out all four properties and enjoy a diversified cashflow; occupy the office with a trio of residential income streams from the units upstairs; or choose an apartment as an inner-city pad and earn income from the balance of the properties.

“A buyer of just the office will be able to occupy or lease this space, whose self-contained amenities make it ready to also double as a residential pad. Buying the three apartments also presents options – to rent them all out, or occupy one and rent out the rest.

“The multiple tenancies offer an attractive diversification of income streams for investors,” Melhuish said.

The properties at 2A-2D Vernon Street, Auckland Central, are being offered for sale through Melhuish and colleague James Were of Bayleys Auckland Central.

They will be sold by way of a tender closing on Tuesday 1 July, unless sold prior.

The four unit-titled properties have a combined floor area of some 326 square metres. Each comes with one secure car park.

The boutique office at 2A Vernon Street offers some 111 square metres of character space, with a versatile open-plan ground-floor work area, kitchen, laundry area, and architecturally designed bathroom. A mezzanine level houses a boardroom and offices. This level can also be used as one or two bedrooms.

“This is a funky character space with good stud-height, polished concrete floors and exposed painted steel beams. Well-appointed amenities balance this style with practicality and the ability to create something special as a pad to work and live in the heart of the city,” Melhuish said.

The structure has an Initial Evaluation Procedure seismic rating of 72 percent of new building standard.

The terrace house-style residences at 2B, 2C and 2D Vernon Street each span between some 81.5 and 90 square metres. Each has a living/dining area with adjoining kitchen and a laundry cupboard area which opens off the kitchen at the lower levels. All have decks off the living/dining area. The upper levels contain two bedrooms with ensuites.

The four properties for sale sit within the City Centre zone, the top of the centres hierarchy under Auckland’s unitary plan.

Were said this permitted wide-ranging activities, with a view to fostering an international centre for business and learning, innovation, entertainment, culture and urban living.

The sale of the Vernon Street properties offered buyers a rare mixed-use opportunity in the highly coveted and tightly-held Victoria Quarter, he said.

“Once the industrial hub of early Auckland, this is now home to an eclectic mix of historic buildings and commercial activities. Sitting on the periphery of the core CBD retail hub, the area is developing a strong hospitality offering, particularly in and around Drake and Sale streets and the redeveloped Victoria Park Market.

“During the day, it caters to the large number of commercial tenants in the area, and at night, residents and visitors. It is a gateway to both the City West and the Waterfront areas.

“A commercial surge is occurring along Sale Street with various large-scale developments nearing completion and notable new occupiers confirmed, including Vocus Communications, AA Insurance, and the global advertising giant WPP, joining existing occupiers such as ACC, Trade Me, and Sweat Shop Brew Kitchen. In a purpose-built facility one block over on Victoria Street is media company NZME.

“The properties for sale are also near the restored and repurposed City Works Depot, now home to a hub of popular hospitality offerings, beauty, fashion and home décor boutiques, and the marketing and media powerhouses Augusto, Y&R and Bauer Media,” Were said.