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65-71 Federal Street, Auckland, New Zealand

2. Property Highlights

Unprecedented 55-storey CBD Development Opportunity
Bayleys Knight Frank is pleased to present an exceptional land development opportunity within New Zealand’s largest city and economic powerhouse.
 
Masterfully designed as part of an international design competition, 65-71 Federal Street has planning approval for a significant 55-storey residential apartment development that will redefine Auckland’s iconic skyline.
 
This is an extremely rare opportunity, offering more than double the developable floorspace of any other approved land holding in Auckland’s CBD to date. The consented development has a gross floor area of 47,560sqm and a height of 183m which makes it one of the tallest buildings in Auckland’s CBD.
 
65-71 Federal Street, Auckland is being marketed for sale by International Expressions of Interest closing at 4pm on Thursday 8th December 2022 NZST (unless sold prior).
 
For access to the Data Room, visit 65-71federalstreet.co.nz
 
Investment highlights include:
 
Prime, Central City Location
The property boasts a prime central Auckland City position and will be well-serviced by Auckland’s City Rail Link (CRL) upon completion. SKYCITY Auckland, the International Convention Centre (NZICC), and Auckland’s Waterfront are all within walking distance.
 
Existing Resource Consent In-Place
Approval is in place for a 55-level residential tower totalling 47,560sqm. The current design proposes 357 one-to-three-bedroom apartments, with the lower podium levels also incorporating parking for cars, motorbikes and bicycles and a 1,000 sqm marketplace at ground level.
 
Substantial Holding Income
The site is currently occupied by a 1980s-developed seven-storey car park building leased to Secure Parking New Zealand until April 2029, with a three-month surrender/termination clause in favour of the lessor. This lease is currently producing gross annual rental revenue of $1,450,000pa plus GST. Secure Parking, established in 1979, was acquired by Park24 in December 2016, a company listed on the Tokyo Stock Exchange. 
 
Scarcity of Alternative Development Opportunities
 
Central City development sites are rapidly becoming scarce, particularly those with resource consent and holding income in place. Significant work has been undertaken by the Vendor involving extensive consultation with Auckland Council and Mana Whenua and this has been rewarded with an industry-leading, very aspirational project for Auckland that unlocks the full potential of this site and connects it with the city’s past, present and future.

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3. Property Location

65-71 Federal Street, Auckland, New Zealand

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4. Due Diligence

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