A landmark building that occupies a high-profile position opposite The Aotea Train Station in Central Auckland is being presented to the market for sale and offers buyers the opportunity to acquire a character building ripe for hotel conversion.

Sitting at 15-31 Wellesley Street West and 39 - 41 Elliott Street, the T&G Building is held in two contiguous freehold titles and covers 1,783sq m of land area with 6,368sq m of floorspace.

The property is nearly fully occupied and returns NZD $4.3 million in net passing income.

The current tenants include a diverse mix of food and beverage establishments, nine retail outlets, a backpackers hostel, and 70 managed apartments.

The property has a 67 per cent NBS rating based on a detailed seismic assessment that was completed last year.

The highly visible corner location is moments from Queen Street and the property boasts 86m of street frontage.

The T&G Building is directly opposite the Aotea Train Station - part of the $5.5 billion City Rail Link.

The City Rail Link is New Zealand’s largest public transport project and Aotea Train is expected to handle 54,000 passengers per hour – making it New Zealand’s busiest station when in opens in 2026.

In the near future, Malaysian Resources Corporation Berhad are set to commence development on a $600 million, 21-level mixed-use tower above the station.

The wider development includes the restoration of the adjacent Bledisloe House and the creation of a new laneway featuring a premium hospitality offering.

Adding to the ongoing infrastructure development nearby, the New Zealand International Convention Centre is set to open next year and is only 250m away on Hobson Street.

Blair Peterken, Director of Capital Markets at Colliers, and Henry Thompson, an investment sales specialist from Whillans, have been jointly appointed to market the property for sale via tender closing 4pm on Wednesday 26 June, unless sold prior.

Constructed in 1910, the T&G Building is split between a lower ground level on Elliott Street, housing the popular Elliott Stables food court, with a mezzanine level of commercial showroom accommodation above.

Nine ground floor retail shops are located on Wellesley Street West.

Levels 1-3 and the corner turret on Levels 4 and 5 contain the character apartments.

A backpackers hostel is located on Level 4 and it has its own separate entrance and lift off Wellesley Street.

The property includes access to 10 car parks that are in a central courtyard via a right of way from Albert Street.

Peterken says having the chance to acquire the T&G Building presents a once-in-a-generation opportunity to secure a landmark property below replacement cost.

“This is one of the most eye-catching buildings in central Auckland and is located in an enviable position,” Peterken says.

“There is a storied history attached to the property from its beginnings as a warehouse through to further development in 1928 when the building was purchased by the Temperance and General Mutual Life Assurance Society (T&G) for its Auckland branch.

The company remodelled the building and added its distinctive tower.

“When completed in 1930 it enjoyed a prominent position as one of Auckland’s tallest structures and remains a key piece of architecture in the CBD.”

Thompson says while the property provides excellent income diversity from a range of different sources, the building could be converted into a new heritage hotel and hospitality offering.

“The T&G Building offers excellent long-term development potential given the existing character façade, high stud ceilings and its location at the centre of Auckland’s cultural and entertainment precinct. Hotels, build-to-rent developments, and apartments are all permitted under Auckland’s Unitary Plan.”

“With average room sizes of 40sqm, nearly double standard hotel room sizes, there’s further scope to increase the number of rooms within the existing building envelope.

“This property is one of the most impressive assets to come to the market this year and we encourage all interested parties to make contact with us.”