"However, the site is subject to height controls due to sunlight admission and shading controls which restrict the height potential to 22 metres."
Location
The property is on the western side of Emily Place which is a quiet feeder road running between Customs Street West and Shortland Street in the city’s prime commercial office precinct.
"The council has Emily Place and Emily Reserve pegged for an upgrade in the Auckland Master Plan," says Paterson. "The plan overview describes Emily Place as ‘a real oasis in the city. Emily Place has great potential as a breakout space for Engine Room office workers and attractive connection between Britomart Station and the universities. A public space upgrade might include a cascade of terraces from Emily Place Reserve, creating lawn, paving and decking for outdoor cafes, picnic places and play areas’."
The trendy 6.5 hectare waterfront Britomart precinct is only about 100 metres north of the property.
"With its many restored heritage buildings and new developments that are home to over 100 businesses, Britomart encompasses a diverse mix of restaurants, bars, boutique stores, offices and services and is adjacent to Auckland's main transport hub, the Britomart Transport Centre," Paterson says.
"The south end of Emily Place intersects Shortland St less than 200 meters from Queen Street where the area is dominated by several large office towers housing many of Auckland's leading legal and professional service companies."
Paterson says the location has become popular for both residential and hotel developments.
"Being close to the city’s commercial centre and with the Vector Arena only 650 metres away, this property is also ideal for hotel use. The Vector Arena is one of the CBD’s premium venue for international events and indoor sports and its popularity has resulted in an increased demand for short term accommodation in the city."
Paterson says the building has a council earthquake assessment of 28 per cent of New Build Standard (NBS). "If the building was retained, its structure would need to be upgraded to above 34 per cent of NBS within 20 years. However, an independent report may result in a more favourable rating."