The Hotel DeBrett building in Auckland’s CBD has been sold for $21 million. The property had been on the market since May 2023, listed by real estate group, Colliers.
Colliers agent, Blair Peterken, took to LinkedIn to share the company’s reaction to the sale.
“Colliers has the privilege in announcing the sale of 2-4 High Street in Auckland CBD. It’s great to see some positive signs early in 2024,” said Peterken.
The property, 2854 square-metres in size, was purchased by a ‘local buying group’, was initially listed with 23 Shortland Street, however the latter property was not subject to the recent sale. Estimates predicted that both properties would reach the neighbourhood of $50 million.
“This property drew interest due to its unique qualities, character, and the premium location of being in lower Shortland Street. The purchaser is a local buying group.”
The location has stood tall on High Street as a popular venue for hospitality and accommodation since 1841. The building still has remnants of the 1860’s pub which occupied the space, known then as the Commercial Hotel. The building in its current form was built in 1925.
The property is widely known for its art-deco-inspired features, including its stained glass doors that underwent refurbishment in 2008 before winning an architectural award in 2009.
In 2022, the current tennants signed a ten-year lease, transforming it into a luxury hotel. When first placed on the market, Peterken said the operator expressed its long commitment to the location.
The property houses other street-level businesses, mainly retail and hospitality tenants, that are said to generate an annual income of over $1 million.
Peterken, along with co-listing agents, Kris Ongley and David Burley, drew attention to both the Hotel DeBrett building and the Shortland Street location due to the combined land space of 1053 square metres that would be zoned for business-city centre.
Ongley said that the business-city centre zone provided a variety of options for the new owner to intensify the usage of the site.
As the city centre is a pivotal part of Auckland’s present and future success, the zone has sought to ensure that the city centre is a hub for international business and learning, innovation, entertainment, culture, and urban living.
