Harbour-edge property is truly one of a kind
An unrivalled property nestled on the Orakei foreshore, suspended over the Waitemats Harbour edge, is being presented to the market for the first time in 22 years.
Well-known from road and sea, the property at 18 Tamaki Drive known as the Okahu Events Centre in Okahu Bay is recognised as one of Auckland’s most prestigious events centres and presents a one-of-a-kind buying opportunity for discerning investors.
The property currently provides approximately 701sq m of total floor space across three levels affording unparalleled views across the Waitemata Harbour from its suspended position on the foreshore. The property also provides access to the neighbouring car parking facility that offers 108 parking spaces.
Adding to the attractiveness of the offer, new owners will also be able to explore the opportunity to expand the total floor area to approximately 1000sq m, with a variety of plans already prepared by the current owners.
Roger Seavill, NZ special projects manager at Colliers, has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 5 May, unless sold prior.
The property for sale comprises three formations known as the Valve House Deck and the Extension, which are subject to a “Right to Occupy” via a seabed licence issued by the Auckland Council every 35 years. The vendor is presently working with the council to extend the licence for a further 35-year period.
The remaining structure is the Valve House, which is owned by the council and leased to Merlin Entertainments (owner of nearby Kelly Tarlton’s), which in turn is subleased by the vendor. This sublease originally included the Valve House Deck, but this was purchased by the present owner in 2018.
Seavill says the property has an unrivalled location which makes it a unique offering that will generate significant interest for a wide array of buyers.
“There’s a range of paths the new owner of this property could take as they look to maximise the potential of the site,” Seavill says.
“On top of the extensions that could be made to the function centre, there is scope to add manager’s accommodation to the property, which will only further enhance the long-term value. Alternatively, the property could be utilised as a boutique and private venue that would have an unmatched level of class and exclusivity.”
Based on its existing configuration, the property is extremely versatile and can be set up to cater for a large range of events with corporate functions and weddings accounting for most of the current usage.
The property can stage seated functions for up to 250 people, all within view of a head table, meaning it can hold major events when Covid-19 restrictions ease for indoor venues.
“At night, the lights of the Auckland skyline and the North Shore are visible, alongside the Sky Tower, and the Auckland Harbour Bridge, making for a spectacular visual experience, while the day-time view of Rangitoto, Browns, and Motutapu Islands is one of Auckland’s special sights,” Seavill says.