Presenting Cargill House, 333 Princes Street, Central Dunedin, a landmark office/retail asset positioned on a high-profile CBD corner site, offering a high-quality, long-term appeal within the core of Dunedin's CBD with development upside.
This property occupies a large land area over one freehold title of 905m² and includes a unit-titled site at 8/5 Liverpool Street, providing seven carparks. Cargill House is positioned on the corner of Princes Street and Jetty Streets and features an impressive lettable floor area of 2,878m², designed to efficiently accommodate multiple tenancies across seven floors of office space. The property benefits from on-site parking for a total of 19 cars, with additional carparking leased offsite.
The premises are leased on long-term leases to eleven commercial tenants, many being long standing anchor tenants including 'Vanguard Coffee', 'APM Workcare', 'WellSouth', 'NZEI' and 'AbacusBio'. Other tenants in the building include a number of professional office/technology-based entities.
Substantial office premises such as these rarely come to the market with the current vendors having acquired the premises in 2004 and have enjoyed a significant income return for over twenty-two years. Recent upgrades to building services including new lifts, fire systems, plumbing and electrical, have positioned the asset well for the future, ready to capture growing demand, the premises will deliver.
Cargill House offers development potential and rental upside with the vacant lower ground floor ready for fit-out, with a current asking rental of circa $40,000 PA plus GST, plus the ability to construct a 6th floor for future office space or apartments (subject to approvals) with existing lift access to the roof. The Liverpool Street unit title includes future development options with a previous building consent application for the development of two, two storey apartments with ground floor parking.
With rental upside, the asset is supported by established tenants with proven performance and long-term occupancy, ensuring a consistent income flow with attractive returns. The configuration provides flexibility for future leasing strategies while maintaining a robust income profile. Gross lease structure across leases with regular rental reviews to ensure easy ongoing management.
This is an opportunity to acquire a premium commercial investment with strong fundamentals and a history of reliable performance.
Features
- Current net rental: $725,175 + GST with significant upside
- Land area 905m² plus unit titled site
- High profile CBD location
- Attractive tenancy sizes, mostly 200-300m²
- Substantial building footprint over five floors 2,878m² (approx.)
- IEP earthquake assessment of 100% NBS
- Modernised with new lifts, fit outs - low maintenance building
- Established tenants with excellent tenant history
- 19 car parks across two sites
- Regular reviews in leasing structures
- Ability to develop (adding a floor and/or unit titled site)
Enquire now for a full information memorandum and further documentation.
For sale by way of Deadline Private Treaty with offers due no later than 4pm, Wednesday 15 April 2026 (unless sold prior).
