Freemans Bay storage asset for sale

With the self-storage sector accelerating as a recognised investment asset class, a significant mixed-use commercial property underpinned by premium storage functions has come to the market. The offering in one of Auckland’s most affluent city fringe neighbourhoods gives investors the opportunity to secure a fully-repositioned asset in a precinct that consistently attracts strong demand from commercial operators and high-value businesses.

Prominent Freemans Bay city-fringe location

Situated at 43 College Hill in Freemans Bay, the multi-level building occupies a prominent ridgeline position with direct reach into Ponsonby, Herne Bay, Saint Marys Bay, Wynyard Quarter and the CBD. This location provides exceptional visibility, strong accessibility and exposure to an established high-income catchment with sustained demand for premium storage.

Extensive refurbishment creates mixed-use facility

The current owner acquired the building in 2023 as part of a targeted improvement strategy and has since undertaken an extensive refurbishment programme that transformed the former office and warehouse structure into a premium mixed-use storage facility with additional income strands. The owner completed its planned repositioning and operational phase, and the divestment of the property represents the natural conclusion of the intended investment cycle.

Storage, wine cellars and diversified income streams

The four-level freehold building underwent a substantial conversion in 2023 and 2024, and now delivers 294 general storage units of varying capacity, 484 climate and humidity controlled wine cellars and 447 Manhattan-style lockers. Complementing the storage operation is a high-security vault and safety deposit box offering, The Wine Room boutique hospitality space, a digital billboard and a rooftop telecommunications lease.

The Commonwealth Vault at basement level is a purpose-built safety deposit box vault and bullion seller offering an exceptional level of security and safety with secure drive-in facilities allowing customers to load and unload valuables directly and discretely. The Wine Room delivers a curated wine and dining experience in a bespoke, design‑led setting adding a refined retail hospitality element to the property, with direct access to a customer’s personal wine collection stored in the subterranean cellars onsite.

Award-recognised adaptive reuse and modern security

The building has dual access from College Hill and Hargreaves Street, and has been developed to a high standard with the latest monitored security systems, and modern fire protection systems. The property was recognised with a Merit Award in the 2025 Naylor Love Heritage and Adaptive Reuse Property Awards which reflects the quality of the repositioning programme of works.

Net operating income exceeds $1 million

The property’s trading profile continues to strengthen as it moves through its trade-up phase. Net operating income for the 12 months year-to-date is over $1-million with significant potential for growth as storage occupancy increases and rental growth steps up. This reflects the growing demand for premium storage in Auckland’s central suburbs and the strong performance of the asset since conversion.

Property and storage business offered for sale

Bayleys Auckland Central is marketing the property, with the campaign led by Jason Seymour, Mike Houlker and Alan Haydock. The asset and associated storage business, managed under license by Storage King, are for sale by deadline private treaty closing on Thursday 3 December, unless sold prior.

Seymour says the offering reflects strong self‑storage sector growth, with demand fuelled by the rise of apartment living and compact urban housing, making secure, premium offsite storage an essential component of city‑fringe living.

“Given the property’s scale and location, occupancy uplift is expected ahead as the asset is still in its trade-up phase.

“The evolution of the self‑storage sector continues to strengthen the appeal of assets like this. As the sector moves beyond its utilitarian origins into a mature, technology‑enabled investment class attracting institutional capital, the building’s mixed-use profile and strategic location place it firmly in the path of this growth.”

Repositioning supports a diversified commercial investment

The asset demonstrates the depth of the vendor’s repositioning work, and addresses demand for high‑quality mixed use commercial property in this precinct.

“The conversion has delivered a premium facility that aligns closely with the needs of the surrounding suburbs, with the combination of affluent catchment, diversified income and high‑quality fitout providing significant potential still to be realised,” says Haydock.

“The vendor has added substantial value through its repositioning programme, creating a modern split-risk facility that meshes with the expectations of the local market. That work has elevated the building into a defensive commercial investment in one of Auckland’s most tightly-held precincts.”