Midtown asset ready for transformation

With the City Rail Link nearing operation and the New Zealand International Convention Centre driving a full event schedule since opening in February 2026, commercial real estate in the Midtown precinct is drawing increased interest from investors and owner‑occupiers. 

A substantial commercial building at 124 Vincent Street on the southern fringe of Auckland’s CBD has come to the market with short‑term holding income in place, giving buyers a buffer while shaping a repositioning or redevelopment strategy in one of Auckland’s most connected and fast‑evolving precincts. 

Currently utilised as Flight Centre’s New Zealand head office, the property delivers 4,422sqm of net lettable area across seven office floors and ground‑floor retail currently occupied by a café operator, supported by 60 secure basement car parks on a 1,458sqm freehold site.  

The property features light‑filled floor plates and external balconies along the eastern elevation on most levels, which provide functional workspace and offer flexibility for residential, hotel or serviced apartment concepts. 

Constructed circa-1985 and refurbished in 2016, the building features efficient floor plates of 564–634sqm, an offset core, ducted air‑conditioning, modernised building services including two passenger lifts with a security system, and a fire protection system. Seismic strengthening was completed in 2016, with the building assessed at 70 percent NBS. 

The property delivers net passing income of $1,277,503 per annum plus GST, providing a stable holding position while incoming owners plan the building’s next phase ahead of Flight Centre breaking their lease and vacating the building 30 April 2027. Flight Centre currently occupies the majority of the building, with level 6 and part of level 7 vacant. The ground‑floor café lease expires on 31 December 2026 and includes one five‑year right of renewal, which prospective purchasers should factor into their assessment of future occupancy and income. 

The deadline private treaty campaign closes 4pm, Thursday 8th October through 

Jason Seymour, Alan Haydock, and Mike Houlker of Bayleys. 

Seymour, senior director of capital markets, says the asset combines strong locational fundamentals with clear value‑creation potential, with its scale, configuration and existing improvements forming a practical platform for future repositioning or redevelopment. 

“This is one of the few CBD buildings where investors can secure holding income today and still have complete flexibility to reimagine the asset once the major tenancy rolls off,” he says. 

“The floorplates are generous, efficient and naturally light, which makes the building highly adaptable for office refurbishment, residential conversion, hotel use or emerging living formats such as co‑living.” 

The Business – City Centre zoning is one of Auckland’s most permissive, and with Plan Change 78 materially increasing development capacity, the site is well-positioned for intensive mixed‑use redevelopment. 

The property sits approximately 300 metres from the Auckland Town Hall and within walking distance of Aotea Square, AUT, SkyCity, Myers Park and the evolving Karangahape Road precinct. Its strategic position will be further reinforced by the 13 September opening of nearby Waihorotiu Station in Wellesley Street, and Karanga‑a‑Hape Station which has dual entrances at Mercury Lane and Beresford Square, as part of the CRL network.    “The CRL is already reshaping Midtown,” Seymour says. “We’re seeing stronger hotel performance, rising conference‑related visitation, and renewed demand for centrally-located accommodation and workplace offerings.  

“With imminent vacancy, holding income, extensive onsite parking and strong transport connectivity just 550 metres from the primary motorway interchange, the property offers investors a strategically located asset with multiple pathways for value creation.”