A highly visible office tower that has undergone significant capital investment offers buyers of all kinds the opportunity to secure a premier central Auckland asset with future growth potential.
110 Symonds Street, Auckland is a 10-level commercial office building with two wings providing 8,729sq m of total net lettable area on an impressive 1,852sq m freehold site that is zoned Business – City Centre Zone under the Auckland Unitary Plan.
The property, which has a 92 per cent NBS rating, provides three levels of basement parking for 166 vehicles, which can be accessed via the rear of the building from Saint Martins Lane.
Flexible leasing options are available given the split floor plate layout and the property has three lifts, while the site offers convenient access to Auckland’s bus network and motorways. The Karangahape Station for the City Rail Link will be in walking distance when it is opened in 2024.
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The existing tenancy mix is diverse and provides $1,170,110 plus GST in total net annual rental income but there is room for significant growth from the areas of the building currently available for lease. When fully leased, the estimated net rental income is $3.14 million plus GST per annum.
Colliers Directors Blair Peterken and Jason Seymour have been exclusively appointed to market the property for sale via expression of interest and the deadline for offers closes at 4pm on Thursday 12 May, unless sold prior.
The building has received significant upgrades recently, including work on the lobby, new end of trip facilities, sprinkler installation, bathroom upgrades, plus services and passive fire upgrades. It also offers a gym on the ground floor.
The meticulously maintained property has a typical floorplate area of 925sq m split between the North Tower measuring approximately 325sq m, and the South Tower at approximately 600sq m.
Peterken, Director of Capital Markets at Colliers, says the property is well-presented and offers immediate growth opportunities.
“The recent upgrades have produced a highly attractive building that makes for a desirable work environment. With more staff returning to workplaces as Covid-19 restrictions ease, this property shapes as an enticing prospect,” Peterken says.
“While there is significant rental income from the existing tenants, with a weighted average lease term of nearly three years (by income), there’s plenty of scope to secure new tenancies and more than double the current income. This will add to the existing mix of well-established occupants who are involved in the accounting, insurance, and medical sectors, amongst others.
“Longer term there is potential to reposition or repurpose the property for either student accommodation, apartments, or a hotel given its favourable proximity to Auckland’s education precinct and the CBD.”
The property has 51m of road frontage to Symonds Street and 88m of frontage to Saint Martins Lane, adding to the visibility of the site that sits on a main arterial route.
Seymour, Director of Capital Markets at Colliers, says the property is strategically located and is easily accessible on the fringe of Auckland’s CBD.
“The existing tenants appreciate how accessible public transport is from this prime site, while the nearby motorway network is highly advantageous given the vast number of on-site car parks,” Seymour says.
“The development of the City Rail Link will further enhance this location and add to the foot traffic numbers in central Auckland.
“The location is a short walk from Auckland’s entertainment precinct, which includes Aotea Centre, the Auckland Town Hall, Civic Theatre, and Event Cinemas.
“Given the growth potential on offer, we expect there will be significant interest in this property and would encourage all interested parties to contact us immediately to explore this exciting opportunity.”
- Article supplied by Colliers
