Yet-to-be-completed commercial building signs up high profile tenant
Auckland’s newest green star office building already has tenants signed up for more than half of its space close to 10 months ahead of completion - with infrastructure company Watercare Services as its anchor tenant.
Watercare Services Limited has entered into an agreement to occupy 5,600 square metres of space in the Nuffield Corporate Centre being constructed by Mansons TCLM at 73 Remuera Road, Newmarket.
The organisation, which is responsible for providing water and wastewater services to the entire Auckland region, will relocate approximately 460 staff from two buildings that it currently occupies in Nuffield Street Newmarket and East Tamaki, to the 5-Star green rated building due for completion in December this year.
Watercare Services will lease the top two floors and part of Level 2 of the 12,796 square metres building for a term of 12 years, with rights of renewal. It will also be provided with185 basement carparks and naming rights on the building.
Bayleys Real Estate’s Paul Hain, who negotiated the lease with Bayleys Auckland colleague Steve Orr, says Mansons will take over Watercare’s unexpired lease and make good obligations in its current premises.
In another recently concluded lease in the same building, negotiated by John Halstead of Bayleys Auckland, Avanti Finance will occupy 1200 square metres of space on the ground floor, also on a 12-year lease with a six-year right of renewal and stepped rental increases of three percent per annum.
Hain says this is one of the first Green Star buildings to be developed in Newmarket and has generated significant tenant interest.
”Being the most active developer of top end office space in the market at present, Manson is well attuned to what larger tenants want,” Mr Hain said.
“In addition to green star ratings or sustainability features, the check list generally also includes big floor footprints of at least 1500 square metres with inter-floor connectivity, bullet proof earthquake ratings to a minimum of 100 percent of new building standard and high floor to ceiling heights.
“This building has big floors areas in excess of 2,000 square metres and a stud height of three metres with floor to ceiling glass on all sides ensuring high levels of natural light penetration.”
The building will also have a secure bicycle park for 42 bikes, changing rooms, showers and locker facilities, an on-site cafe in the ground floor lobby plus a gymnasium.
Paul Hain says level one of the premises is the only full floor now remaining available for lease - which is the largest at 2,958 square metres. The balance of space that Watercare Services is not occupying on Level 2 – totaling 1,430 square metres – is also available along with 940 square metres on the ground floor.
Mansons TCLM director Culum Manson says there is a shortage of good quality office buildings in Newmarket and the Nuffield Corporate Centre is being developed to fill that gap.
“Given its central location and proximity to New Zealand’s premier retail strip of Broadway and the Domain, Newmarket is an attractive place to base a business but much of the office space is in dated buildings with small floor areas,” Mr Manson said.
“We were sufficiently confident that there would be good demand for a building of this quality and size in Newmarket to build it on ‘spec’, and we have been delighted with the strong market response we have had so far.”