Jones Lang LaSalle secures success with 203 Queen St
Jones Lang LaSalle secures success with 203 Queen St, Auckland
Jones Lang LaSalle has delivered a double whammy after successfully selling and securing the management of 203 Queen Street, Auckland.
The property is prime real estate located in the heart of Auckland CBD. It was previously owned by Q & V Building Partnership and three offers were presented for consideration from China, Zurich and Singapore. It was Tan Chee Hoe & Sons Ltd from Singapore who was chosen due to their proven performance in New Zealand and was successfully sold for $44 million.
John Binning, Director of Capital Markets for Jones Lang LaSalle and who has now sold 203 Queen Street twice, says, “We are delighted that this has been such a successful transaction. Our long standing relationship with Tan Chee Hoe & Sons Ltd, who is also the landlord of 180 Molesworth, Wellington and West Plaza Building, Auckland. This is an excellent outcome for such an iconic Auckland building.”
The property provides 12 levels of accommodation, a total net lettable area of 8,358 square metres. In 2005, the building was given an extensive refurbishment at a cost of about $17million and offers some real unique architectural features. The ‘loft’, which sits on the top level, provides an exclusive loft office and entertainment space. The area has a minimalist design and is accessed via an engraved granite stairwell accessible from level one, featuring tread lighting. The lobby to the building, also features a large steel artwork featuring two circular hoops which is positioned at either side of the entrance ramp creating the ultimate artistic twist to this already modern setting.
After also undertaking an independent initial evaluation procedure (IEP), it indicated the building has achieved Grade A+ seismic strength with a rating of 119% of the new building standard (NBS).
Ria Hayward, Director of Property and Asset Management, says, “Winning the management of this prominent CBD asset is a reflection of the strength and capability of our commercial property management team. Our successful track record with the purchaser meant that our team was well positioned to transition this significant asset, as well as manage the building going forward.”
“The property itself is at 100% occupancy and is currently home to an array of tenants. One of New Zealand’s leading gyms, City Fitness, is situated across levels one, two and three. Other tenants include Pacific International Translation, Madison Recruitment, Law Staff (NZ) Limited, and AE Management Limited.