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Large CBD commercial block goes on the market for sale
Large CBD commercial block goes on the market for sale
One of the biggest commercial buildings in central Whangarei – tenanted by some of the city’s best corporate entities – has been placed on the market for sale.
The prominent site on the corner of Bank Street, Hunt Street, and Vinery Lane is among a small selection of large commercial office blocks in Whangarei which is fully tenanted. The building overlooks one of the busiest roundabout intersections in Whangarei.
Sitting on 2072 square metres of freehold land, the 1781 square metre two-storey building has five tenants within the property. They are:
• Communicorp Holdings Ltd. –Spark Digital, which has a lease running through to 2024 with three further three-year rights of renewal, generating rental of $115,210 per annum. CHL Spark Digital occupies 610 square metres of first floor office space, coming with 14 allocated car parking spaces.
• Chartered accountancy practice Syers Hamilton Pool which has a newly-signed lease expiring in 2018 with one further three-year right of renewal, generating $93,838 per annum. Syers Hamilton Pool occupies 472 square metres of space and has eight allocated car parking spaces.
• Chartered accountancy practice Gunson McLean which has a lease expiring in 2017 with two further three-year rights of renewal, generating $61,872 per annum. Gunson McLean occupies 291 square metres of space and has five allocated car parking spaces.
• Electricity lines maintenance company Northpower Fibre which has a lease expiring in 2017, generating rental income of $45,785 per annum. Northpower occupies 198 square metres of space and has six allocated car parking spaces.
• Cloud computing firm Advance Data Centres has 65 square metres of space on the ground floor, leased until 2022 with two further five-year rights of renewal, and generating rental income of $17,217 per annum.
The freehold building is being offered for sale by auction on October 28 through Bayleys Whangarei. Salesperson Ross Blomfield who is marketing the property, said the Bank St premises had one of the strongest tenancy schedules of any commercial site in Whangarei – both in quality of tenants, and the length of the leases.
“Syers Hamilton Pool has operated from this premises since 1995. Northpower Fibre is one of the region’s leading infrastructure servicing and maintenance providers. And CHLSpark Digital is Whangarei’s largest IT provider – so the building houses an impressive collection of corporate entities,” he said.
Mr Blomfield said the building’s triple road frontage location meant natural light was accessible to all offices at some stage throughout the day. Access to the building was split across three separate entrances – one off Bank Street, one off Vinery Lane, and one from the expansive car park at the rear of the premises.
Originally constructed in the 1990s as offices for a legal firm, the building has an 80 percent rating of New Building Standards, and is classified with an A-grade interior fit-out which includes sound-proofed walls and strengthened floors under the data centre floor plate. Building amenities include air conditioning, separate amenities, fire system, passenger lift and security system.
The property is built on reinforced concrete foundations, with the first floor consisting of reinforced concrete over pre-cast floor panels. The exterior walls feature pre-cast concrete block and concrete reinforced timber around structural steel frames. The roof is made of long-run galvanised steel.
“With two IT-reliant tenants, the building has its own back-up generators and high voltage transfomers to ensure a continual electricity supply in the event of mains power falling over. That’s a bonus for the other tenants if their power ever cuts out,” Mr Blomfield said.
“These back-up systems are situated in a secure area of the car park, so they don’t interrupt the internal flow of the building’s commercial spaces.”
Tenants in the building pay varying percentages of the operating expenses – roughly equating to $34.11 per square metre. Mr Blomfield said the building had been well maintained – both internally and externally - throughout its life.
“The façade and interior décor of this premises would certainly normally be associated with a much newer building. The ongoing maintenance schedule, combined with the central city location and ease of both vehicular and pedestrian access, are the main reasons the tenancy schedule has been at capacity for virtually the whole life of the premises,” Mr Blomfield said.
ENDS
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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