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Occupiers Seeking Ownership Opportunities Buoy Interest In Prime Corner Office
A modern office suite on a prime city-fringe corner is generating strong interest amongst owner-occupiers, who Bayleys salespeople note have been particularly active in recent months.
The 250sq m (more or less) premises occupies the ground floor of a prominent mixed-use building at 38 College Hill in the upscale Freemans Bay suburb, proximate to Ponsonby’s commercial strip, Wynyard Quarter and Fanshawe Street, the main arterial connecting directly to Auckland’s Central Business District.
Bayleys Auckland City & Fringe associate director James Were says the property is offered to the market at a time when businesses are looking to ownership as insulation from rent escalation and uncertainty around tenure and lease structures.
“A good proportion of urban office vacancies are being filled permanently as reputable or expanding businesses look to enhance operational efficiency through a greater command of the office structure.
“Those businesses with assured cashflows and the capital to invest in an appreciating asset have recently found lending institutions more receptive to ownership objectives – albeit with higher lending rates than most occupiers may prefer in an ideal business environment.
“Accommodation with sustainable efficiency elements, good access, car parking and street profile is generating solid demand - with this property a prime multi-dimensional example.”
Mr Were is marketing the premises for sale with colleague Phil Haydock.
The College Hill property is being marketed for sale by tender, closing at 4:00 pm on Tuesday, 20th June 2023 (unless sold prior).
Located in a desirable position with excellent visibility to passing vehicle traffic, in addition to access to the CBD and city-fringe suburbs of Ponsonby, St Mary’s Bay, Herne Bay and Westmere, the office lends itself to corporate use, suitable for operators in the financial, legal, technological or other professional sector space.
“Given its location in a well-heeled area, plus seven exclusive car parks, the property provides businesses with the peace of mind that comes with owning their own space, and the flexibility to make changes as business requirements change,” says Bayleys Auckland City & Fringe associate director Phil Haydock.
Completed in 2014, the building, dubbed ‘Momentum’, features ground floor commercial accommodation and 35 residential apartments over five levels, plus 42 car parks.
“The ground floor office wraps around the northwest corner, gaining dual access from England Street.
“Accommodation is well-appointed and provides a mixture of open plan and perimeter breakout rooms, a kitchenette, and an amenities block.
“The property has the added advantage of a basement storage unit and exclusive use of signage fronting College Hill, providing priceless exposure to circa 20,000 passing vehicles every week.”
Mr Haydock says the location at the gateway of two of Auckland’s most affluent suburbs - Ponsonby and Herne Bay - provides a professional occupant with a solid local catchment beneficial to business operations.
“College Hill is the main link from the city harbour suburbs into the Auckland CBD. While initially dominated by early Victorian villa-style homes, its arterial position offers convenient reach to a range of amenities which have seen the location grow into a vibrant mixed-use precinct benefitting from a robust level of commercial activity from various high-profile businesses.
“Neighbours include global creative agency Colenso BBDO, a New World supermarket, property and construction project manager and advisory business RCP, and German high-end appliance showroom Miele New Zealand – which speaks to the broad appeal of the precinct as one of Auckland’s fastest developing and progressive areas.
“The property presents occupiers with an excellent blend of location, profile and footprint, ideally calibrated to take operations to the next level,” Mr Were says.
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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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