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Flexible fitness HQ feeds demand for quality assets

The versatile building on 728sqm (more or less) of Business – City Centre zoned freehold land at 22 Centre Street is in prime position, less than 500m away from the Victoria Park precinct, City Works Depot commercial hub and key motorway links.

Bayleys Auckland City & Fringe team director Alan Haydock says the market is experiencing demand from corporates seeking premium quality spaces with high-end finishes and flexibility, contributing to upside rental value.

“Large employers in New Zealand have said they need their teams back in the office environment in 2023. Since lockdown restrictions are in our rear-view mirrors, these firms are better positioned to entice staff back by striking the right environmental balance with premium building features.

“Atop occupiers’ lists are often; open-plan configurations, car parking, and access to leisure or green spaces such as onsite courtyards or nearby parks.

“Additionally, firms are looking to ‘right-size’ given clarity over the uncertainty of the pandemic years. Businesses noting a boost are moving up and into larger fit-for-purpose premises, while anecdotally, we’re also seeing firms targeting contemporary buildings, recently refurbished to high standards, to meet their growing business profile.”

Mr Haydock is marketing the Centre Street property for sale with colleague Damien Bullick.

The property will be sold by tender closing at 4:00 pm on Tuesday, 16th May 2023 (unless sold prior).

Comprising 1,916sqm (more or less) over five levels, the contemporary office building features a large outdoor courtyard and secure basement car parking for up to 19 vehicles.

Bayleys Auckland City & Fringe associate director Damien Bullick says the property’s flexible configuration would suit one single occupier or conversely accommodate multiple tenants using separate access points.

“We offer an unrivalled trophy asset featuring a sleek design by award-winning architect Lance Herbst. During the complete redevelopment, the current owners utilised floor-to-ceiling windows and a mix of light-filled contemporary spaces with large balconies to showcase the impressive views of the surrounding cityscape.

“Currently occupied by global fitness giant Les Mills as their corporate headquarters, it will be sold with vacant possession, providing an opportunity for a business to take over the building in its entirety.

“Alternatively, the new owner may choose to part-occupy and generate income from the balance or invest and fill the premises immediately, benefitting from high tenant demand and a proven CBD Fringe central city location.

Mr Bullick says the ground floor has the advantage of a high stud height with a large deck fronting Centre Street, which could be utilised as attractive office accommodation or a café/hospitality premises.

“The ground level is currently split into two tenancies. However, could easily be reinstated to a single large floor plate.

“Level one comprises a mix of open-plan and partitioned offices totalling 419sqm, which wraps around a large outdoor courtyard. In addition, levels two and three provide 493sqm (more or less) of office accommodation liked internally by several feature staircases.

“The upper levels also feature decks with sweeping views of the central city, Victoria Park and Hauraki Gulf.”

Mr Bullick says the property is well-positioned on the periphery of the core CBD retail area in a location benefiting from evolving commercial, residential and hospitality dynamics.

“Situated just off Sale Street, the location features a diverse catchment of commercial tenants, residents/visitors and hospitality customers after-hours, being the gateway to the western fringe and waterfront precinct.

“A meaningful commercial surge has recently occurred along Sale Street, with various large-scale developments completed to high standards and notable new occupiers moving into premises, including Vocus Communications, AA Insurance and the global advertising giant WPP.

“Recent change speaks to the location and its broad appeal for the gamut of occupiers searching right now for larger, more appealing premises. At the same time, investors and owner-occupiers are taking notice of strong underlying location fundamentals, maximising current market conditions to set down roots in this established-yet-evolving part of the central city,” Mr Bullick says.

Click here for more information on this listing.

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