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Commercial property investors bank on Heartland headquarters

The standout property that has for over a decade housed the headquarters of Heartland Bank is up for sale in an Auckland city fringe growth hotspot.

The four-level standalone property sits in the heart of the key office and retail stronghold of Newmarket. It combines two levels of offices leased to the bank, with 100 car parks over four levels, plus six high-profile retail tenancies across three road frontages.

The fully-leased site generates a total net rental return of some $1,458,226 plus GST per annum, with a weighted-average lease term of approximately five years.

Anchor tenant Heartland Bank is an NZX-listed, New Zealand operated and managed financial institution with roots stretching back to 1875. The bank has 13,000-plus shareholders and holds more than $4 billion in deposits from 44,000 customers.

It pays an annual net rent of $806,521 plus GST for its nearly 1,500-square-metre premises with signage and naming rights and 60 car parks, on a lease that runs through to 2029.

Ground floor retail tenants include premium sound and vision brand Bang & Olufsen, Mortimer Hirst Optometrists and Recycle Boutique, as well as 24/7 gym Anytime Fitness.

Intensive zoning within the Newmarket metropolitan centre allows for a range of future options for development or conversion to residential use.

The freehold land and buildings at 35 Teed Street, Newmarket, Auckland, are being marketed for sale by Alan Haydock and Damien Bullick of Bayleys Auckland Central.

The site will be sold by way of a tender closing on Tuesday 28 May, unless sold prior.

The approximately 1,673-square-metre fee simple site contains two interconnected buildings with a combined floor area of some 2,812 square metres.

The main building fronting Teed Street was constructed in 2002, with the second building fronting Eden Street being built in 1965 and more recently refurbished and seismically strengthened.

The buildings have Initial Evaluation Procedure seismic ratings of 80 percent and 67 percent of new building standard, respectively.

Haydock, who is Senior Director of Bayleys’ Auckland Metropolitan Markets team, said the property would appeal to investors with its diversified income from well-presented contemporary offices, high-profile retail tenancies, and plentiful car parking.

“Heartland Bank occupies office premises on levels two and three. These are fitted out to a high standard and benefit from excellent natural light and outlook due to the three road

frontages and elevated north-facing position. The upper office level features a roof deck and garden with panoramic views.

“In addition to the 100 car parks within the property, retail tenants have the benefit of extensive short-term street and off-street parking directly outside and opposite the property,” Haydock said.

Intensive Business – Metropolitan Centre zoning, combined with the sizeable fee simple landholding and triple road frontages support significant future development possibilities.

The zoning allows for development up to approximately 35 metres, subject to other council requirements.

Residential possibilities are further underpinned by the site’s position in the coveted “double grammar zone” for enrolment at Auckland Grammar and Epsom Girls’ Grammar schools, and close to other top schools such as Diocesan School for Girls and St Cuthbert’s College.

Bullick said one of the most attractive attributes of 35 Teed Street was its location in the heart of one of New Zealand’s premier office and retailing precincts, a few doors from Westfield Newmarket.

“Newmarket has attracted numerous major corporate office occupiers including Mercury Energy, Watercare and Tegel NZ. Broadway and surrounding streets are home to an array of top local, international and luxury brands as well as boutique outlets.

“The suburb is expected to be one of Auckland’s leading growth locations with much of the area zoned for intensification under the city’s unitary plan. Ongoing development of the University of Auckland’s mixed-use Newmarket campus, including student accommodation, will be a key driver of the precinct’s continued growth,” Bullick said.

Click here for more information on the listing.

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