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Adjoining offices in key transport hub provide added value for occupiers

Two adjoining offices on a high-profile city-fringe corner are generating interest amongst occupiers eager to position the workplace as a destination, following a post-pandemic return to centralised office models.

The units at 246 Khyber Pass Road, provide a combined floor area of 510sq m (more or less) and are located on the ground floor of an award-winning apartment building which gains dual access via Huntly Avenue on the Newmarket/Grafton border.

Bayleys Auckland City & Fringe associate director James Were says the properties are offered to the market at a time business owners are placing greater emphasis on the quality of the office environment to attract and retain staff.

“Operators are dusting off traditional ideals about the office environment, choosing instead to package it as a destination capable of boosting staff morale, lifestyle opportunities, and, productivity.

“Increasingly, businesses are ‘right-sizing’ their office footprints, prioritising A-grade buildings as part of an overarching growth strategy, with flow-on effects for operational investment into people and culture.

“For small-to-medium enterprises, there’s been notable growth in demand for turnkey office suites, which provides an attractive mix of quality accommodation and greater flexibility of lease tenure, while minimising investment on the fit-out.

“Rather than refurbish, or sit with ageing assets in low-amenity areas, occupiers are looking big picture, at modern accommodation in key transport hubs which are easy to access for clients and staff, with rental upside from on-site or nearby amenities.”

Mr Were is marketing the premises for sale with colleague Phil Haydock.

The units are offered for sale by tender closing at 4pm on Tuesday, 27th June 2023 (unless sold prior).

Featuring floorplates of 114 and 396sqm (more or less), respectively, the connecting suites provide a mix of open-plan and perimeter break-out rooms, offices and boardrooms.

“Each unit is self-contained with its own kitchenette and amenities, in addition to a generous north-facing outdoor area and inner courtyard.

“The properties have the added advantage of access to the on-site swimming pool and jacuzzi, supporting that lifestyle proposition for workers who can nip along for a swim pre-or post-work,” says Bayleys Auckland City & Fringe associate director Phil Haydock.

The units are currently occupied by real estate development firm Ockham Residential, which has a three year lease to July 2026 plus one further three year renewal right.

Together the units provide a net income of circa $225,000 plus GST per annum.

“As developers turned occupants of the ground-floor commercial units, Ockham Residential has demonstrated its belief in the quality of the assets - located in a commanding position on a key arterial, gaining a high level of exposure to passing traffic.

“Moments from Broadway, the Auckland Domain, Auckland Hospital and the popular eat-shop-play Newmarket precinct, the area continues to attract a high calibre of commercial operators, which have both sought and purpose-built quality accommodation nearby.

“Neighbours include the new Mercury headquarters, the University of Auckland, Fijifilm, Vector, and Mansons. The latter has capitalised on Auckland’s Council’s identification of the area as a centre for strategic growth by establishing a new six green star rated premium office/retail complex.

“Links to motorway interchanges support rapid transit. At the same time, completing the City Rail Link and further mixed-use expansion will continue to elevate the area as a key destination for employers and workers eager to maximise location fundamentals to their advantage,” Mr Haydock says.

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