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Imposing regional office block placed on the market for sale

The land and buildings housing one of the biggest office blocks in the Bay of Plenty township of Whakatane have been placed on the market for sale.

The three-level commercial block at 17 Pyne Street in the town’s central business district was constructed in 1987 to accommodate the Government Housing Corporation’s regional administrative offices.

Known as Concordia House, the property now houses a range of six professional services firms and private companies – generating annual rental of $318,187 plus GST. Among the individual tenancies located within Concordia House are:

• Legal practice Attewell Clews & Cooper Lawyers
• Specialist healthcare services provider Bay Radiology
• Workplace health and safety regulator Worksafe New Zealand
• Childhood education services agency Kip McGrath
• Community health and disability support services provider HealthCare New Zealand
• Two professional services firms who share storage space for their vast collections of legal documentation.

The freehold 1,590 square metres of land and 1,930 square metre building at 17 Pyne Street are now being marketed for sale at auction on April 15 through Bayleys Whakatane. Salespeople Larissa Reid and Rhys Mischefski said the property had rental upside for any new owner – with some 42 square metres of office space becoming available for occupancy in April this year.

“The area has previously been leased for $9,600 per annum, and that figure is not included in the greater rental schedule – opening up the potential for an owner-occupier to move in, or an investor to lease the space and benefit from a subsequent higher yield,” Ms Reid said.

Mr Mischefski said the CBD property also comprised on-site car parking for 23 vehicles, with substantial additional street parking immediately available in front of the block’s 31.6-metre-wide frontage onto Pyne St. He said the rectangular-shaped premises had an Initial Evaluation Procedure rating of 72 percent of new building standards.

“Concordia House very much reflects the period in which it was built – being constructed of driven reinforced concrete piles, reinforced concrete foundations and floors, with concrete columns and beams,” Mr Mischefski said.

“A new air conditioning system was installed incrementally between 2010 and 2013 in conjunction with a refurbishment of the exterior to underpin its long-term integrity. With an entry-level lobby leading to the ground floor tenancies, the upper floors are serviced by both a central lift, and by a stairwell.

“A current building warrant of fitness report indicates that the building can safely accommodate up to 206 people at any one time. Combined, the current tenancies occupying floor space within Concordia House employ far less than that figure – underpinning an ample availability of interior floor space should they require it to accommodate personnel growth in the future.”

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