Commercial -
Polished office unit amongst good company in upscale Parnell
An immaculately presented office unit is poised to benefit from the surrounding development of the broader Parnell area and strong appetites from owner occupiers and investors for well-placed assets.
An immaculately presented city-fringe office offers small-to-medium businesses the chance to be their own landlord, surrounded by some of Auckland city’s most exciting planned developments.
Recently refurbished to high specifications, the 85sq m (more or less) unit at 11C Augustus Terrace is one of six commercial units located on the ground floor of the luxury apartment building Hemisphere.
Bayleys Auckland’s director of commercial leasing, Ben Wallace, says the premises, with three secure car parks, is proving popular with mid-sized firms reevaluating their office needs amid the new economic cycle.
“Some operators are looking to hybrid working models, optimising office space for flexible work strategies.
“As we look to the new year with greater economic certainty and a new government at the helm, we expect a greater proportion of smaller businesses to upgrade, seeking high-quality accommodations in amenity-rich locations.
“Leasing activity across Auckland is particularly buoyant right now, with the subject property presenting an opportunity for investors to leverage this interest to install a tenant as demand is high for turn-key assets.”
Mr Wallace is marketing the premises for sale with colleague James Were via tender process closing at 4:00 pm on Thursday, 23rd November 2023 (unless sold prior).
The north-facing, freehold office suite is part of a mixed-use development with views of the Hauraki Gulf near high-traffic Parnell Road.
Bayleys Auckland City & Fringe team associate director James Were says the versatile configuration lends itself to an open-plan work environment with a generously sized, glass-partitioned boardroom at the front of the unit.
“Specifications include acoustic tiling, new dish drawers, and a hydro-tap, modern bathroom amenities, and the ability for the new owner to acquire stand-up desks as part of the property transfer.
“Parnell remains one of Auckland’s most desirable and prestigious locations, proximate to the vibrant Parnell Village with its high proportion of restaurants, upscale retail and art galleries.
“Besides local amenities, the unit is moments away from Auckland’s downtown CBD, the Parnell Train Station, the medical precinct and the port motorway system.
“Although Parnell is a long-established metro hub, significant investment in the immediate area courtesy of large commercial property owners underpins confidence for investors.
“More than $200m worth of new developments are in the works currently, including architecturally designed mixed-use premises on York Street, premium office developments down the road and along The Strand, a 54-room Wyndham Hotel, and luxury apartment project Edition on Churton Street.
“Significant capital outlay is a massive endorsement for the growth profile of the area and a meaningful indication of potential value growth for the subject property.
“A high wealth demographic further attracts a strong calibre of tenants, underscoring the value proposition for a new purchaser.”
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