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Versatile office offers skyline synergy in heritage landmark

A vacant sub-penthouse office in one of Auckland Central’s most prestigious heritage buildings provides a versatile opportunity for landlords and owner-occupiers in the heart of the city’s financial and legal precinct.

Bayleys Metropolitan Markets associate director Phil Haydock says the professional premises is currently configured as two self-contained tenancies, offering an opportunity for total occupancy, a multi-tenanted investment, or a combination of both.

He is marketing Unit 9A in the Old South British Insurance Building at 3-13 Shortland Street with Bayleys colleagues Jack Kiely and James Were.

The combined freehold office is featured in Bayleys’ latest Total Property portfolio, offered for sale by tender, closing at 4:00 pm on Tuesday, 23rd April 2024 (unless sold prior).

“Versatility within the current layout will appeal to a broad range of investors, particularly given continued demand for well-located office accommodation,” Haydock says.

“Some occupiers are increasing their footprint as employees return to the office environment, raising demand for property of the right quality, scale, and position.

“The subject property presents an attractive alternative to prime new-build office space, particularly given its prominent position in a landmark building at the central city’s commercial heart.”

The Old South British Insurance Building features an original 1926 concrete frame building on the corner with High Street. In 1966, an additional structure comprising 10 floors of commercial accommodation was added on its western flank.

“The subject property is located within the 1966 extension and features a fresh refurbishment offering a sleek and modern contrast to the building’s heritage façade,” says Bayleys salesperson Jack Kiely.

“Providing a total floor area of 214sq m (more or less), the unit comprises a larger tenancy of 142sq m fronting Shortland Street with a dedicated reception area, boardroom, two executive offices, and an open-plan area with staff amenities.

“The 72sq m (more or less) tenancy is located at the southern end of the building and features two open-plan workrooms with a small kitchenette. Both present versatile options that could be easily utilised by one or two separate businesses.”

The heritage building is located in the downtown precinct adjacent to the intersection with Queen Street.

“This is a premier address in the professional services district, close to Auckland’s premium-grade and landmark office towers, including Commercial Bay, the Vero Centre, Deloitte Tower, AIG and the Lumley Centre,” says Bayleys Metropolitan Markets associate director James Were.

“The location is superb and offers easy access to amenities, public transport, dining, and retail options, making it a desirable option for employers who want to attract staff back to the office environment.

“In addition to the attraction for occupiers, there is scope for investors to increase potential rental return by undertaking add-value works, particularly those that improve office sustainability credentials to offer practical occupier solutions.

“Small but meaningful initiatives, including enhanced security, energy-efficient upgrades, and waste programmes, could lift occupancy and income potential, with landlord-led refurbishments offering an edge in the current market.

“With a critical feature of versatility, the subject property presents an excellent option for investors and owner-occupiers to gain a historic foothold in a prime CBD location. This well-presented asset offers a chance for immediate occupancy, while the scope to increase value provides additional upside.”

Click here for more information on the listing.

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