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City office building for sale with 12-year lease in place

Chance to own a building in Auckland’s CBD, leased to The University of Auckland



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
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1-11 Short St small-min.jpgA nine-level central city office building with a long-term lease in place to The University of Auckland is for sale through JLL. 

JLL agent John Binning is marketing the property through an Expressions of Interest process, closing December 15. 

The 4950sqm building at 1-11 Short Street was constructed in 1971 and has been substantially upgraded for educational use, since the university began occupying it in 1995. 

The University uses the Short Street building for its Centre for Continuing Education, and has a 12 year and 5 month term from August 2011, with two lots of three-year right of renewals giving a final expiry of December 31, 2029.

“The building currently brings its owner around $1,020,000 pa, which appears to be approximately 20 percent under-rented,” Binning says.

“A number of neighbouring office buildings have been converted to residential uses. When the University’s lease expires, this opens up the possibility to add value by converting this property to residential, or to leave it as it is.”

The University describes the Centre for Continuing Education as offering “access to the University's knowledge and research, and encourages the two-way flow of ideas between the University and its many communities. It is a partnership between academics within the University and with practitioners and organisations to develop and deliver courses, seminars, workshops and events”.  

“This 1342sqm site is on Short Street, which is a small side street with an easy slope down from Eden Cres to Anzac Ave,” Binning says. 

“The property is just around the corner from the University’s main buildings on Princes Street. The location is handy to amenities including the Auckland High Court, Vector Arena, the Pullman hotel, the train station and Britomart shopping precinct, as well as all of Auckland’s waterfront cafes and restaurants. Queen Street is five minutes’ walk away, via Shortland Street.” 

The property is easily accessible via the main arterial roads of Customs Street and Symonds Street and the area is extremely well served by bus, train and ferry connections.  

The area is made up of older style commercial buildings, which are mostly secondary grade office space. Over the past decade, newer office developments have been built in the area and a number of properties have been refurbished for offices or accommodation. Many of the nearby buildings are occupied by The University of Auckland or other educational tenants. 

There are two carparking levels on the Anzac Street side of the building, with secured undercover space for 46 vehicles, with two levels of office above. These have large, irregular floorplates and a higher than normal ceiling height of 3.2 metres, allowing for internal lecture rooms. There are a further four levels of office space above which are approximately 620sqm and there is another 400sqm space on the top floor. 

“This is an opportunity to invest in Auckland’s CBD, with the comfort of knowing you have a long-term tenant in place. The University of Auckland has been ranked New Zealand’s leading university in the QS World University Rankings 2016. It is the only New Zealand university in the top 100 in the world.”