Lawyers join exodus to waterfront development
Law firm Bell Gully is quitting its tenancy in Auckland’s landmark Vero Centre because the firm’s partners want a change of view.
This is the reason given by Clive McKenzie, the chief executive of Vero Centre owner Kiwi Property Group.
Bell Gully is joining the exodus of many Auckland firms from the traditional central business district to the waterfront.
McKenzie said Bell Gully had occupied five levels for 18 years but he was confident about finding a new tenant because the law firm won’t vacate until after 2023.
The Vero Centre is nearly fully occupied and is worth $420 million.
McKenzie said different parts of the building were being refurbished from time to time which would see rents maintained or even lifted.
The Vero Centre has won numerous awards for design, construction and efficiency since its completion in 2000.
Kiwi Property’s loss will be rival Precinct Properties’ gain, because Bell Gully will take space in the 19-level HSBC building next to the company’s new Commercial Bay development.
Bell Gully said the move to the waterfront was ‘‘an opportunity for the firm to design a new, modern working environment’’.
The Commercial Bay–1 Queen St precinct would be at the heart of the Auckland CBD in the coming years, Belly Gully managing partner Haydn Wong said.
HSBC House will be renamed 1 Queen St and will be stripped back before being rebuilt to a new Warren & Mahoney design for offices and a hotel.
Bell Gully will take 3800 square metres of office space – less than the 5192sqm it currently occupies in the Vero Centre.
The project is now 76 per cent pre-committed following the previously announced commitment by InterContinental Hotels Group to 11 levels of the building.
Precinct Properties has also secured tertiary institution Media Design School on a 15-year lease term for 4760sqm at 10 Madden St at nearby Wynyard Quarter.
This represents 60 per cent of leasing commitment to the 10 Madden St project, which is due for completion in 2020.