CBD landmark steps over seven levels
An extraordinary opportunity to secure seven levels of a landmark asset in Auckland’s CBD is now on the market.
Renowned for its distinctive ascending floor structure, 18 Shortland St enjoys a prominent corner position with three frontages within the CBD, among the bustling dining and retail hubs and only a short walk from Britomart, Commercial Bay and the waterfront.
Comprising seven levels of extensively refurbished office floors each with large north-facing balconies, 26 basement carparks and an office lobby undergoing renovation, the strata freehold investment delivers a net lettable area of 3885sq m with established and secure tenants.
JLL has been exclusively appointed to market 18 Shortland St for sale by expressions of interest closing at 4pm on Wednesday 24 November, unless sold prior. JLL has invested in a digital tool to enable 3D modelling and virtual tours to allow inspections with minimal disruptions.
JLL Capital Markets director Ian Hall says the building offers an outstanding opportunity for investors to secure a cornerstone asset in a precinct where opportunities are few and far between.
“The seven office levels offer views northward towards the harbour and back across Auckland’s character office hub in the renowned commercial and legal precinct around Shortland St and High St,” says Hall.
“Each level features north-facing decks and natural light to three sides with enhancements including open-plan offices featuring polished concrete floors and exposed ceilings. The ascending levels offer an array of adaptable floor plans and divisible tenancies providing additional long-term flexibility.
“As a split-risk investment, this highquality office asset generates a net annual income of over $1.6 million (plus GST) from a secure tenant mix including a global IT business, national tech companies and property services organisations. Two new tenants recently signed leases while several existing tenants have recommitted their leases and major tenant Mobile Mentor has invested in naming rights.”
JLL senior broker Tommy Zhang says the diverse mix of assets in the precinct has made it one of the most sought-after of the CBD precincts, particularly over the last five years where it has benefitted from building refurbishments, new developments and council upgrades including increased pedestrian access and public amenities.
“The building is strategically placed at the bottom of Shortland St within metres of Queen St and High St and in the immediate vicinity of all of Auckland CBD’s primary amenities including Britomart, Commercial Bay, the waterfront, major public transport nodes, and motorway access, appealing to an array of businesses and catering for the modern workforce,” says Zhang.
“JLL’s latest vacancy survey in June 2021 shows Auckland CBD office vacancy is among the lowest recorded in the world. The market is being supported by strong employment, a stable economy and a growing population.
“Rents are reflecting this within the building which has shown growth over the last 18 months in addition to a consistently high degree of new tenant inquiry.”