Revamped Queen St tower for lease

5:00 AM Saturday March 7, 2015 Colin Taylor

View of 125 Queen Street which is undergoing a major makeover.

The former BNZ Tower at 125 Queen Street is the subject of a state-of-the-art makeover with refurbished offices that will be ready to occupy in less than a year.

Encompassing over 17,000 sq m of office space within 25 levels, the tower will be launched to the market as a refitted ‘as-new building’ to be called 125Q.

“This landmark property has essentially been off the market for a decade,” says Rob Bird, national director of office leasing for Colliers International, who is now seeking to lease space within the building in conjunction with colleagues Eileena Stoddart and Kendall Grey of Colliers leasing team. 

“The new owners wanted to ensure its thorough refurbishment was well underway before launching it to market and that time has now arrived,” Bird says.

“The $40 million interior fit out is progressing well, and the public will soon notice scaffolding being erected as part of the exterior make-over that will include innovative LED screens at street level.”

Stoddart says the renovation represents a major opportunity for businesses to secure multiple, contiguous floors in a world-class tower block with a downtown location. 

“It is rare for Auckland CBD office space to be offered on this scale and it’s being released into a market that’s incredibly tight, so we are expecting demand to be at a premium,” Stoddart says.

She says Auckland’s premier A-grade office vacancy rate is currently just 1.4 per cent - an unprecedented level of occupancy.

“This building will not only add some top tier, distinguished facilities to the market but it will add some vitally needed space. The magnitude of the offering will specifically appeal to larger tenants, but the property also provides opportunities for medium and small businesses too,” Stoddart says.

The building’s side core makes it exceptionally well suited for whole or multi- floor tenants as the configuration delivers greater visibility across the floor.

Single or multi-floor leases on offer range from 700 sq m to 15,000 sq m and include the latest in services and IT infrastructure. The construction of two show floors is underway and bespoke interior fit outs to the highest quality are also available.

Stoddart says a single floor tenancy of 700 sq m in 125Q would be ideal for a medium sized business seeking to go to the next level with a premium position in the heart of the CBD.

“Smaller businesses also have the opportunity to be part of this redevelopment because the floor spaces can be easily reduced to cater for areas from 200 sq m upwards,” she says. 

High profile naming and signage rights are still available for a larger occupier looking for brand name 360 degree visibility on one of Auckland CBD’s highest buildings.

“The building will be particularly striking following completion of the significant exterior changes planned for its rooftop,” Stoddart says. 

The tower’s top elevated levels have expansive views of Auckland while the side core office layouts offer uninterrupted panoramic vistas.

Grey says even the building’s lower levels will have features in keeping with a privileged position.

“The property not only features an historical façade at street level that holds great significance to Auckland, but it now has a new owner  determined to create a world class office tower on top of  that.

“This will include redefining the classic entrance lobby with a large, sophisticated space incorporating a cafe and bar that’s intended to be an extension of the offices above – an impressive and convenient breakout area for meetings,” says Grey.

The associated ground and level one retail space, to be known as Queen’s Rise, is being converted to create a group of first class eateries and other high quality retail that will benefit from the building’s anticipated occupancy of nearly 1500 corporate workers.

Further staff amenities will include a creche and bicycle parks as well as showers on every floor.

Principal designer Eugene Marchese of Australian based architects, Marchese Partners and Alexander & Co says an abundance of natural light, as well as texture and materials will play a key role in the sensory experience of the space.

“The presence of exposed structures, raw and recycled materials is intended to create an edgy and contemporary environment,” says Grey.

Construction is being undertaken by Dominion Constructors which recently completed the 5 green star rated AECOM House, as well as other multi-million dollar projects like the Sky City Tower Hotel and Convention Centre.

The building is positioned in the heart of the Auckland CBD, in the popular lower Queen Street area, surrounded by top tier, multinational tenants.

Grey says a move to this premium downtown tower block at 125 Queen Street will lift the profile of businesses looking to move to the CBD and increase their brand prestige – in addition to attracting and retaining staff.

“It is in a very convenient location for commuters with the ferry terminal and Britomart Transport Centre just a short stroll away and several parking buildings within easy reach.”

Rob Bird, Colliers.jpg

Rob Bird of Colliers.