Top of the class on Airedale

2:52 PM Sunday May 25, 2014 Colin Taylor
Close to Auckland's education precinct, this CBD building is ripe for conversion to accommodation

A 10 level city office building at 60 Airedale St, close to Queen St, is being formally offered to the market for this first time since its construction 1989.

"This building's 80 per cent new building standard [NBS] seismic rating makes it a rare commodity in today's commercial property marketplace," says Wayne Muir, commercial and industrial agent for Barfoot & Thompson Commercial who is marketing it for sale with colleague Aaron Smith via tenders closing on June 12.

"It has the added advantage of secure six-year leases for five floors out of the 10 with early termination provisions and the balance of the floors being vacant," Muir says. "It will attract owner-occupiers and investors because of the location, scale and type in a climate where growth prospects are sound."

Erected on an easy sloping 441 sq m freehold site, the building has 2300 sq m of office space.

A semi-basement provides parking for 12 cars. Its has a reinforced concrete frame with tinted glass in alloy frames, horizontal Alcubond spandrels and iron roof. "The general appearance of the building -- which has two Kone 12 person elevators -- is clean and modern and in terms of market appeal," Muir says

"The modern reinforced concrete structure assists its seismic strength. We are experiencing a real upsurge in demand for modern buildings with good seismic ratings that are capable of adapting to a change of use from commercial office to accommodation in all forms from student facilities to hotels.

"The original building design and approvals included residential apartments on floors nine and 10 which have small decks.

"This location is within the education precinct and just 500 metres from Queen St, where there is a strong demand for accommodation.

"We have recently sold a number of examples of these conversions, including 401 Queen St. It is now a Quality Hotel but before its change of use it was a struggle to lease or sell it."

Muir says the fit-out is clean and interior finishes and partitioning are standard with air-conditioning provided by a central system.

Floors used by a computing service have had a specialised fit-out with built air-conditioning and raised floors. Zoned SMA5 under the Operative District Plan, the Airedale St building is close to the intersection of Symonds and Wakefield Streets.

"The property is in the CBD and, more particularly in the education precinct, a short walk from the Auckland University of Technology [AUT] and Auckland University with private education providers nearby.

"The State Highway 1 motorway access point is 500 metres up Symonds St, which is a main city arterial route to Newmarket, Mt Eden and other southern suburbs.

"Under the Proposed Unitary Plan the site is zoned City Centre which is the top of the centre's hierarchy and plays a pivotal role in Auckland's present and future success," Muir says.

"In terms of activities both accommodation and offices are permitted activities."