Colliers New Zealand are pleased to have been exclusively appointed to market Unit 8A, comprising 223 sqm in the greatly coveted, The Old South British Insurance Building, at 3-13 Shortland Street, in Auckland’s CBD. This freehold office unit boasts a prime position in the heart of Downtown, in the Financial and Legal district of the city.
The South British Insurance Building in Auckland is a prominent 1920s ‘Chicago-style’ high-rise. It served as the headquarters for the South British Insurance Company, reflecting a shift to larger, multi-tenancy offices. The building’s design was modern yet retained British elements. Today, it remains one of the most sought-after buildings in the CBD for financial and legal practices.
Further to the property’s prime position, it boasts 223 sqm of space split into three separate tenancies, all with great natural light. The tenancy on the Southeast side of the unit is 55sqm (more or less), and is leased to an immigration company. The tenancy on the Northwest side of the unit is 91sqm (more or less) and is leased to a medical administration company. The 77sqm (more or less) office left in the middle is currently occupied by the owner, and features a reception area, three meeting rooms/offices, a kitchenette and shared bathroom.
Due to existing vacancy, this property offers a unique opportunity for an owner-occupier who intends to expand in the coming years and can enjoy passing income from two units that the property already generates. With one tenancy expiring in June 2025, you will have the opportunity to unlock and occupy a further 91sqm or add-value and re-lease for income. With the second tenancy expiring in August of 2028, you will have the same opportunity to expand or-add value and lease out in the next 4 years.
Features:
* Potential to Expand - Two units expiring in 2025 and 2026, leaving space for an owner-occupier to move into
* Value-Add Opportunity - Three units to add-value to, then lease-out or sell
* Split-Risk Investment - Two tenancies are leased, and generating rental income
* Admired Character Building - The South British Insurance Building remains highly sought after for Legal and Financial practices
* Seismic - The Body Corporate will be undertaking seismic upgrading in the last quarter of this year, raising the overall seismic rating to 67%
* Sought-After Downtown Location - Downtown CBD is highly coveted and demand higher rents and low vacancy rates
* Transport Links - Nearby multiple public transport links including the new City Rail Link project
* Stratum in Freehold