124 Vincent Street is a modern eleven-level air-conditioned office building built in 1986 by Mainzeal Construction and designed by Jasmax Group. The 4,478 m2 tower comprises eight levels of offices and three levels of basement parking sitting on a 1,458m2 freehold title.
Fully occupied with an annual net return of $1,459,417 plus GST, long term leases and fixed annual rent growth make this an attractive investment proposition. Bankability is reinforced with the anchor tenant being an ASX listed global tenant with a $3.5 Billion market cap.
Featuring significant services and fit-out upgrades made by the tenant and landlord (over $6million) and a 70% NBS rating, the asset is strategically positioned between the Aotea & Karangahape City Rail stations due for completion in 2024.
Upon the expiry of existing leases this building presents itself as an ideal conversion opportunity with generous north facing decks, south based services core and sweeping city views from its elevated location. This quality investment proposition also benefits from significant investment in public infrastructure and gentrification as well as providing excellent access to State Highway 1 and the North Western Motorway both within 400 metres from the site.
Commercial tower blocks in the Auckland CBD don’t come onto the market often – call the sole agents for further information!