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57 Symonds Street

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Executive Summary

Interest for sale: 100% Freehold in Fee Simple

Legal description: Lot 2 Deposited Plan 125222 and Lot 5 Deposited Plan 529294

Identifier: 857493

Capital Value: $21,500,000

Site area: 2,345m²

Zoning: Business - City Centre

Built: 1982

Net lettable area (NLA): 3,722m²

Floor plates: 420m² (approximately)

Levels: 10 (including basement)

Car parks: 65 (11 basement, 54 uncovered)

Seismic: 100% NBS A Grade

Occupancy: 82%

WALE: 1.6 years

Net passing income: $1,118,956

Potential fully leased income: $1,386,609

The property comprises a nine-level office building with an additional level of basement car parking, along with open car parking also provided on the balance of the site. The overall site provides a large landholding of approximately 2,345m², benefiting from significant frontage to Symonds Street. 

Improvements were originally constructed in 1982, with refurbishments being made since, and it has an A-grade seismic rating. The building is 86% occupied with a diversified income stream from a range of high-quality service providers, including Tend, Gaze Burt Lawyers, and Chatfield & Co, providing a net passing income of $1,118,956, and a fully leased net income of $1,386,609 at an average net rental under $300/m², with most having fixed rental increases providing future rental growth.​

A development study by Ignite Architects identifies the potential to develop a small commercial building on the approximate 617m² of surplus land adjacent to the existing building. This provides purchasers with an opportunity to add value in the future.
 

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57 Symonds Street Gallery

Boundaries and renders are indicative only.

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For further information

Our Information Memorandum takes a deeper delve into the offering with tenancy schedules, stack plans, financial summaries, and building details for each property. There is also an expanded sector on location, education, and planning.

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