SYMONDS STREET PORTFOLIO
7 City Road
Executive Summary
Interest for sale: 100% Freehold in Fee Simple
Legal description: Lot 3 Deposited Plan 529294
Identifier: 857491
Capital Value: $22,000,000
Site area: 1,072m²
Zoning: Business - City Centre
Built: 1989
Net lettable area (NLA): 5,186m²
Floor plates: 420m² (approximately)
Levels: 12 office levels
Car parks: 92, (85 via parking easement over 69 Symonds Street, seven uncovered)
Seismic: 100% NBS A Grade
Occupancy: 66%
WALE: 1.3 years
Net passing income: $1,025,483
Potential fully leased income: $1,675,630
The property comprises a 12-level office building providing 5,186m² lettable area with 92 car parks, 85 of which are situated in the four-level basement of the adjoining building at 69 Symonds Street and are included by way of a parking easement. The main lobby is situated on level 7 at ground level with levels 5 and 6 situated below City Road, being the bottom two floors of the building, and connect to the adjacent podium building at 69 Symonds Street.
Improvements were originally constructed in 1989, with refurbishments being made since, and has an A+ Grade seismic rating. The building is 72% occupied with tenants including Whitecliffe College (11%), The University of Auckland (8%), He Puna Marama Trust (16%), with the balance comprising a range of established professional service and technology providers. Total net passing income is $1,025,483, and fully leased $1,675,630, at an average net rental of $257/m² with Whitecliffe College and He Puna Marama Trust having fixed annual rent increases providing future rental growth.
The top level provides stunning views over the harbour and towards the west.
7 City Road Gallery
Boundaries and renders are indicative only.
