Auckland's award-winning ASB C:Drive technology and innovation hub is up for sale — with agents touting, "a trophy asset with outstanding tenant covenant and locked-in rental growth".
Built for ASB Bank in 2001, the activity-based workspace occupies a 2.12ha freehold site at 33 Corinthian Dr, Albany.
It comprises a 10,248sq m office over three levels, with 334 on-site car parks, a gym, badminton court, auditorium and a common area with meeting rooms and a cafe.
Colliers International capital markets directors Jason Seymour and Peter Herdson are marketing the property for sale with Shoneet Chand, a director of Colliers' North Shore office.
Offers by way of deadline private treaty close at 4pm on November 21, unless the property sells earlier.
With its striking design and functionality, ASB C:Drive has won numerous national and international architectural and innovation awards, including the coveted global Architectural Review AR Award," says Seymour.
ASB Bank is signed to a nine-year lease returning some $2.971 million plus GST in net annual rent, with renewals extending the final expiry date to October 2034.
Fixed rental reviews every three years, including on renewal, offer secure income growth of 2 per cent, compounded annually.
Seymour says the property is in one of Auckland's fastest-growing commercial and residential suburbs.
"This innovative and award-winning property is superbly positioned within one of three key areas that Auckland Council has earmarked for intensive growth outside the CBD. Completed in 2002, the building challenged the traditional New Zealand office market in terms of space efficiency and workplace layout and despite the passing of time it continues to sit at the cutting edge with its coveted large floorplates and flexible working spaces.
"There is a strong tenant covenant, built-in rental growth and a long lease."
C:Drive was designed by BVN Australia, in association with Jasmax, and constructed by Neil Group to A-plus seismic standards.
It comprises basement, ground and mezzanine floors with a strong visual connection between the levels provided by walkways, voids and open staircases.
Herdson says the main entrance is on the northeastern end of the 5647sq m ground floor. The entrance leads into a large, open plan office and the main common area, known as Central Park. Multiple staircases lead to the basement and mezzanine levels. The floor opens on to an outdoor courtyard, while two voids overlook the basement theatre and badminton court below."
The 2593sq m basement was used for car parking until 2007, when it was converted to open plan office space.
At the northwestern end of the basement is a small theatre that links to the ground level," Herdson says.
The eastern end includes a badminton court, enclosed gym, shower facilities and female and male amenities plus service areas. Two sets of stairs and one lift provide access to the ground level above and the 1954sq m mezzanine level includes multiple walkways over the Central Park area of the ground level.
"This level has multiple meeting rooms, together with further open plan office areas, plus a lunchroom and kitchen area," Herdson points out.
"Car parking is provided on-grade around the building as well as in a two-level car park structure at the southeastern corner of the site."
Chand says ASB's significant investment in the building demonstrates its commitment to the property.
"The bank has created a one-of-a-kind facility that would be difficult and impractical to replicate."
The property is extraordinarily easy to access, with the Albany Expressway on its western boundary.
"C:Drive is only 18km from Auckland's CBD via the Northern Motorway, while the Northern Busway and its associated park and ride facility provide a good level of public transport amenity," he says.
"The property is also within easy walking distance to New Zealand's fourth largest shopping centre, Westfield Albany, as well as Massey University, one of the largest tertiary education providers. Already a focal point for growth, Albany's excellent connectivity will continue to attract further commercial, residential and mixed-use development in future."
The property is zoned Business Park under the Auckland Unitary Plan — a zoning enables moderate-to-intensive office activity, along with ancillary services such as gyms, childcare and food and beverage outlets.