Hamburg Sud House at 52 Symonds St is tenanted by several global corporate entities. Photo / Supplied
Hamburg Sud House at 52 Symonds St is tenanted by several global corporate entities. Photo / Supplied
A large commercial office block tenanted by a variety of corporate entities on Auckland's Symonds St ridge and immediately adjacent to Auckland University's central city campus has been placed on the market for sale.
The property known as Hamburg Sud House at 52 Symonds St features eight storeys of commercial office space above three levels of car parking and occupies 1193sq m of freehold land zoned Business City Centre Zone.
The distinctive black mirror-glass and octagonal-shaped tower with prominent blue Brother company signage borders the university's School of Fine Arts campus, and is near to university halls of residence - overlooking the State Highway 1 and 16 motorway on and off ramps in Grafton Gulley below.
"This modern office tower has an A-plus seismic classification," says Chris Bayley of Bayleys Auckland who, with colleague Lloyd Budd, is marketing 52 Symonds St for sale by tenders closing at 4pm on November 16.
Bayleys says the property generates total net passing income of $936,636.93 per annum plus GST from its multiple tenancies.
"There is considerable potential upside to increase revenue from the property - with vacant office space available for lease on the ground, first, and second floors," Bayley says.
"While the building was constructed in 1984, it has subsequently undergone multiple upgrades and office reconfigurations over the ensuing decades. These, combined with an ongoing maintenance schedule, have ensured the internal fit outs have been undertaken to very high standards."
The black mirror tower block, with distinctive blue Brother signage, is adjacent to the University of Auckland's city campus. Photo / Supplied
All floors are served by two passenger lifts and the building has air conditioning installed throughout.
Bayley says the octagonal design of the building allows for high volumes of natural light into the interior space and is typical of Auckland's early-1980s commercial architecture period which saw a large number of buildings erected on the Symonds St ridgeline.
"Conversely, looking out, the offices inside have excellent views over Auckland Domain, with the upper levels featuring views out over to the Waitemata Harbour."
Budd expects that, based on current commercial leasing trends in the eastern city-fringe vicinity, it would be relatively easy to find new tenancies for currently empty areas within Hamburg Sud House.
"Vacancy rates within the Symonds St Ridge fell to five per cent when recorded earlier this year," Budd says.
"Overall inventory within the Symonds St Ridge precinct has been declining for a number of years as a result of an increase in residential use within converted premises - either totally as apartment towers, or in mixed-use formats," he says.
"This style of reconfigured use is obvious in nearby properties such as 38 Whittaker Place and 71 Symonds St. The overall floor plate of stock within the precinct has subsequently declined from just over 100,000sq m in 2008 to about 85,000sq m earlier this year.
"Of that remaining space, the tertiary education sector is the largest occupier, followed by professional services firms in the legal, IT, and communications sectors."
