"The property therefore offers buyers strong tenant covenants and income stream," says Seymour. "It also constitutes a strategic landholding with Auckland's forecast population growth continuing to be very strong and an increased demand for CBD fringe property expected in the coming years.
"With flexible zoning in place, it also presents a medium to longer-term redevelopment opportunity, possibly into apartments, short-term accommodation or mixed use.
With the expected boost in demand for inner-city living options in Auckland, this is likely to attract add-value buyers looking to secure suitable properties for possible changes of use in the future."
Reed says resource consent has been granted to convert the existing building into a mixed use development including a 122-room boutique hotel, four levels of office space plus a cafe and restaurant on the lower levels.
The building was constructed in 1976 and has an attractive, modern appearance with extensive exterior reflective glazing and distinctive column detailing combining to create one of the most recognisable structures in the CBD fringe.
"Inside, most of the floors were extensively refurbished in 2009 including upgrades to the air-conditioning system, lifts, electrical systems and amenities," Reed says.
"The high-quality renovation completed to several floors, in particular to Woodhams Meikle Zhan's space, demonstrates the high standard design-led fitout which could be achieved across the whole building by an owner who was keen to add value through refurbishing the remaining floors."
It has 6243sq m of total net lettable area across large floor plates of around 900sq m each, which capture good natural light on all sides. Forty-four basement and exterior car parks are provided.
"The building also has a striking entry lobby featuring a circular stainless-steel entry tunnel," Seymour says.
New Zealand Mint, which provides a significant portion of the property's income stream, is the only privately owned mint in New Zealand. It is also New Zealand's only precious metal mint. The company has been minting legal tender, commemorative coins, gold bullion and medallions for more than four decades, and is well respected in the international bullion industry.
"The hi-tech fitout undertaken for New Zealand Mint included high-security vaults and manufacturing area, including a dedicated lift for deliveries," says Seymour.
Tenant Datacom is an IT services provider founded in Christchurch in 1965 while Woodhams Meikle Zhan has one of the largest architectural practices in New Zealand, specialising in the master planning and design of retail, commercial, industrial and large-scale residential projects.
Other key tenants include Event Cinemas, New Zealand's largest cinema chain, and boutique law firm Pidgeon Law. A small vacant space in the building provides the opportunity to increase the property's income stream, says Reed.
Seymour says there is an emerging trend towards converting city office buildings to residential use in Auckland, based on expected demand for apartment accommodation.
"The need for more higher-density residential developments in Auckland has been well publicised, so we are seeing increasing numbers of developers looking to add value and take advantage of the cost savings offered by converting existing office buildings to residential use, when compared with the cost of newbuilds.
"There is noticeable demand building in the market for this type of well-located office building stock, given the potential to add real future value through conversion to residential use and capitalise on expected future demand in Auckland."
Seymour says the building is close to major civic, educational and transport infrastructure.
Mayoral Drive is one of the main thoroughfares in the southern sector of the Auckland CBD linking Queen St, Albert St and Wellesley St. The motorway system is also within easy reach via nearby Pitt St, and there are several bus stops nearby.
