"The property has a seismic rating of 99 per cent of new build standards, and is zoned Business – City Centre," says Haydock.
"Revenue from the car parking operations is not only underpinned by long-term leases of nine and ten years to Tournament Group, but it's also 'future-proofed' with annual three and 2.5 per cent rent reviews written into the lease terms," he says.
The lease of the 18 car parks occupied by Maersk runs through until 2025; while the lease of the 25 car parks to Pernod Ricard runs until 2026.
Haydock says that each of the car parks are on individual titles – providing further flexibility in the future. Pedestrian access to the car park spaces is via an external covered stairwell and internal lift.
"While there are other car parks dotted around Auckland's Central Business District, it is often difficult for corporate entities and property owners to secure a sufficient staff car parking spaces in the same location," Haydock says.
"Many of the new and refurbished offices in the Auckland's CBD are designed to maximise the desk-to-floor space ratios – resulting in higher density configurations. Those higher staff volumes can require more vehicle parking spaces – meaning there will always be demand for conveniently located parking premises."
Bullick says Auckland Council's Business – City Centre zoning for the site allows for a mix of commercial, residential and retail activities and is designed to deliver the greatest intensity of development in terms of the height and floor area of any zone in the city plan.
He says the multi-level car parking spaces at 17 – 19 Nelson Street sit above a street-level row of shops and small commercial premises which are not part of the property being marketed for sale.
