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Outstanding Ellerslie office asset on offer

NZ_AucklandCBD_Communications_Outstanding Ellerslie office asset on offer

A prominent office building in the growth corridor of Ellerslie shapes as an attractive purchasing opportunity for buyers that are looking to acquire a high-quality asset with substantial rental income and long-term upside.

The Agility CIS Tower is located at 56 Cawley Street in Ellerslie and offers 5,538sq m of total floor space on a significant mixed-use landholding of 4,167sq m.

The building has undergone extensive refurbishments and has a modern feel, while offering huge profile to State Highway 1 and Ellerslie. There are 148 dedicated on-site car parks with access to a further 41 car parks.

Key tenants include Agility CIS, Honeywell, Edge Interiors, and Sanofi, and the total passing annual income from the property, including underwrites, is $2,098,537. The weighted average lease expiry for the property will be just over three years as at 1 December 2021.

Colliers Directors Gareth Fraser, Blair Peterken, Charlie Oscroft, and Peter Herdson have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 24 November, unless sold prior.

Fraser, Director of Investment Sales at Colliers, says Covid-19 has transformed the way occupiers view and occupy space, with flexibility, functionality, accessibility, and quality the paramount considerations. 

“This is a user-friendly facility and one of the top-tier office buildings in the area. Ellerslie remains a highly desirable location for occupants given its proximity to State Highway 1 and the nearby public transport networks, including bus and train services,” Fraser says.

“Ellerslie has experienced tremendous growth in the past few years and this property is well-served by the amenities in the area. There’s a range of cafes, restaurants, and bars in the affluent Ellerslie shopping village.”

The 11-storey building, originally constructed in the 1980s, has undergone a major refurbishment programme which commenced in 2015 and provides 10 levels of office space and one level of basement parking. 

Peterken, Director of Capital Markets at Colliers, says the recent refurbishments included updating the external facades, filling in decks, and adding an additional floor.

“This is a highly functional office building that offers excellent natural light due its size, and lack of neighbouring towers, while the floors benefit from views over Mount Eden, Mount Wellington, and One Tree Hill,” Peterken says.

“Each level of the building provides a kitchenette, and male and female toilets, while there are showers on four levels. The property also includes an automatic sprinkler system, automatic doors, emergency lighting systems, and passenger lifts.”

Cawley Street offers convenient accessibility given it runs off Main Highway, which is one of the main arterial routes in Ellerslie. Auckland’s CBD is only eight minutes away, while it is 16km to Auckland Airport.

The property is zoned Business – Mixed Use Zone, which is typically located around centres and along corridors served by public transport. The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.

Oscroft, Director of Investment Sales at Colliers, says the property’s flexible zoning provides potential for the future.

“Mixed-use zoning remains highly sought-after among buyers given the regulatory flexibility on offer and the potential to add further value in the future. The new owners will have the opportunity to scope any potential plans on how to reposition the property in the long term for a range of different uses, if desired, including residential use,” Oscroft says.

“Ellerslie has multiple childcare facilities and schools nearby and is an incredibly popular suburban area.”

Herdson, National Director of Capital Markets at Colliers, says when you consider all of the pertinent factors, this property shapes as an exceptional purchasing opportunity.

“The property provides a steady rental stream in a modern, high-quality building in one of Auckland’s most sought-after suburbs that has future growth potential,” Herdson says.

“We expect there will be significant interest in this property, and we encourage all prospective buyers to do their due diligence and contact us immediately.”


Related Experts

Gareth Fraser

Auckland Director - Investment Sales

Auckland

Gareth leads Colliers International's Investment Sales team. The team operates across the entire Auckland market from four strategic locations; CBD (including city fringe), South Auckland (based in Highbrook), West Auckland (based in North West Shopping Centre) and North Shore (based in Takapuna).

This is a large team of brokers and support staff focussed on providing solutions to owners, investors, developers, owner-occupiers and tenants. It features a specialised site sales team focussed on residential land and development opportunites. Investment Sales also includes the syndication division, offerring proportionate ownership opportunities to investors on behalf of clients.

Gareth is also on the Executive Team for Colliers in New Zealand.

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Blair Peterken

Director | Capital Markets

Auckland

After more than a decade in Australia’s highly competitive commercial property sector, Blair joined Colliers International NZ as Director in the Capital Markets team in April 2017.

Specialising in the sale of larger commercial assets and mixed-use sites around New Zealand, Blair brings a high level of energy and diligence to the industry. His extensive knowledge and educational background ensures he is well-equipped in progressing and developing the Capital Markets team.

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Previous Experience

From 2014 – 2017, Blair was Director and Head of JLL’s South Sydney office where under his leadership, the company  grew from third to first in the South Sydney market in both leasing and sales. In 2015 he was the company’s highest fee earner across the Australian industrial business. Blair specialised in the sale and leasing of larger industrial and commercial assets including mixed-use development sites within the South Sydney market.

Prior to this he was Head of Industrial, South Sydney at CBRE. While at CBRE, Blair won the prestigious Circle of Excellence Award twice for his performances and was highest fee writer in the South Sydney office in 2012 and 2013.

Peterken’s top transaction while in Sydney  was the 2014 sale of a 4.9ha business park in Rosebery, South Sydney to Meriton Group  for A$190,000,000

His two biggest leases were the single largest leasing transactions in South Sydney in their respective years. In 2011, he leased a Goodman-developed, 12,400sq m warehouse and office in Mascot to logistics company Toll, and last year, he leased a Meriton-owned 22,000sq m site in Pagewood to WSI Logistics.

 

A selection of notable sale transactions:

  • Sale of St Kentigern Girls School, Remuera - $40,000,000 +
  • The General  Buildings, 29-33 Shortland Street, Auckland - $42,000,000
  • 110 Symonds Street, Auckland - $38,500,000
  • 1-55 Rothschild Ave, Rosebery - $190,000,000
  • Central Park Business Park,  Greenlane - $209,000,000
  • Bunnings Hamilton South - $25,100,000
  • The Warehouse, Blenheim - $16,380,000
  • NZI Centre, Auckland - $63,000,000
  • Royal Heights Shopping Centre, Auckland - $17,000,000
  • 75 Karangahape Road, Auckland - $23,300,000
  • 5 Nelson Street, Auckland - $9,000,000
  • 66-80 Broadway, Newmarket - $65,000,000

 

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Charlie Oscroft

Director

Auckland

With an extensive background in many real estate markets spanning London, Hong Kong, Brisbane, Perth and Auckland, I bring a wealth of experience to Colliers International in client management and delivering 5 star customer service.

Charlie specializes  in both the sale of commercial, retail and industrial property as well as Syndication sell downs on behalf of clients. He is one of the leading sales brokers promoting the Auction Business.

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Peter Herdson

National Director | Capital Markets

Auckland

In 1993 Peter returned to New Zealand from the United Kingdom with several years’ experience in property management and development. During this time, he worked for Vanson Developments (Richard Branson´s property development company) for two years, and in investment and management for Fuller Peiser (Rolls Royce and Vickers Pension Funds). Upon his return to New Zealand, Peter joined Colliers International (NZ) Limited, where he has been ever since.

Peter now leads the Colliers International Capital Markets division, based in the Auckland CBD. The team is proud to have established a new approach to collaborative working within their division, a first the New Zealand marketplace. 

The “Power of Five” approach with the Capital Markets team has driven exceptional outcomes for client service since 2007. The team has adapted a charter unique in the market, with over 100 years of combined experience. The personal and professional networks of 5 directors operating as a cohesive team across all projects, provides maximum leverage and market coverage for our vendors. It ensures an acceleration of all our clients success.

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