High seismic rating for office tower
A central Auckland office tower for sale is assessed for seismic strength at 133% of New Building Standard.
The seismic rating was carried out by Aurecon for CBRE, which is marketing the building at 280 Queen St.
The 15-level building has frontages to both Queen St and Lorne St, with retail spaces at ground level occupied by JB Hi-Fi, Vodafone, OPSM and Esquires Coffee House. About 60% of the 12 office levels is occupied by government tenants.
The weighted average lease term to expiry is about 4.5 years and the building is 90% leased.
The seller is Real Estate Neuseeland Gmbh & Co Kg, associated with a Hamburg-based pension fund. The fund bought the 1970s building in 2007 for $51.5 million after it had been refurbished.
Marketers Warren Hutt and Jonathan Ogg of CBRE are highlighting a recent Property Institute pedestrian count survey of October 2012, which revealed 643 pedestrians passing by in the morning and 1298 in the afternoon and they are highlighting the central Auckland location.