From warehouse to posh offices

A former Wilson Macindoes warehouse on the corner of Garfield, Churton and Farnham Sts in Parnell will undergo a $3.5 million conversion into the GCF Centre comprising three individually designed office suites for leasing to niche office tenants.

The redevelopment of the former hardware suppliers' premises will add 1769sq m of new office space to Parnell and contributes to the exodus of light industrial business east of Parnell Rd.

Parnell Capital bought the site two years ago in an off-market deal and extended a lease to Wilson Macindoe for 18 months while the company searched for new premises. After owning the city fringe warehouse premises for about 20 years the hardware supplier moved to Onehunga.

Land in this area has become too valuable for existing uses, says Colliers International leasing broker Andrew Reed.

Wilson Macindoe is in a long line of warehouse companies that have been able to buy or lease bigger and cheaper premises elsewhere.

The 1045sq m, 498sq m and 225sq m offices at GCF Centre, designed by Crosson Clarke Carnachan Architects, will have separate entrances, decks, views over St Georges Bay Rd to the port, utility fitouts and 45 on-site carparks, a rarity in Parnell.

Directors Martin Bonifant and Miles Nathan decided to keep the shell of the GCF Centre because of its design and structural quality.

Builders Argon Construction gutted the fabric of the building leaving only the exterior walls and floors standing.

The roof has been taken off and the portals left, says Bonifant.

During reconstruction the roof line will be lifted for a separate loft office area and the three office suites designed with modern floor plans to create space efficiencies for tenants.

"This is different space," says Rands Robinson broker Chris Urry. "The spacious clear span building on a large site with three street frontages lent itself to adding another floor within the walls.

"Each office has its own entrance, lobby/reception area, air-conditioning and decks for break-out spaces. We've found that tenants like a mix of fresh air and air-conditioned space for their staff," says Nathan.

These offices will appeal to niche tenants that don't want traditional space, but something that creates a bit of fizz, says Bonifant.

Tenants will be able to design their own fitout subject to Parnell Capital's approval. They will also be able to put their signage on the building and naming rights for the entire GCF Centre can be bought.

Anticipating good demand for space in GCF Centre, Reed says rents will range from $265/sq m to $320/sq m and the 1045sq m office can be split into two tenancies of equal size.

Colliers International leasing broker Blair Hargrave says vacancy rates are low, at less than 10 per cent, and demand for high quality office space is high.

The warehouse was built in the 1960s for the New Zealand Honey Institute and won awards for its substantial open span concrete portals and overall design.

Construction began in March and will be completed by the end of September. However, Parnell Capital has given the green light to the project without tenants being signed up.

"A lot of business owners live in the eastern suburbs and don't necessarily want to be in Queen St," says Reed.