Location at city fringe a big draw

5 Howe St has a mixed-use zoning and is close to the Auckland CBD. Photo / Supplied

A strategically placed four-level warehouse and office complex, with historical long-term occupancy in the highly sought-after city fringe suburb of Freemans Bay, is being offered for sale or lease on behalf of an Auckland private investor by Jones Lang LaSalle.

The 2924sq m building on a 1805sq m site at 5 Howe St, 50m from the corner of Karangahape Rd, is being marketed by Ian Hall, investment broker with Jones Lang LaSalle, and managing director Nick Hargreaves, through expression of interest closing on July 5.

"The owner of the property for the last three decades cites its long-term occupancy as a major attraction for holding on to it," Hall said.

"Chubb New Zealand currently leases half of the building, but will vacate in 2014 and may be open to vacating some or all of the premises earlier if required."

The first levels of the four-level building comprise a two-storey, high-stud warehouse with road access direct from Howe St and a small air-conditioned office. Above the office level is a mezzanine floor accommodating office space with a separate front entry from Howe St, adjacent to the carpark and the main entry foyer to the stairwell servicing the upper floors.

The carparking level is effectively one storey above the lower warehouse but with a ground-level entry. There is also separate access to the warehouse at Level 3 by an access lane at the southern side of the building. Chubb has customised most of the warehouse into open plan, fully carpeted and air-conditioned office space.

Levels 3 and 4 comprise two floors of office space.

"Given its strategic location and potential, the building is well known to many businesses in the area and in other city fringe locations," said Hargreaves. "The sale or lease of this building, which has a mixed-use zoning, represents a great opportunity for an existing city fringe tenant to move to new premises and we expect to receive inquiry from a wide range of industries wanting to participate in the rejuvenation of Freemans Bay.

"Being close to the CBD, the building also provides tenants with access to the city centre without the associated higher property costs."

Hall said Chubb's move freed up the strategic site for plenty of options.