Auckland, 28 February 2015 - With premium commercial space in Auckland in great demand, one of the only commercial opportunities at the new mixed-use precinct at 23 Vinegar Lane in Ponsonby has come on the market.
Marketed exclusively by Omri Yahel and Nick Bernecker from CBRE New Zealand on behalf of Soho 23 Limited, three floors at Lot 23 Vinegar Lane are available for sale or lease by negotiation.
Omri Yahel says that the Vinegar Lane property is like nothing else on the market. “It offers a number of options for owner-occupiers or those looking for modern character space. This is one of the only commercial sites available, so we’re encouraging people to act quickly or risk missing out on one of the best opportunities of 2015.
“When you consider the limited availability of these property types across the board in Auckland, 23 Vinegar Lane stands out as a truly exceptional development.”
Nick Bernecker says that Vinegar Lane represents a new way of living and working for Auckland, with a concept that is likely to set the standard for future, higher density development.
“The urban village concept at Vinegar Lane is quite reminiscent of Melbourne’s iconic streetscapes. Without overstating the case, it’s revolutionary in its approach for here in Auckland and will provide the prototype for how the city might accommodate higher densities without having to compromise aesthetic or lifestyle elements.
“CBRE’s most recent Office Occupier survey shows clearly that Auckland office occupiers prefer to be in new, prime quality space over lower grade existing space. The research also highlighted that occupiers are willing to pay higher rent to get into premium office space, even if it means taking up a smaller footprint.
“As office space, Lot 23 would be well-suited for forward-thinking businesses of between 10 and 30 people, and would be ideal for any organisation looking to get the edge through a premium, modern character space. Businesses are increasingly seeing the value in being located in popular, exciting parts of the city and Vinegar Lane offers exactly that.
“Vinegar Lane represents a new era for work and retail experiences. Taking a strong urban design approach to the site means the spaces are cool, innovative, attractive and sustainably constructed.”
Bernecker says that the precinct has benefited from a collaborative approach between urban designers, planners, architects, Council officers and a public safety specialist. There are a number of design covenants in place, which will see the quality and value of the precinct enhanced in the years to come.”
With ground floor retail/showroom space available, and two upper levels that could serve as flexible office space, Bernecker says the prominent corner site offers a variety of uses that make it a versatile option as the best site in the development.
Each of the floors offer 291sqm of space, with clear, rectangular floor plates allowing for intensive or generous working environments. The spaces feature high studs and floor-to-ceiling glazing, offering further flexibility to occupiers.
“The Vinegar Lane offices are among the best boutique spaces available in Auckland,” says Yahel. “Designed and built to the highest standards, the Vinegar Lane offices will be of real interest to businesses looking to make their mark through a stylish, modern character facility.”
“The offices can be adapted to suit your business, which we know is important to the modern occupier looking for an edge when it comes to attracting top talent and clients. With exceptional natural light and great views over the laneway through to the Waitakeres, these offices represent high quality, flexible working spaces. Similarly, if you wanted to convert the space to a residential property, you’d be enjoying some of the most stunning real estate in Auckland.”
Yahel says that the top floor of Lot 23 was snapped up by an owner-occupier almost immediately, however signage/naming rights of Vinegar Lane is still available.
“We’re already seeing strong interest from the market in the remaining spaces. As one of the last opportunities to secure commercial space at sought-after Vinegar Lane, we’re expecting to see full sell-down before practical completion in August this year.”
Yahel adds that the ability to easily convert office to residential is rare: “Savvy purchasers have the option of using the space as an office for a few years and then transforming it to apartments to live in or lease, which would be a smart - and lucrative - decision as the Auckland housing market continues to skyrocket.”
Bernecker says Vinegar Lane residents get the best of both worlds: “Residents will enjoy easy access to a number of great amenities including cafes and bars, but will also benefit from the fact that there are a number of controls in place throughout the precinct which ensure that noise and activity levels are appropriate at all times.”
He says the entire precinct has been designed according to an environmentally-principled approach, with durable, high quality materials used whenever possible. The latest earthquake code compliance and IT infrastructure through the precinct mean that office, retail, and residential occupants have access to the most up to date facilities on site.
“Internal courtyards, as well as onsite cafes and delis make this a truly enviable location. Work, shop or live, Vinegar Lane represents the pinnacle of modern Auckland property.”
Yahel says that purchasers have the option of engaging the developer and architect for the project to do their fit out as part of the sale or lease package, creating an elegant turnkey solution.
“We know that businesses are increasingly seeking out spaces that reflect their values and image, as well as offering increases in productivity and employee engagement. Whether you want a laid back office or an industrial corporate look, Lot 23 provides the ideal canvas on which to make your mark.”
Bernecker adds that the site itself offers a prominent opportunity for naming rights: “With more than 1000 daily residents, not to mention the foot traffic the Countdown supermarket will generate, Vinegar Lane is on its way to becoming an iconic site with great local profile.”
Sitting on a prominent site between Pollen Street, Maidstone Street, Crummer Road and Williamson Avenue, Vinegar Lane occupies the old DYC factory site behind Ponsonby Road.
Yahel says: “Vinegar Lane is easy walking distance from the CBD and trendy Ponsonby. Popular Western Park is just up the road, so office and residential tenants can enjoy the range of events and natural beauty provided by the iconic public green.”
He adds that Vinegar Lane offers quick and easy connections to the wider Auckland region, making it an attractive option for residents, workers and shoppers. Auckland’s motorway network is accessible within just minutes of the Vinegar Lane precinct.
There are 600 parks in the neighbouring Countdown site, which are available individually or in multiples for sale or lease, which Yahel says gives an additional flexibility to occupiers.
Bernecker says a number of additional boutique lifestyle and hospitality providers will soon be joining the hub. Vinegar Lane boasts easy access to the metro-Countdown supermarket, housed in the neighbouring Cider building.
He adds: “The potential of the 1.3ha site has already started to positively impact upon the value of nearby retail and residential properties. With Ponsonby’s trophy status in Auckland, Lot 23 will be snapped up before you know it, so make your intentions known now to avoid missing out on this incomparable opportunity.”
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.