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New leasing option on CBD fringe

Tags: Auckland CBD Commercial

A new commercial precinct on the fringe of the Auckland central business district is offering fully fitted out tenancy options for smaller business and professional firms under a simplified gross lease arrangement.

The Russell Property Group is offering the turn-key office or retail tenancies ranging from 123sq m to 324 sq m in a new mini-precinct called The Exchange located on Dockside Lane and Tapora Street. The available units are situated below the Quba Apartment buildings and opposite the Arena Car Park and Aecom House in Quay Park in the eastern quarter of the CBD. Bayleys Real Estate has been appointed master agents for the leasing of the premises with Brendan Graves managing the process.

Graves says The Exchange has already attracted strong tenant interest with seven of the units occupied and a further four units currently under negotiation. He says a particularly appealing feature for tenants is the fact that gross leases are being offered which the landlord pays all the operating expenses (Opex) including rates, building insurance and body corporate levies, as well as ground rent payments resulting from The Exchange’s location on leasehold land.

“While common in Wellington, these types of leases are relatively unusual in Auckland where net leases prevail and Opex is generally apportioned amongst the tenants of a building. The beauty of a gross lease is that tenants know immediately what their total occupancy costs are and it also protects them from any sudden future substantial increases in the ground rent or other outgoings.

“The Exchange also offers very affordable space compared with similar space in the centre of the CBD, particularly when you take operating expenses into account, yet you are only a few minutes stroll from the buzzing business and entertainment precincts of Britomart and the Viaduct and the Britomart and ferry terminal transport hubs,” says Graves. “Vector Arena, Countdown, BNZ, Les Mills gym and a Lollipops childcare facility are close by, as are a number of stylish fashion boutiques, eateries, bars and cafes as well as Māhuhu-ki-te-rangi Park. Being at the eastern gateway to the CBD, The Exchange also provides convenient access to Parnell and the motorways as well.”

Most of the tenancies have double height glazing with ground floor and mezzanine levels, offering strong branding opportunities. Graves says another big plus for tenants is the fact that the Russell Property Group can work with them to construct an internal fit out that provides the look and feel that the occupant wants. “They have constructed the majority of fitouts for businesses that have moved into the development and have created some stunning space incorporating the mezzanine levels.”


Some of the tenants already located in The Exchange include legal, recruitment, brand agency and digital media businesses. “Most are utilising the mezzanine levels for work stations and have used the ground floor space in interesting ways for client meetings and staff interaction. It’s created quite a funky ambience for the complex and a village lane like atmosphere which will obviously gather further momentum as more tenants move in,” says Graves.

“The Exchange offers the opportunity to place your business at the core of an innovative and professional community in a part of the CBD that is becoming increasingly recognised and sought after for its smart, stylish commercial space.”

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