Sweet space on offer in Vinegar Lane
Artist’s impression of four level retail and office building at 23 Vinegar Lane.
Premium retail and office space is now being offered in a new four level Ponsonby building that is under construction and due for completion in August on the site of a former DYC vinegar factory.
“This is of the last opportunities to secure commercial space within the sought-after Vinegar Lane development,” says Omri Yahel of CBRE.
Yahel and colleague Nick Bernecker are exclusively marketing, for sale or lease by negotiation, three floors at Lot 23 Vinegar Lane on behalf of Soho 23 Limited.
Occupying a prominent site between Pollen St, Maidstone St, Crummer Rd and Williamson Avenue, the Vinegar Lane development has been designed as neighbourhood of shops, offices, town houses and boutique apartments where residents can live and work in the same buildings.
“This is one of the only commercial sites still available in Vinegar Lane,” Yahel says.
“The top floor of Lot 23 has already been snapped up by an owner-occupier but signage rights on the building have still not been taken.”
The three levels still available comprise ground floor retail and showroom space; and two upper levels that could serve as flexible office space.
Each of the floors have 291 sq m of space, with clear, rectangular floor plates, high stud walls and floor-to-ceiling glazing that allows for intensive or open working environments.
“We’re expecting to see full sell-down of this building before its completed,” Yahel says.
“Designed and built to the highest standards, the Vinegar Lane offices can be adapted to suit businesses looking to set themselves apart with stylish, modern, character space.
“With exceptional natural light and great views over the laneway through to the Waitakeres, the offices encompass high quality, flexible working spaces that could easily be converted to residential property which is a rare attribute.
“Savvy purchasers could use the space as an office for a few years and then convert it into apartments to live in or lease out.”
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 sales or leasing package to provide a turnkey solution.
“Whether purchasers or tenants want a laid back office or an industrial corporate look, Lot 23 provides the ideal canvas on which to make their individual mark.”
Bernecker says the prominent corner position is suitable for a variety of uses and makes Lot 23 one of the best sites in the development which is expected to see heavy foot traffic generated by 1000 daily residents and customers shopping at the nearby Vinegar Lane Countdown supermarket.
“The Vinegar Lane urban village environment will be like nothing else on the market and is quite reminiscent of Melbourne’s streetscapes.” he says.
“It will represent a new way of living and working for Auckland. Without overstating the case, it’s revolutionary in its approach for this city and will provide the prototype for how the city might accommodate higher densities in future without having to compromise aesthetic or lifestyle elements.”
Bernecker says Lot 23 would be ideally suited to businesses of between 10 and 30 people which desire to “get the edge” on competitors by operating from premium, modern character space.
He says Vinegar Lane residents will offer the best of both worlds. “Internal courtyards, onsite cafes, bars and delis will make this an enviable location. The entire precinct has been designed according to an environmentally-principled approach while incorporating durable, high quality materials and compliance with the latest earthquake codes.”
Bernecker says CBRE’s most recent Office Occupier survey shows 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.”
Bernecker says 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 and controls in place to ensure that noise and activity levels are appropriate at all times and to ensure the quality and value of the precinct is enhanced in the years to come.”
Yahel says Vinegar Lane is within easy walking distance of the Auckland CBD and the trendy Ponsonby retail strip. “Popular Western Park is just up the road and the location offers quick and easy transport connections to the wider Auckland region including nearby State Highway One and State Highway 16 motorway access ramps.”
He says the Countdown supermarket in the neighbouring Cider building has 600 car parks which are for sale or lease individually or in multiple lots.
Bernecker says a number of additional boutique lifestyle and hospitality providers will soon be joining the Vinegar Lane hub.
“The potential of the 1.3 hectare site has already started to impact positively upon the value of nearby retail and residential properties,” he says.
Omri Yahel (left) and Nick Bernecker (right) of CBRE.
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