Wednesday 21st April 2021
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Sylvia Park took another step on its mixed-use journey today, with Kiwi Property announcing it will begin construction of a second office building at the site.
Resource Consent for the $63 million project has been granted, with construction scheduled to commence in October 2021. The 7,450 square metre, six-storey development will target a 6 Green Star rating and has been designed with the flexibility to accommodate a range of tenants, including health and medical services.
The new office building is expected to deliver a stabilised yield of approximately 6% and an IRR of approximately 9%.
Kiwi Property GM Development, Ian Passau, said the new office building had been designed in response to tenant feedback.
“COVID-19 has changed what some businesses want or need from their office environment. While a CBD ‘hub’ continues to be important for many corporates, others are telling us they also want the flexibility to base employees at a city fringe ‘spoke’ office. This ‘hub and spoke’ model enables staff to work, meet and collaborate, without commuting into the city centre. Sylvia Park is ideally placed to meet this requirement.”
“Following the success of ANZ Raranga, we’re continuing to experience strong demand for office space at Sylvia Park, due to its convenience, facilities and links to public transport. Sylvia Park is well on its way from being a place people visit to a true mixed-use community, where people can work, play and ultimately stay,” Passau concluded.
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