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 Southern Cross Medical Care Society will be the third commercial tenant to be confirmed for the East complex, the $200 million-plus mixed-use development under construction at the eastern end of the Britomart precinct.
In April 2011 the Society will take up occupancy of 6300m² of space predominantly in the Ernst & YoungBuilding, one of the two major buildings in the East complex. The 10-year lease will see the health organisation occupy Levels 1, 2 and 3 of the Ernst & YoungBuilding and Level 2 of adjoining Westpac on Takutai Square, with the two occupancies linked by an airbridge.
The signing of the agreement means the commercial space in the East complex is now fully tenanted, a year ahead of the development’s completion date. In 2006 and 2008 respectively Westpac and Ernst & Young committed to more than 20,000m² between them and took naming rights to the two towers of the East complex. Westpac also recently confirmed it would take an additional 3700m² over three more floors of the complex.
Currently providing health insurance to over 840,000 New Zealanders, the Society will relocate all Auckland based staff from its current sites in Grafton and AMP Centre – consolidating its office space requirements.
“We’re delighted to welcome this iconic Kiwi organisation to Britomart,” says Matthew Cockram, CEO of Britomart owner and developer Cooper and Company.
“Southern Cross will be an important addition to the strong business and social community we’re building here. We consider it a great achievement to have been able to fully populate our first new office development with tenants of the calibre of Southern Cross, Ernst &Young and Westpac.”
The right solution for Southern Cross
As a not-for-profit, Southern Cross says it looked at a wide range of city options; Britomart proved to be the most cost effective solution and this was a key factor for the decision. The site also satisfied other criteria, including the lease commencement date, the proximity to public transport, an office space large enough to accommodate all employees and value for money.
“Having outgrown our Grafton based premises some years ago our business has been spread over two locations, which is less than ideal for cohesiveness and productivity. Our AMP Centre lease is due to expire in 2011 so this move comes at the perfect time to bring the Auckland-based operations of the Medical Care Society together in one location.” says Peter Tynan, Chief Executive - Health Insurance.
The East complex, which has recently been awarded a ‘5 Green Star - Office Design’ rating by the New Zealand Green Building Council, features some of the largest floor plates in Auckland, high ceilings, interconnecting open stairwells and natural light and air – all of which are valued by the health organisation and its employees. It was designed by Sydney architect Johnson Pilton Walker in association with Auckland firm Peddle Thorp.
Britomart bucks vacancy trend
Figures from commercial property firm Colliers show that while vacancy rates in the majority of CBD sectors are trending up, the movements in Britomart’s vacancy rate in the last couple of years have all been down.
“We’re delighted to have fully leased this major building so far in advance of its completion at a time when overall vacancy rates in the CBD are on the rise,” says Matthew Cockram.
“It strongly reinforces the value companies place on proximity to outstanding public transport and amenity. Businesses are increasingly aware of the advantages of being able to offer staff and clients a vibrant mixed-use environment, with amenities like shops, cafés, bars and restaurants, as Britomart does.”
Matthew Cockram confirmed that leasing of the retail space on the ground floor of the East complex is also going well, with strong interest shown from a range of potential retail tenants.
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