Union Square: an opportunity for astute investors and owner-occupiers
Flight to quality has been a strong theme among investors and office owner-occupiers in recent years, as businesses aim to provide workplace environments that help not only attract and retain talent but improve employee communities and company culture.
The latest Hamilton CBD Office occupancy survey results conducted between CBRE Research and NAI Harcourts, saw the vacancy rate fall from 8.1% mid-2021 to 7.0% at the start of 2022 – with A Grade at 3.1%, confirming continued strong demand and limited supply.
Designed by Chow Hill and constructed by Fosters, Hamilton’s Union Square includes over 23,000m² of premium office space within 5 buildings.
Right now, there’s a limited opportunity for investors/owner-occupiers to purchase a single floor within the Union Square precinct; the North Corner building is due for completion early 2024 and would suit those businesses wanting to invest or occupy their own slice of marque office space.
The floors available for sale incorporate excellent natural light and signage opportunities. An additional benefit will be the ability for businesses to interconnect multiple floors via internal staircases. It is also an outstanding opportunity for an owner-occupier to purchase a floor with options to divide and lease surplus space.
Strategically located towards the south-end of the cities CBD, Union Square is an experiential workplace, it incorporates common spaces, shared amenities and flexible leasing solutions that support evolving tenant demands.
Fosters Develop Manager Rhys Harvey is keen to point out that AFI developments want to see Union Square thriving for generations, so nothing will be spared when it comes to providing an exceptional customer experience for the end users. “Think vibrant precinct, prime grade offices and high levels of occupant experience” says Rhys.
Also, those who engage early will be able to have input into the finishings and internal layouts to suit their needs. It is during the development and construction process that Fosters builds the clients confidence through proactive ‘Best for Project’ approach.
Marketing agents Mike Neale and Brad Martin of NAI Harcourts agree, having a world class commercial environment in the Waikato is key to maintaining development momentum, which in turn will attract and retain quality businesses here. Add to this the fact that Hamilton offers an affordability in rental rates, a significant advantage over Auckland and Wellington.
Union Square is already home to Rabobank’s Head Office and AA Insurance, as well as Sentinel Outpost Café.
BBO, Baker Tilly Staples Rodway and several other tenants, have committed to the next building, due for completion in late 2023. Offering exceptional outlooks onto the Union Square boulevards and central city, this building includes a series of shared meeting and board rooms, along with co-working options for all Union Square tenants.
The multi-level car park building, consisting of 320 spaces plus end of trip facilities, EV charging and concierge services, is also under construction with completion due late 2022/early 2023.
“Although land prices and construction costs continue to rise, the rates for Union Square have remained the most cost effective of any significant new office building in Hamilton” says Mike Neale. “Opportunities like this don’t last, so we urge interested parties to act now to secure this benefit.”
Facts at a glance
Location: Alexandra Street, Hamilton CBD, with pedestrian access directly from Anglesea and Hood Streets
Floor Area: 703sqm – 726sqm, with a total of 2,154sqm available
Car Parks: 320 secure on-site available, able to be purchased or leased
For sale: Price on application
Available: Completion estimated for late 2023/early 2024