Buy one or two Wellington office towers

5:00 AM Saturday April 30, 2016 True Commercial

Conservation House at 18-32 Manners St.

Two Wellington office towers are for sale either individually or as a single offering.

Richard Findlay of Colliers International who, with colleague Michelle Chadwick, and Matt St Amand and Bill Leckie of CBRE, is selling them by international private treaty closing at 4pm, Wednesday May 4, say the towers are “at the southern end of the Wellington CBD, where the corporate centre meets the creative Cuba Quarter”.

The 15,745sq m property is essentially two structures:

• Conservation House, at 18-32 Manners St - a large podium building facing Manners St, which comprises ground floor retail, plus three office floors running across virtually the entire site, with basement parking.

• Tel Tower, at 143 Willis St, an 11-storey office building rising from the podium and overlooking Willis St.

The office floors in Conservation House are occupied by the Crown (Department of Conservation) on a new long-term lease, with a Visitor Centre on the ground floor.

Tel Tower is vacant and provides an add value opportunity, says Findlay.

True Commercial - 143 Willis St%2c Wellington - vert.jpg

The 11 storey building at 143 Willis St.

He says both properties are undergoing seismic strengthening and upon completion, are targeting a minimum seismic rating of 80 per cent of New Building Standard (NBS).

Conservation House is designed around a central, open atrium which allows generous natural light to filter throughout the building. Most office space is open to the atrium, while those sitting on the northern side of the building have extensive views over Manners St, toward the CBD.

Chadwick says the building was completed in 2007 and praised for its cutting edge “green” initiatives. Following refurbishment it was given a ‘refurbish equivalent’ five-star green office building grading by the New Zealand Green Building Council, she says.

“Tel Tower has efficient, column free rectangular floors and a central core. There is great natural light and upper floors have exceptional views.

“Potential for converting Tel Tower to hotel accommodation - subject to necessary approvals - is a possibility given the proximity of the vibrant Cuba and Te Aro Quarters,” Chadwick says.

The properties are a 10 minute walk to the central CBD, Queens Wharf and the Parliament precinct.