Floors offered in Medical Association’s post surgery head office

10:00 AM Wednesday April 22, 2015 Colin Taylor

Artist’s impression of rebuilt 26 The Terrace which retains its 1930s’ façade.

Three floors of the redeveloped NZ Medical Association (NZMA) head office at 26 The Terracein Wellington are for sale on a unit titled basis.

Stu Turnbull commercial broker with JLL, who is marketing the floors by expressions of interest or lease with Jeremy Langford of Colliers, says the property is the first rebuild on the Terrace in many years.

“NZMA will be retaining ownership and occupying levels five and six,” Turnbull says. “The additional three storeys granted with the new build offer tenants or investors 184 square metres of space on levels two and three, and 194 sq m on level 4 for $490 per sq m plus GST gross.”  

Turnbull says the building sits close to the capital’s Government and the professional services precinct and occupation will be available from mid to late 2016. Already confirmed to move at that time is the French cafe La Cloche which is are set to take up the retail space on the ground floor.

“We anticipate the building will attract a high number of small to medium sized businesses which are looking to lease or buy a new space with a contemporary office environment,” he says.

The building will retain its original 1930s’ art deco façade while meeting 100 per cent of seismic New Building Standard (NBS).

The floors added to the building will comprise two storeys of office space and a third storey which the NZMA plans to develop into a large board room and corporate entertainment area for possible use by tenants..

The additional floors are set back from the street, enabling the original 1930s’ façade to take precedence and preserve a heritage look that is upheld by its bordering neighbours on The Terrace.

However, the building will have a completely modern interior throughout. Key interior features will include high stud, open plan areas, high tech connectivity access on every floor, large outdoor deck areas on levels 4 and 6 and security controlled access from the lobby which is directly accessed from The Terrace.

“In response to the Christchurch earthquakes and shakes that were closer to home more recently, Wellington is experiencing a flight to quality,” Turnbull says. “Character buildings are in high demand and the new build of 26 The Terrace provides an integration of heritage features and bespoke new additions. This property provides businesses with a seismically safe, high quality building within a stone’s throw of Parliament.”

Langford says the Wellington CBD has seen the renaissance of several landmark character buildings in recent years. “Given a rise in demand for cost effective quality, which has proven increasingly hard to satisfy, this project certainly hits the ‘sweet spot’ for central city occupiers. We are dealing with a number of businesses who are keen to move away from the typical ‘glass box’ office building into something more interesting.

“NZMA House represents an unusual and distinctive option for occupiers who are looking to either rent or own something that stands out in this pivotal location,” Langford says.

 Stu Turnbull, JLL Wellington.jpg

Stu Turnbull, commercial broker with JLL Wellington .