Wellington City office floor for sale

10:36 AM Tuesday September 27, 2016 Colin Taylor

Level 8 of the 15-floor Crowe Horwath House at 57 Willis ST is for sale.

An entire office floor is for sale Wellington’s central business district, with a possible lease arrangement for part of the floor on offer.

“This well-known building is a local landmark in a high-profile, central-city position,” says Peter Wilkin of Colliers International who, with colleague Georgina Young, is marketing Level 8 of Crowe Horwath House at 57 Willis St, is for sale by private treaty.  

“The property sale represents an ideal opportunity for a business to secure CBD premises, or for an investor to add a realistically-priced holding to their portfolio,” says Wilkin.

“For a business which is looking to move from a fringe or suburban location into the central city, this is a great chance to do so at an affordable price. With interest rates so low and the availability of affordable finance at the moment, the ongoing trend for businesses is to buy the properties they operate from rather than lease office space. Based on this we’re expecting strong interest from owner occupiers for this well-located office floor.”

Young says a partial income stream and the potential to lease the remainder of the floor also makes the property an investment opportunity.

“It’s never been a better time to buy commercial property, with returns available that are much better than cash in the bank. This office has the added bonus of potentially offering a dual income stream, if the new owner were to lease out the vacant portion.”

She says 214sq m of the property’s 692sq m total floor space could be leased to the current owner, Rural Women New Zealand. The charitable organisation supports people in rural communities through opportunities, advocacy and connections. It will take a three-year lease to the property on settlement, with the right to renew for an additional three-year term. The proposed net annual rental for this part of the floor is $59,880 plus GST.

The 15-storey building,  which has a detailed seismic assessment by Clendon, Burns and Park Ltd of about 70 per cent of new building standard (NBS), offers harbour and city views. It was designed by Beca Carter Holdings and constructed in the late 1970s.

Fourteen of the floors are offices, with retail space on the ground and first floors. Other notable tenants include the NZ Police Association and accounting firm Crowe Horwath.

Wilkin says the building has recently been upgraded. “The lifts have been modernised along with an upgrade to the entrance foyer. The exterior of the building has also been repainted so it presents very well.”

Included with Level 8 are four car parks in the basement parking area. Direct pedestrian access is provided from both Willis St and Victoria St to a dedicated lift lobby.

Young says Crowe Horwath House is centrally located in the heart of the Willis St shopping precinct. “The building has the benefit of spanning the block between Willis Street and Victoria Street, providing excellent access to two busy streets.”

Other key buildings and facilities in the immediate area include Wellington Public Library and the Civic Centre, Spark Central and New World Metro, she says.

“The property is also close to the popular Wellington waterfront, with all its leisure opportunities making this a great place for staff to work. It is also a 10-minute walk to both Parliament and Courtenay Place.”

True Commercial - Peter Wilkin%2c Colliers International .jpg

Peter Wilkin, Colliers International.