Prime Development Potential
96, The Terrace, Wellington Central, Wellington
- Proposed Usage
- Development Site
- Floor Area
- 8377.00 m²
- Land Area
- 1628.00 m²
- Property ID
Transpower House, located at 96 The Terrace, Wellington is an eleven storey office building constructed in 1960. The building was originally built as the corporate head office for Shell New Zealand, and was substantially refurbished in 2003/2004 before Transpower New Zealand Limited's occupation.
Transpower House represents an outstanding opportunity for one to refurbish and seismically strengthen the building to cater for the strong demand for quality, seismically compliant office space. Alternatively, the building has the potential to convert into a student hostel, apartments or a hotel.
Transpower House is currently fully occupied by Transpower New Zealand Limited, who are the state-owned enterprise responsible for electric power transmission in New Zealand. Their lease expires on 31st October 2017, which will provide the new owner some additional cash flow after settlement, before commencing refurbishment or strengthening. The current net income is approximately $1.8 million per annum.
Given the opportunity this offering presents, CBRE strongly recommends your early consideration and encourages motivated purchasers to get in touch without delay.
*Outstanding opportunity; refurbish office space or potential conversion to student hostel, hotel or apartments
*Transpower lease expires September 2017
*8,377sqm NLA, typical floor 722sqm
*39 car parks with rear access
*1,628sqm freehold site
*Central CBD/Terrace location, handy to the motorway, Victoria University and Wellingtons retail Golden Mile
For Sale Deadline Private Treaty, closing Tuesdfay 23 Mary 2017, at 4pm (unless sold prior).