Retain or Re-Purpose

150-154, Willis Street, Te Aro, Wellington

By Negotiation

Proposed Usage
Development Site
Floor Area
4157.00 m²
Land Area
5770.00 m²
Description:
Property ID
1btwklz

CBRE New Zealand is proud to present Catalyst House, 150-154 Willis Street, Wellington for sale.

Completed in 1984, Catalyst House comprises a ten storey office building with ground floor retail, as well as ground and first floor car parking. The property is located on Willis Street at the southern edge of the Central Business District of Wellington City. Access is from Willis Street into a well presented entry foyer where the lifts are situated. There are 40 car parking spaces, accessed via a lane along the southern boundary of the property.

A small single storey building sits to the north of the site and is integrated with retail areas on the ground floor of the main building.The building has a gross floor area of 5,770sqm with a net lettable area of 4,157.20sqm. The property is 100% occupied and has a Weighted Average Lease Term (WALT) by income for the office space of 2.4 years and for the retail space of 2.9 years. The occupancy is set to reduce to 98% on 1 June 2017 upon MHR Global final lease expiry.

This offering presents an outstanding opportunity to acquire a well located Wellington asset suitable for value-add refurbished office space or future conversion to student accommodation or apartments.

CBRE strongly recommends your early consideration of this outstanding investment opportunity.

Property Highlights:

* Ten-storey office/retail building
* NLA 4,157.2sqm
* 1,318sqm freehold land
* Good access to State Highway 1 and CBD
* Net income $792,292 (plus GST) per annum
* Seismic rating 70% NBS (New Building Standard)
* 40 on-site car parks

For Sale Deadline Private Treaty closing Wednesday 21 June 2017, at 4pm (unless sold prior)

Enquire about this property

Te Aro Area