Significant Add-Value

125-135, Victoria Street, Te Aro, Wellington

By Negotiation

Proposed Usage
Development Site
Floor Area
10108.00 m²
Land Area
1374.00 m²
Description:
Property ID
1c048kk

CBRE New Zealand is proud to present Eagle Technology House for sale.

Eagle Technology House comprises an eleven-level office building with ground floor retail originally developed in 1989. The property is located at 125-135 Victoria Street towards the southern end of the Wellington Central Business District. The ground floor of the building comprises three retail tenancies and there are nine levels of offices above.

The office floors are in a dual tower configuration whereby the building is effectively made up of two octagonal floor plates joined by a central service core. The large floor plates within the office tower vary from 965sqm to circa 1,034sqm and provide excellent all round natural light. The building has a total net lettable area of 10,108.27sqm. There are 33 secure car parks located on Level 1.

The building has been seismically upgraded to 80% New Building Standard (NBS) bringing the building into consideration for the bulk of a sensitive commercial leasing market.

The property is 83.05% occupied and has a weighted average lease term (WALT) by income of 4.37 years. This WALT takes into account the nine (9) year conditional Agreement to Lease with New Zealand Tourism School (ACG) and is subject to change if this does not go unconditional.

Property highlights:
* 80% NBS seismic rating
* 33 on-site car parks
* 1,374sqm freehold land
* High profile corner site
* NLA 10,108.27sqm (office and retail)
* Net income: $1.71m (plus GST) pa, subject to a conditional Agreement to Lease
* Multi tenanted including Government
* Developing/improving location

This offering presents an outstanding opportunity to acquire a quality commercial building, recently strengthened and accommodating a range of tenants providing a diversified income stream with the opportunity to add further value.

CBRE strongly recommends your early consideration of this outstanding investment opportunity and encourages interested parties to get in touch without delay. For further information, please contact one of the nominated brokers.

For Sale by Deadline Private Treaty closing Thursday 7 December 2017 at 4pm (unless sold prior).

Enquire about this property

Te Aro Area