Archive | Wellington

11 sell at Bayleys’ Wellington commercial auction

Bayleys agents in Wellington sold 11 of the 15 properties they took to auction on Thursday in the agency’s final Total Property round of commercial auctions for the year.

South of the Bombays

Wellington

Lower Hutt

Alicetown

407-409 Hutt Rd (pictured):
Features: 1024m2 site adjacent to motorway with dual access; 709mof industrial buildings – 480m2 trade showroom/office at front, 229m2 rear workshop, fully leased until late 2019
Rent: $137,155/year net + gst
Outcome: sold for $2 million at a 6.86% yield
Agents: Andrew Smith & Paul Cudby

Otaki

21 Main St:
Features: 574m2 site, 226m2 former bank premises, seismic assessment 70% new building standard; rear parking area has development potential
Rent: $6000/year from ATM leased to ANZ Bank, otherwise vacant
Outcome: sold for $355,000
Agents: Steven Firth & Fraser Press

44 Riverbank Rd:
Features: 1540m2 site, refurbished & painted 730m2 warehouse, 6 parking spaces; leased to rubber & plastic recycler Matta Products Ltd, which has made a considerable investment in plant, for 7 years from November 2012 with 2 2-year rights of renewal
Rent: $36,585/year net + gst
Outcome: sold for $510,000 at a 7.17% yield
Agents: Paul Adams & Stephen Lange

Petone

284 Jackson St:
Features: 304m2 corner site, 297m2 commercial building strengthened to over 67% of new building standard, occupied by Westpac Bank
Outcome: sold with vacant possession from January for $1.3 million
Agents: Andrew Smith & Paul Cudby

23 Gear St:
Features: 400m2 site, comprehensively refurbished building, fitout comprises 120m2 showroom, 110m2 office/apartment & 161m2 workshop
Rent: estimated potential income of $63,000/year net + gst
Outcome: sold with vacant possession for $1.1 million
Agent: Fraser Press

12 Cornish St, unit 2:
Features: 183m2 clearspan warehouse near State Highway 2, high stud, roller door, 87m2 office/amenities, 2 parking spaces
Outcome: sold with vacant possession for $390,000
Agent: Richard Faisandier

Porirua

Kenepuru

10 Wall Place:
Features: 1634m2 site near the Transmission Gully interchange, fully leased 810m2 industrial building, 4 tenants; 2 largest tenancies due for rent reviews & renewals over the next 12 months
Rent: $78,000/year net + gst
Outcome: sold for $1.215 million at a 6.42% yield
Agents: Mark Walker & Jon Pottinger

Seaview

39 Seaview Rd:
Features: 1330m2 site, dual access off 2 main roads, 640m2 vehicle testing station, 11-year lease to VTNZ from April 2011, no renewal right
Rent: $157,795/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agent: Fraser Press

53 Port Rd:
Features: 1158m2 site, 40m road frontage, 926m2 engineering workshop, multiple roller doors, 6 parking spaces, occupation licence for 108m2 fenced yard on southern boundary
Rent: estimated potential income $95,200/year net + gst
Outcome: sold for $1.1 million with vacant possession from March
Agents: Andrew Smith & Paul Cudby

Upper Hutt

222-228 Main St:
Features: 452m2 corner site, 2-level 810m2 commercial building
Rent: estimated potential income of $90,000/year net + gst
Outcome: sold with vacant possession for $420,000
Agents: Ethan Hourigan & James Higgie

Wingate

80-82 Eastern Hutt Rd, unit 19:
Features: 180m2 warehouse/workshop, mezzanine offices, 4 parking spaces in 20-unit business park on main arterial route linking Lower & Upper Hutt; leased to Underwater Solutions Ltd for 2 years from April 2018, 2 2-year rights of renewal
Rent: $13,088/year net + gst
Outcome: sold for $220,000 at a 5.95% yield
Agents: Bhakti Mistry & Ethan Hourigan

Attribution: Agency release.

Continue Reading

Bayleys year-end auction series yields $25.6 million from 14 sales

Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).

CBD

Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east

Newmarket

375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces 
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000
Agents: Quinn Ngo & Matt Lee

Onehunga

155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants 
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard 
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine

Parnell

11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan

Remuera

371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west

Avondale

6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd 
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams

North-east

Orewa

2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan

Rosedale

63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces 
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught

Silverdale

28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman

South

Manurewa

327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial 
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006   
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji

Pukekohe

44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays

Wellington

Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

Continue Reading

7 commercial sales around North Island

Bayleys agents have sold 7 commercial properties around the North Island – in Levin, Napier, New Plymouth, Petone & Upper Hutt.

South of the Bombays

Hawke’s Bay

Napier

56 Corunna Bay:
Features: 669m² site zoned suburban industrial, 290m² live/work premises comprising 100m² workshop & office, street frontage, 3-bedroom residence at rear
Outcome: sold vacant for $590,000
Agents: Sam MacDonald & Jack Lee

36 Faraday St:
Features: 1.4518ha development site on Napier Hill with industrial/commercial usage rights; McWilliams Winery manufacturing site for many years, about 7000mof mostly large industrial sheds, some leased & some empty
Outcome: sold for $646,000 to an existing tenant intending to develop the site
Agent: Gary Wise

Horowhenua

Levin

6 Liverpool St:
Features: 1264m² site, 609m² purpose-built community corrections facility, seismic assessment 100% of new building standard, 11 parking spaces, new 12-year lease to Department of Corrections
Rent: $168,805/year net + gst
Outcome: sold for $2.617 million at a 6.45% yield
Agents: Fraser Press, Stephen Lange & Bede Blatchford

Taranaki

New Plymouth

4 Egmont St, units 6-9:
Features: 2025m² fitness centre in u-shaped cbd retail complex with large central carpark; occupied by City Fitness since 2007 with substantial tenant investment in fitout
Rent: $339,318/year net + gst
Outcome: sold for $3.8 million at an 8.93% yield
Agents: Mike Houlker, Sunil Bhana, Iain Taylor & Alan Johnston

Bell Block

153 & 157 De Havilland Drive, 6-8, 7, 9 & 10 Dakota Place:
Features: 1.7595ha of industrial land in 7 titles, variety of mostly warehouse/workshop buildings
Outcome: sold with vacant possession for $1.575 million
Agents: Iain Taylor & Alan Johnston

Wellington

Petone

20-24 Hautonga St:
Features: 6070m² site, 3000m² high stud warehouse with drivethrough access & dual frontage; fully fenced 2025m² yard
Outcome: sold with vacant possession for $3.915 million
Agent: Richard Faisandier

Upper Hutt

5 Thomas Neal Crescent, lot 32:
Features: 1380m² of industrial land
Outcome: sold for $300,000 at $217/m2
Agents: Christian Taylor & Ethan Hourigan

Attribution: Agency release.

Continue Reading

Sale St redevelopment sells

A redeveloped building on Sale St (pictured), above Victoria Park, and 2 development properties at Greenlane & in Papakura are the leading sales in Colliers’ latest transactions list.

CBD

Kitchener St

2 Kitchener St, unit 1:
Features: 1026m² retail unit, 3 tenancies
Rent: $223,500/year net + gst
Outcome: sold for $3.5 million + gst at a 6.39% yield
Agents: Adam White, Simon Felton & Gawan Bakshi

Victoria Quarter

Hobson Towers, 26 Hobson St, level 6:
Features: 325m² office floor, 14 parking spaces
Outcome: sold with vacant possession for $2.03 million + gst
Agents: Tony Allsop, Simon Child & Roger Seavill

34 Sale St:
Features: 6317m² redevelopment, 4 office floors, 2 parking levels
Outcome: sold for $63 million + gst at “a yield in the early 5%s”
Agents: Simon Child, Sam Gallaugher & Matt Lamb

Isthmus east

Greenlane

614 & 616 Great South Rd, Greenlane.

614 & 616 Great South Rd:
Features: 3867m² commercial property, net lettable area 2125m² in 2 buildings
Outcome: sold for $11.6 million at a 3.1% yield on holding income
Agents: Gareth Fraser, Simon Child, Josh Coburn & Colliers’ capital markets team

South

Papakura

40-44 East St, lot 2:
Features: vacant 1507m² corner site formerly occupied by the New World Papakura carpark
Outcome: sold for $1.54 million + gst
Agents: Chris Wakim & Matthew Barnes

South of the Bombays

Wellington

Petone

140 Hutt Rd:
Features: 1160m² site, 1020m² warehouse, showroom & office, 10 parking spaces
Outcome: sold with vacant possession for $2.475 million + gst
Agents: Kieran Lennon (Colliers) in joint agency with Gollins Commercial

Taita

1115 High St:
Features: 4818m² development site
Outcome: sold with vacant possession for $1.95 million + gst, with quotes in place for the removal of 1170m² of various structures
Agents: Tim Julian & Janette Lillas

Attribution: Agency release.

Continue Reading

Cassels sells Spark Central

Ian Cassels’ The Wellington Company Ltd has sold its Spark Central building in Wellington for $197.5 million, 3 months after CBRE launched a marketing campaign.

Rent at a net $14,491,781 + gst puts the yield on the sale price at 7.34%.

The building at 40-48 Willis St, completed in 2011, has been bought by an investment group represented by Queenstown law firm Mitchell Mackersy. The unconditional sale will be settled in early 2019.

Image above: Spark Central’s Willis St frontage.

Below: The pedestrian link through the Spark Central site.

The pedestrian link through the Spark Central site.

CBRE Wellington managing director Matthew St Amand & NZ executive chair Brent McGregor said it was the biggest single office sale in Wellington.

Mr St Amand said the property attracted strong interest from international investors, drawing offers from Germany, Singapore, Hong Kong & Australia: “We were delighted that Wellington continues to be a destination of choice for offshore investors, but ultimately the strongest offer came from our own backyard.”

The 2-frontage 3658m² site has a 12-storey refurbished heritage building on Willis St and a new 11-storey office tower on Boulcott St, 3 levels of basement parking & an internal pedestrian link connecting the 2 streets.

It has floorplates ranging from 1336-2837m², a net lettable area of 28,000m² and a 5-star green star rating. Tenants include Spark, media group Stuff, insurer AMP and the Bank of NZ.

Mr Cassels said the strong interest & sale pointed to renewed optimism in investing in the capital, and Mr St Amand agreed: “Investors look for quality assets with strong investment fundamentals. What we are seeing now is that the things that traditionally made investors nervous about Wellington – the weather, the distance & the possibility of the occasional earthquake – aren’t the city’s defining features anymore.

“Spark Central is one of the largest & highest quality office assets in the Wellington cbd and is home to notable tenants including Stuff, Spark, BNZ & AMP – all of which is a testament to the way in which future-focused development can make an attractive proposition.”

Attribution: Agency release.

Continue Reading

All 3 sold at Bayleys’ Wellington auction

Bayleys sold all 3 commercial properties at its Total Property auction in Wellington last Thursday.

South of the Bombays

Wellington

Petone

12 Sydney St:
Features: 455m2 site zoned Petone commercial 2, 300m2 of predominantly warehouse/workshop plus showroom/office space, 8 parking spaces
Outcome: sold vacant for $760,000 at land & building rate of $2533/m2
Agent: Richard Faisandier

75 Sydney St:
Features: 498m2 site zoned general business in the heart of Petone’s light industrial area, 369m2 tilt-slab warehouse constructed in 2000, seismic assessment 70% of new building standard, 10 parking spaces
Outcome: sold vacant for $900,000 at land & building rate of $2439/m2
Agents: Fraser Press & Paul Cudby

Stokes Valley

192 Stokes Valley Rd:
Features: 322m2 corner site zoned suburban commercial, 320m2 retail space configured as 4 shops, 2 with longstanding tenants, 2 vacant
Rent: $15,572/year net + gst (estimated potential $36,000/year net + gst)
Outcome: sold for $280,000 at a 5.6% yield on current rent (13.9% on potential rent)
Agents: Paul Cudby & Andrew Smith

Attribution: Agency release.

Continue Reading

6 commercial deals around Auckland, Porirua & Central Otago

Colliers agents have reported 5 sales in Auckland, Porirua & Central Otago, including one at an auction brought forward, plus leasing of a design-build project in Penrose.

Isthmus east

Mt Wellington

4 Rakino Way:
Features: 4500m² site, 2180m² office & warehouse occupied by Fero Ltd
Rent: $291,504/year net + gst + opex from new 6-year lease with rights of renewal
Outcome: sold for $4.45 million + gst at a 6.55% yield
Agents: Ben Herlihy & Joshua Franklin

Penrose

15-21 Bell Avenue:
Features: 2.49ha site, 6600m² industrial facility, to be developed by Southpark Corp Ltd for an Australasian automotive & water products tenant on a 12-year initial lease
Agents: Hamish West & Paul Higgins

North-east

Takapuna

Parklane Motor Inn, 2 Rewiti Avenue:
Features: 3096m² site, 2160m² motor inn, 32 rooms, 40 offstreet parking spaces,
Outcome: sold for $10.6 million + gst
Agents: Dean Humphries & Gawan Bakshi

South

East Tamaki

24 Harris Rd, unit 7C:
Features: 267m² warehouse unit
Outcome: sold for $600,000 + gst, at a 5.43% yield, at auction brought forward from 17 October after pre-auction offer accepted
Agents: Jolyon Thomson & Greg Watson

South Island

Central Otago

Alexandra

85-87 Tarbert St:
Features: 2024m² site in 2 titles, 939m² retail showroom, office & warehouse leased to PGG Wrightson Ltd
Outcome: sold for $1.35 million + gst at an 8% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays

Wellington

Porirua

10 Norrie St:
Features: 854m² site, 660m² warehouse & showroom
Outcome: sold for $1.1 million + gst
Agents: Vince Southee & Dean Anderson

Attribution: Agency release.

Continue Reading

10 more sales around North Island out of auction series

Published & updated 24 September 2018
Bayleys has added 10 sales in New Plymouth (pictured), the Waikato & Wellington to its Total Property 6 auction success rate.

Update: The Tirau sale price has been entered.

South of the Bombays

Taranaki

New Plymouth

241 Devon St West:
Features: 2092mcorner site, 609mbuilding, category B seismic assessment, has been a liquor outlet for over 20 years; occupied by Liquor King on 5-year lease from June 2016, 3-yearly market rent reviews, 5 3-year rights of renewal
Rent: $64,500/year net + gst
Outcome: sold for $1.175 million + gst at a 5.49% yield
Agents: Alan Johnston & Iain Taylor

Waikato

Hamilton – Frankton

54 Greenwood St:
Features: 485m2 site on State Highway 1 with development potential, 22m2 industrial premises, one-year lease to Corys Electrical Ltd
Rent: $32,400/year net + gst
Outcome: sold for $472,500 at a 6.86% yield
Agents: Alex ten Hove & Mike Swanson

Ngahinapouri

446 O’Regan Rd:
Features: 4.4967ha site, established blueberry business & 3ha orchard plus processing packhouse, icecream & berry retail outlet, additional support buildings & 4-bedroom 204m2 house
Outcome: sold as freehold going concern for $1.95 million
Agents: Josh Smith & Scott Macdonald

Tirau

42-46 Main Rd:
Features: Unit-titled 140m2 converted dwelling on State Highway 1 opposite Sheep & Dog i-site, home to café business for nearly 20 years, lease recently renewed for 2 years
Rent: $24,192/year net + gst
Outcome: sold for $418,000 at a 5.79% yield
Agents: Rebecca Bruce & Jason Kong

Wellington

Naenae

12 Gregory St:
Features: 2088mindustrial site, recently refurbished 791m2 warehouse plus 126m2 office & 126mmezzanine, seismic assessment 70% of new building standard, 1171mrear yard used for storage; leased to Ke Kelit (NZ) Ltd for 5 years from August 2017, 3%/year rental increases & 2 4-year rights of renewal
Rent: $123,000/year net + gst
Outcome: sold for $1.691 million + gst at a 7.27% yield
Agents: Fraser Press & Christian Taylor

Petone

11 Gear St:
Features: 400msite, 336mworkshop/warehouse, 58m2 mezzanine built in 2004, longstanding automotive tenant has new 5-year lease plus 2 3-year rights of renewal
Rent: $75,000/year gross + gst
Outcome: sold for $1.15 million + gst at a 5.51% net yield
Agent: Richard Faisandier

209 Jackson St:
Features: 209msite, 177m2-level building, classified as earthquake-prone, ground floor retail, 3-bedroom flat above
Outcome: sold vacant for $420,000 + gst
Agents: Paul Cudby & Andrew Smith

Wainuiomata

15 Queen St:
Features: 292msite, 237.5m2 corner retail building, seismic assessment 67% of new building standard, formerly occupied by ANZ, now vacant except for long-term ATM lease for $3,500/year
Outcome: sold for $401,000 + gst
Agents: Paul Cudby & Ethan Hourigan

8 Wainuiomata Rd:
Features: 1512m2 site, 170mstandalone building, 21 parking spaces & redevelopment potential; national tenant Credit Union Baywide (NZCU) has exercised final 3-year right of renewal
Rent: $32,000/year net + gst
Outcome: sold for $690,000 + gst at a 4.64% yield
Agents: Ethan Hourigan & Johnny Curtis

Wingate

80-82 Eastern Hutt Rd, units 18 & 20:
Features: 286mdouble-unit office building, 9 parking spaces, in 20-unit business park
Rent: estimated potential gross income $30,000/year + gst
Outcome: sold on behalf of liquidator with vacant possession for $176,500 + gst
Agents: Ethan Hourigan, Bhakti Mistry & Fraser Press

Attribution: Agency release.

Continue Reading

Precinct plans 2 new buildings for Wellington’s Bowen Campus

Precinct Properties NZ Ltd outlined plans today for 21,000m² more office space in 2 new buildings in Wellington, taking the Bowen Campus beside Parliament to 4 buildings.

The company plans 2 new high performance buildings at 40 & 44 Bowen St, beside the Bowen State & Charles Fergusson buildings.

The 4 buildings will have a combined workforce of 5000.

Chief executive Scott Pritchard said today: “We’ve seen fantastic uptake in leasing from government agencies for the Bowen State & Charles Fergusson buildings, which are set for completion in quarter 4 2018 & quarter 3 2019, respectively, and are leased until 2037 & 2033.

Ewan Brown, director at the design firm, Wellington-based architects Tennent Brown, said providing an attractive & lively work environment would have a positive impact on productivity, staff retention & businesses’ ability to attract talent.

“40 and 44 Bowen St have been designed to cater to the demands of the modern workforce. Large, open floorplates allow tenants to tailor their fitouts to their needs and floor-to-ceiling glass, with ceiling heights of 2.95m, maximises natural light & views.”

Mr Pritchard said Precinct had seen demand for flexible workspace increase across its portfolios: “Flexible design allows businesses to quickly adapt & change. We’ve seen growing demand for businesses looking to implement agile working strategies, and we believe the layout for 40 & 44 Bowen St reflects & will accommodate this demand.”

New earthquake protection

He said the design had a number of features to minimise earthquake damage, and these would be the first new-builds in Wellington to employ ‘fluid viscous dampers’ in the structural frame. The dampers dissipate seismic energy to protect the building & fitout and prevent the accumulation of damage over time.

Structural engineers, Dunning Thornton, worked alongside Tennent Brown to deliver this seismic technology, to enable business resilience for the buildings’ tenants.

Dunning Thornton director Alistair Cattanach said: “In addition to resilient steel framing, the viscous dampers will increase the buildings’ performance significantly in a seismic event. The technology applied to these buildings will allow the structures to absorb seismic activity, meaning tenants are able to reoccupy the building shortly after the initial event and continue operating, even during the period of subsequent aftershocks.”

Attribution: Company release.

 

Continue Reading

Precinct confirms sale of quake-damaged Wellington building

Precinct Properties NZ Ltd confirmed on Tuesday that its sale of the former Deloitte House at 10 Brandon St in Wellington, for $10.2 million, has settled.

The 7.8 magnitude earthquake that hit Wellington in November 2016 badly damaged building services & fitouts in the 16-storey building.

Precinct took the property out of its investment portfolio last year, when its value had already plummeted, and called it a development property. Then it abandoned the idea of fixing the building up itself and looked for a buyer, which it found in April.

Deloitte House was valued at $62 million in 2008 but had dropped to $49.3 million, with a carrying value of $45 million, in 2015.

Following the November 2016 Kaikoura earthquake, the building needed to be remediated & seismically improved, and the valuation (and carrying value) dropped in 2017 from $49 million to $26.1 million, and then some more.

In Precinct’s report in March on the December 2017 half-year, the company said it had written the valuation down from $20.2 million in June to just $7 million in December.

Earlier stories:
23 April 2018: Precinct working on ANZ Centre deal, has conditional Wellington sale
19 March 2007: AMP trust buys Deloitte House in Wellington at 6.75% initial yield

Attribution: Company release.

Continue Reading