Archive | Wellington

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.


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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.

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Precinct Properties valuations & profit up, debt low

Precinct Properties NZ Ltd increased its net profit after tax by 57.2% to $254.9 million (2017: $162.1 million) in the year to June. The quality of Precinct’s portfolio including its active development pipeline has resulted in a portfolio revaluation gain of $208.7 million, or 9.0%.

Image above: The trio of buildings at the centre of Precinct Properties’ strong performance – the existing PwC Tower at right, the new PwC Tower under construction and the existing HSBC House at 1 Queen St, to be redeveloped into a hotel with office above.

Net operating income (distributable earnings), which adjusts for a number of non-cash items, has increased by 2.5% to $76.6 million ($74.7 million). This equates to 6.32c/share, in line with guidance (2017: 6.17c/share).

Revenue growth of 3.6% was primarily due to the completion of Wynyard Quarter stage 1, which was partially offset by foregone income related to development activity and 10 Brandon St, Wellington. After allowing for these transactions & activity, on a like-for-like basis gross rental income was 3.7% higher. This growth has driven an uplift in NPI by 5.4% to $95.3 million ($90.4 million).

As at 30 June 2018, Precinct’s portfolio value increased to around $2.5 billion following the strong revaluation gain. Precinct’s net tangible assets/share were up 12.9% to $1.40 (2017: $1.24).

Chief executive Scott Pritchard said yesterday: “The last financial year has delivered another strong result for our business. As we moved forward with our strategy, we progressed a number of initiatives and achieved key milestones during the year. We have continued to take an active management approach with both our investment portfolio and our development pipeline, leveraging Precinct’s market position.”

Focusing on a number of capital management initiatives during the year has resulted in $250 million of capital raised through the completion of a convertible notes offer & bond issue. Precinct also sold a 50% interest in the ANZ Centre in Auckland and sold 10 Brandon St in Wellington. These assets totalled $191 million of capital recycled.

“At year end our investment portfolio has continued to benefit from strong occupier markets. Achieving a high overall portfolio occupancy of 99% at year end and weighted average lease term of 8.7 years demonstrates this. Our Auckland portfolio has performed particularly, well with occupancy sitting at 100%, reflecting demand for premium inner-city office space. In Wellington, we have also reduced vacancy.

“In both Auckland & Wellington, we have successfully leased major expiries well ahead of vacancy. At the AMP Centre in Auckland, the QBE expiry has been fully leased at a premium of 17% to previous rentals. At Aon Centre in Wellington, 3 floors have been leased on the former IAG tenancy, with 2 remaining floors becoming available in early 2019.”

Mr Pritchard said the Auckland hotel market was experiencing unprecedented levels of growth in demand, which is forecast to persist through further growth in tourism numbers until at least 2025: “While a number of new hotel projects have been announced in the last 24 months, the increase in supply is expected to still fall short of demand over the short term and reach equilibrium over the medium to long term. This is expected to underpin robust room and occupancy rates.”

Commercial Bay

Commercial Bay remains on track to deliver a yield on cost of 7.5% and an increased profit on cost of 41% (June 17: 31%) or $283 million. Based on current project metrics, there remains a further $100 million of unrecognised development profit expected to materialise on completion.

Bowen Campus

In Wellington, construction works have continued to progress well over the last 12 months. We have now completed the facade installation at Charles Fergusson Tower with on floor works continuing. All works are targeted for completion late December 2018.

At Bowen State Building we have completed the majority of the structural works for the building including the north and south shear walls. The façade is now 90% complete for the building, installed from Level 1 to 10. On floor works are also underway to all levels.

Occupation of Bowen State Building by New Zealand Defence Force is expected in Q3 2019.

Financial highlights:

  • Net profit after tax increased by 57.2% to $254.9 million ($162.1 million)
  • Net property income, up 5.4% to $95.3 million ($90.4 million)
  • Net operating income, up 2.5% to $76.6 million ($74.7 million)
  • Full-year dividend, up 3.6% to 5.8c/share (5.6c/share), representing a 100% payout ratio (under AFFO – adjusted funds from operations)
  • Property revaluation gain of $208.7 million – 9% ($77.5 million)
  • Net tangible assets/share, up 12.9% to $1.40 ($1.24)
  • Earnings guidance for the June 2019 financial year, net operating income of about 6.60c/share, dividend expected to increase by 3.4% to 6c/share

Capital management:

  • $191 million of asset sales, providing capacity for new projects
  • $250 million of non-bank funding secured
  • Post-balance date refinancing of $760 million bank debt facility
  • Strong financial position, gearing of 25.0% (25.1%); pro forma gearing reduced to 19.4% at balance date following asset sales

Commercial Bay:

  • Advancing retail commitments to 76% (46% at June 2017) and office commitments to 78% (2017: 66%)
  • Yield on cost unchanged at 7.5%, with an increased profit on cost following the revaluation of 41% (June 2017: 31%), or $283 million
  • Phase 1 of the retail remains on schedule, with H&M opening its flagship 3800m² store on Thursday 30 August
  • A revised completion programme has recently been provided.

Bowen Campus:

  • Charles Fergusson Tower on track for completion in December & occupation by Ministry of Primary Industries
  • Bowen State Building to be occupied by NZ Defence Force, with lease starting April 2019
  • Yield on cost of 7.0%+, with an increased profit to 18%.

Future development opportunities:

  • Design has advanced for Wynyard Quarter development stages 2, 3 & 4; Precinct anticipates the second stage of the development will start in the next 6 months
  • Building design & marketing underway for precommitment leasing for the remaining development land at Bowen Campus.

Investment portfolio:

  • Auckland fully leased
  • Occupancy of 99% (2017: 100%) and a weighted average lease term across the portfolio maintained at 8.7 years (2017: 8.7 years)
  • 41 lease transactions completed, encompassing over 21,900m² & 598 parking spaces
  • Strong demand for space, with QBE expiring floors leased ahead of vacancy and 3 floors of IAG expiry leased at Aon Centre, Wellington
  • Strong like-for-like income growth of 3.0% – Auckland up 3.1%, Wellington up 2.9%
  • Generator occupancy of 73%, well above expectations; with 75% (9500m²) of its space launched during the year, the Generator business recorded a loss, as anticipated for this trading-up period.

Precinct Properties
Precinct Properties annual report
Commercial Bay

Related stories today:
Precinct Properties presents a long list of positives from development & in financial structure
Precinct Properties valuations & profit up, debt low
The 1 Queen St redevelopment

Attribution: Company release.

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5 sales down country for Bayleys

Bayleys sold a property at Te Puke in its Total Property auction in Tauranga on Wednesday, and followed up with 4 Wellington sales yesterday, including 3 in Petone.

South of the Bombays

Bay of Plenty

Te Puke

27-31 Jellicoe St:
Features: 667m² site, 20m of main street frontage, 616m² single-level retail building with 3 tenants; being refurbished to accommodate the third tenancy with 5-year lease starting on 1 October
Rent: $84,000/year net + gst (including refurbished tenancy)
Outcome: sold for $1.105 million at a 7.6% yield
Agents: Brendon, Lynn & Ryan Bradley



19-21 Gear St:
Features: 794m² site, 23m of street frontage, 794m² industrial building – 590m² warehouse with 5.5-6.25m stud & 2 roller doors, 102m² office & amenities, 102m² mezzanine
Rent: estimated potential income of $88,500/year net + gst
Outcome: sold for $1.42 million with vacant possession
Agents: Andrew Smith & Paul Cudby

73 Sydney St:
Features: 379m² site, 539m² 2-level office & warehouse building
Rent: estimated potential income $85,000/year net + gst
Outcome: sold for $935,000 with vacant possession
Agents: Paul Cudby & Andrew Smith

14 Victoria St:
Features: 465m² site, 328m² warehouse & office building, 75m² yard
Rent: estimated potential income $58,000/year net + gst
Outcome: sold for $745,000 with vacant possession
Agent: Richard Faisandier


85 Hutt Rd:
Features: 977m² site overlooking Hutt Rd & State Highway 1, 3 warehouse units totalling 385m² plus one-bedroom apartment; fully leased with additional income from billboard
Rent: $103,000/year net + gst
Outcome: sold for $1.275 million at an 8.07% yield
Agent: Bhakti Mistry

Attribution: Agency release.

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5 Wellington sales include Courtenay Place fixture

3 properties at the southern Te Aro end of Wellington’s central business district and 2 in suburban Island Bay & Rongotai have been sold by Bayleys agents.

South of the Bombays


Island Bay

296 The Parade:
Features: 650m² corner site with development potential, 1920s mix of commercial & residential buildings totalling 220m² – 2 shops, 2-bedroom home plus a one-bedroom flat
Rent: estimated $70,000/year net + gst fully occupied
Outcome: sold for $1.1 million
Agents: Mark Walker & Baha Mabruk


56 Kingsford Smith St:
Features: leasehold 2273m² site, fully refurbished 1827m² former warehouse with seismic upgrade to 70% of new building standard, converted for retail & office use, 10 tenants on mostly new 3- to 6-year leases
Rent: $264,000/year net + gst (after ground rent paid)
Outcome: sold for $2.47 million at a yield of 10.69%
Agents: Fraser Press & Baha Mabruk

Te Aro

66-72 & 74-78 Courtenay Place (pictured above):
Features: 1111m² site next to Readings Cinema complex, 2-level 1919.5m² character retail building strengthened to 70% of new building standard, 4 hospitality tenants
Outcome: sold for $8.5 million at a 7.9% yield
Agent: Jim Wana

5 Tory St, levels 1 & 2:
Features: 2 unit-titled character office floors totalling 425m², interlinking internal staircase, seismic assessment 100% of new building standard, 6-year lease to Heyday Ltd from January 2018, 3 3-year rights of renewal
Rent: $102,384/year net + gst
Outcome: sold for $1.3875 million at a 7.38% yield
Agents: Grant Young & Mark Walker

21 Vivian St:
Features: 582m² site zoned central area, 428m² high stud workshop, 10 parking spaces
Outcome: sold vacant for $2 million
Agents: Mark Walker & Jim Wana

Attribution: Agency release.

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Updated: Adelaide buyer settles second NZ mall purchase, manager appointed

Published 11 July 2018, updated 16 July 2018:
Kiwi Property Group Ltd said last Tuesday its $100 million sale of the North City Shopping Centre, Porirua, had settled.

Kiwi said in April it had sold the centre to the Angaet Group of Adelaide for $12.4 million less than book value.

It’s Angaet’s second New Zealand purchase following its acquisition of the WestCity mall in Henderson from the manager of Westfield Group’s New Zealand malls, Scentre (NZ) Ltd, settled last July.

Update: Angaet appointed Colliers to manage the centre from settlement on Monday 9 July. Colliers also manages WestCity.

The North City mall at 2 Titahi Bay Rd, Porirua, was built in 1990 and refurbished & extended in 1997 & 2004. The 3-level regional shopping centre has 98 tenants in a net lettable area of 25,439m² and 1102 parking spaces, and is anchored by Kmart, Farmers & a Reading Cinemas complex. It has 68 specialty retail tenants, 11 kiosks, 11 foodcourt tenants, and 8 office suites on the third floor.

Earlier story:
13 April 2018: Adelaide family makes Porirua mall its second NZ purchase

Attribution: Company release.

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Colliers unties complicated ownership structure to sell Wellington tower

The 11 separate owners of the Willeston Centre in Wellington have agreed to sell the 16-level office tower, but confidentiality agreements prevent the price being disclosed until settlement.

The buyer is Auckland private equity business CapitalGroup Ltd, which specialises in structured investments in real estate.

Richard Findlay.

Colliers’ Wellington managing director, Richard Findlay, and investment sales broker Hamish Templeton negotiated the deal on behalf of the owners, complicated because the unit-titled property was held by multiple individuals & investment groups.

The sale consolidates ownership into the hands of a single corporate entity.

Colliers identified the tower, at 22-28 Willeston St, on the corner of Lambton Quay & Willis St, as an add-value opportunity in a prime location with the potential to capture high profile tenants.

Mr Findlay said that group of tenants were competing for an extremely limited amount of vacant office space in the Wellington cbd.

Colliers then presented the building to CapitalGroup as a potential opportunity to make a valuable investment in the Wellington market.

“This building will now be owned & managed by a single entity, with a very good reputation nationally. This is a huge advantage when it comes to leasing. We know from years of working with local & national corporate occupiers that a single owner, rather than a body corporate, is vastly preferable from tenants’ points of view.”

Hamish Templeton.

Mr Templeton said aligning the interests of 11 separate owners and facilitating the sale to CapitalGroup presented a significant challenge: “This is definitely one of the more complex & time-consuming sales our office has been involved in. Nobody thought it would be possible to co-ordinate all 11 owners to sell at the same time. However, we knew that with CapitalGroup’s excellent track record in restructuring assets to meet tenant demand, this was a strong opportunity for them.”

Mr Findlay said that, given the extremely short supply of office space in central Wellington, the change of ownership meant the 3 vacant office levels in the building were now likely to be considered highly attractive among corporate occupiers.

“Following the November 2016 earthquake, there is virtually no vacancy in Wellington cbd offices. The sale of the Willeston Centre now offers a rare option for businesses to secure well presented office space on the Golden Mile. This property is in a prime location, has an A-grade seismic rating and has space available now that’s ready for businesses to move into.”

The building occupies a 1684m² site bordered by Customhouse Quay, Willeston St & Victoria St and on the intersection of Willis St, Lambton Quay & Customhouse Quay – one of the busiest corners in the Wellington core retail & office precinct.

It has 11,350m² of office & retail space, split between lower-level podium floors on the Customhouse Quay corner and tower levels on the Victoria St corner. Among the 20-plus tenants are NZIER, H2R Consulting, Cisco, Hewlett Packard, The Nursing Council, Levi Strauss & 2 Degrees Mobile.

The penthouse office floor on level 14 and levels 2 & 3 are vacant, but Mr Findlay said discussions were underway with potential occupiers.

It’s CapitalGroup’s first foray into the Wellington commercial office market. Most of its investment portfolio is in Auckland.

Attribution: Agency release.

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9 commercial properties sell at auction series down country

Bayleys agents have sold a North Canterbury retail complex (pictured) and 8 North Island properties south of the Bombay Hills in the agency’s Total Property 4 auction series over the last 10 days.

5 of the 6 properties auctioned in Wellington were sold.

South Island



216-222 High St & 2 Durham St:
Features: 1194m² corner site in 4 titles, 605m² retail complex, substantial offstreet parking, 3 national tenants all on multiple 2- & 3-year renewal terms
Rent: $122,829/year net + gst
Outcome: sold for $1.99 million at 6.17% yield
Agents: Stewart White, Alex White & Chris Frank

South of the Bombays

Bay of Plenty


11 Spencer Avenue:
Features: 3915m² site, 1688m² of high stud warehousing, offices & amenities; provisioned for dangerous goods storage and set up to service Kawerau’s engineering & fabrication requirements since the 1980s
Outcome: sold with vacant possession for $615,000
Agents: Lloyd Davidson, Rhys Mischefski & Laura Taylor


18 Victoria St:
Features: 607m² site, 1960s 2-storey block of 4 residential units totalling 398m² – 3 2-bedroom units on periodic tenancies currently returning total of $925/week gross, 3-bedroom ground-floor unit occupied by owner
Outcome: sold for $1.1 million
Agents: Mark Slade & Brei Gudsell



213 Oxford St:
Features: 999m² site in main road retail precinct, 1400m² commercial building strengthened to 80% of new building standard, 2 streetfront retail premises occupied by the Bank of NZ on 10-year lease until September 2021 plus 3 3-year rights of renewal, and Postie Plus on 3-year lease until March 2020, plus small monthly tenancy at rear
Rent: $131,605/year net + gst
Outcome: sold for $1.634 million at an 8.05% yield
Agents: Stephen Lange & James Higgie


New Plymouth

137 Devon St East:
Features: 490m² cbd site, 805m² commercial building with category A seismic rating, access to 7 basement parking spaces; occupied by New Plymouth’s Cash Converters franchise on 8-year lease from October 2015 plus 3 4-year rights of renewal
Rent: $80,197/year net + gst
Outcome: sold for $1.2 million at a 6.68% yield, exactly the same price & yield it sold for in late 2016
Agents: Alan Johnston & Iain Taylor


Kapiti Coast – Waikanae

16 Omahi St:
Features: 542m² site, 327m² warehouse which can be split into 2 units, seismic assessment 70% of new building standard; 6 parking spaces
Outcome: sold vacant for $595,000 at $1700/m² land & building
Agent: Richard Faisandier

Lower Hutt

6 Aglionby St:
Features: 502m² high stud warehouse, storage & office building constructed in the mid-1990s, seismic assessment 85% of new building standard, 7 parking spaces; 5-year lease from this month to multinational Huber Group NZ Ltd, one 5-year right of renewal
Rent: $69,500year net + gst
Outcome: sold for $1.18 million at a 5.89% yield
Agents: Andrew Smith & Paul Cudby


12 Horlor St:
Features: 406m² site, 350m² industrial building, roller door access from rear service lane to clearspan medium stud warehouse, showroom/office at front, 5 parking spaces
Income assessment: estimated potential rental income $39,000/year net + gst
Outcome: sold vacant for $500,000 at $1430/m² land & building
Agents: Andrew Smith & Paul Cudby


33 Kaiwharawhara Rd, unit 5C:
Features: 96m² ground floor office unit suitable for range of uses, 3 parking spaces at front door
Outcome: sold with vacant possession for $359,000 at $3740/m²
Agent: James Higgie

Attribution: Agency release.

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Hodge sells Seaview business park, and Education House sold

Seaview HP Ltd (Shayne Hodge) has sold the Port Domain business park in Wellington (pictured above) on an 8.45% yield. Mr Hodge’s family founded property syndicator Waltus Ltd in the 1980s, merged the syndicates into Urbus Properties Ltd in 2000, listed it then sold the management rights to ING (NZ) Ltd in 2004 for about $25 million. After some more mergers & portfolio acquisitions, Urbus evolved into the NZX-listed Argosy Properties Ltd.

Mr Hodge continues to trade through The Hodge Group (2010) Ltd & Seaview HP, which bought the 2.2ha former Te Puni mail centre on the Petone Esplanade for $15.4 million in 2014 and turned it into a bulk retail centre anchored by Bunnings Warehouse.

On the Te Aro flats of central Wellington, Education House on Willis St has been sold on a 7.5% yield.

They’re among 9 commercial sales around the Wellington region by Bayleys.

Earlier story, 7 April 2014: Hodges buy Te Puni mail centre

South of the Bombays



Te Aro

4 Tennyson St:
Features: vacant 2-level 520m² unit-title office/showroom
Outcome: sold for $1.85 million at land & building rate of $3557/m²
Agent: Mark Sherlock

90-104 Tory St:
Features: 1245m² site, 2215m² 3-level retail & office building, 9 tenancies, seismic assessment 85% of new building standard
Rent: $450,000/year net + gst
Outcome: sold for $5 million at a 9% yield
Agent: Grant Young

Education House on Willis St.

178-182 Willis St:
Features: 1479m² site, 6513m² 13-level Education House (West Block) office tower, seismic assessment 70% of new building standard, multiple tenancies, parking for 75 vehicles
Rent: $700,000/year net + gst
Outcome: sold for $9.3 million at a 7.5% yield
Agents: Grant Young & Luke Kershaw

Lower Hutt

191 High St:
Features: 964m² site, 1697m² fully leased 3-level commercial building, retail/office tenancy on ground floor, 2 levels of offices above, dual street access, secure parking for 13 vehicles
Rent: $252,495/year net + gst
Outcome: sold for $2.935 million at an 8.56% yield
Agents: Paul Cudby & Andrew Smith

418 High St:
Features: 204m² site, 200m² retail building, 3-year lease generating rental income of $39,000/year gross
Outcome: sold for $635,000 at land & building rate of $3112/m²
Agent: Andrew Smith


27 Jarden Mile:
Features: 884m² site, 850m² partially tenanted warehouse & office building, buyer will use vacant area of about 300m²
Rent: $70,000 /year net + gst
Outcome: sold for $1.725 million at land & building rate of $2,100/m²
Agent: Fraser Press


33 Kapiti Rd:
Features: 868m² site, 360m² 2-storey office building, 11 parking spaces; current tenant has occupied since built in 2004, on new 3-year lease plus 2 3-year rights of renewal
Outcome: sold for $950,000 at a 6.5% yield
Agent: Stephen Lange


3-5 Commerce Crescent:
Features: 4719m² of industrial land
Outcome: sold for $501,000 at $106/m²
Agents: Grant Young & Jon Pottinger


2-20 Port Rd:
Features: Port Domain, largescale fully tenanted business park on 2.9104ha of land in 4 titles, 3 street frontages & flexible general business zoning; 18,600m² of buildings, 12 tenancies spread across 10 main buildings plus extensive yard space
Rent: $1,465,162/year net + gst
Outcome: sold by Seaview HP Ltd (Shayne Hodge) for $17.65 million at an 8.45% yield
Agents: Grant Young & Mark Hourigan

Attribution: Agency release.

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Credit Suisse buys second Wellington tower

Credit Suisse Asset Management Ltd has bought the 25-level HSBC Tower in Wellington from local developer Mark Dunajtschik for $102.5 million.

CBRE Wellington managing director Matthew St Amand & senior director Bill Leckie handled the transaction.

The Ministry of Foreign Affairs & Trade is the biggest tenant of the HSBC Tower, at 195 Lambton Quay, occupying levels 10-24, being the bulk of the building. Other office tenants include HSBC & law firm Simpson Grierson.

Credit Suisse also owns the Justice Centre on Aitken St, and Mr St Amand said the bank had been looking for another high quality asset in New Zealand: “The fact they have invested in Wellington again demonstrates confidence in the stability & long-term outlook for the Wellington office market, as well as recognising Wellington as an attractive city for their long-term investment focus.”

Attribution: Agency release.

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