Precinct Properties NZ Ltd said today it would start construction of the $90 million Bowen Campus Stage 2 office development in Wellington “shortly”.
Chief executive Scott Pritchard said Precinct would undertake the project on a precommitted basis after signing up Ernst & Young Ltd & Fujitsu NZ Ltd on leases of a total 4093m² on weighted average lease terms of 9 years.
The new building at 40 Bowen St will be the first of 2 planned for the site. It will have 6 levels with floorplates of 12-1700m² for a total 10,049m².
The building will also have a Generator flexible office space facility over the ground & first floors, comprising a meeting suite & private offices accommodating about 300 desks. EY has committed to a portion of the Generator private office desks.
Mr Pritchard said 72% of the building’s office net lettable area by income was committed so far and he expected the remaining 2700m² to be leased before completion. Precinct estimates the total project cost at $90.2 million and that it will generate a 6.6% yield on cost once fully leased. Completion is scheduled for late 2022.
10 May 2020: Commercial Bay completion set for June, 1 Queen St on hold
23 February 2019: Precinct buys rest of Generator
13 September 2018: Precinct plans 2 new buildings for Wellington’s Bowen Campus
17 February 2017: Precinct buys into co-workspace specialist Generator
Attribution: Company release.