Date Posted: Oct 28, 2008
A DISTINCTIVE 10-level tower on The Terrace is for sale.
Atrium Tower sits on a 969square-metre site comprising 25 individually titled and fully furnished apartments and reception area.
It takes its name from the atrium at its centre. The sale includes 15 covered carparks and a modern gymnasium on a separate lease.
Marketing agent Michelle Spiers, of Colliers International, who, with colleague Peter Wilkin, is marketing the property, said the potential investment included a 12-year lease to Quest — Australasia’s largest and most successful serviced-apartment operator, which has nine years remaining on its leasing term.
The apartments’ estimated net rental was nearly $464,000 a year. There was also potential to sell individual apartments.
Surrounding properties include medium to high-rise commercial office towers mainly built during the 1970s and 1980s. Ms Spiers said the proximity of the building at 154 The Terrace to Wellington’s central business district, and ease of access to the motorway and railway station, also made the property an attractive buy.
Offers for the property close on November 19.
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Commercial Sales Wellington Office DDI: +64 (4) 470-3920 Fax: +64 (4) 499-1550 Email: michelle.spiers@colliers.co.nz
Investment Broker Wellington Office DDI: +64 (4) 470-3928 Fax: +64 (4) 499-1550 Email: peter.wilkin@colliers.co.nz
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