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Premier purchasing opportunity in Upper Hutt

NZ_AucklandCBD_Communications_Premier purchasing opportunity in Upper Hutt_Photo 1

Stage 1 of the state-of-the-art Blue Mountains Campus development in Upper Hutt, north of Wellington, is being presented to the market for sale.

A master-planned sustainable business and innovation hub for the wider Wellington region, the campus features blue-chip anchor tenants KiwiRail and the Ministry of Business, Innovation and Employment, and has been chosen as the Government’s preferred regional hub site.

Located at 68 Ward Street, Wallaceville on a site noted for being one of the safest in the region in terms of its superior resilience against earthquake, flooding, and landslip risk, the property has a weighted average lease term in excess of 16 years.

Stage 1 of the development comprises the fully refurbished Buddle Building and the adjoining new KiwiRail National Train Control Centre, which houses approximately 100 team members who are responsible for the train movements across most of New Zealand.

There is approximately 6,000sq m of total net lettable area across both buildings on 7,521sq m of freehold land that offers multiple landscaped green spaces. The buildings boast generous end-of-trip facilities and an on-site cafe. There are 43 car parks.

The total annual rental income from the property is approximately $2.9 million, while there are annual rental increases in place.

This strategically located property is surrounded by an extensive array of sought-after amenities, including train stations and supermarkets. It is also near the New Zealand Campus of Innovation and Sport, which officially opened in June last year and is home to the Hurricanes rugby team.

With the next stages of the campus now in planning and anticipated to attract innovation-focused businesses, Stage 1 has set the scene for a superbly resilient, sustainable campus that will meet the growing demand for flexible, future-proofed commercial space within the wider Wellington region.

Colliers Directors Richard Findlay and Richard Kirke have been exclusively appointed to market the property for sale and are taking expressions of interest with the deadline closing at 4pm on Thursday 14 March.

NZ_AucklandCBD_Communications_Premier purchasing opportunity in Upper Hutt_Photo 2There is 6,000sq m of total net lettable area across both buildings on 7,521sq m of freehold land.

The Buddle Building has undergone an extensive strengthening and refurbishment programme to provide it with a 100 per cent NBS rating and deliver high-quality, modern office space. The building is an Importance Level (IL) 2 structure. It is also 5 Green Star Design-accredited and is seeking an As-Built rating now the building is complete.

The KiwiRail National Train Control Centre is a new, IL3 building rated to 130 per cent NBS.

Findlay, Managing Director at Colliers Wellington, says sustainability is at the heart of the campus development.

“Stage 1 is inherently sustainable through the reuse of the Buddle Building’s original structure to reduce embodied carbon, while improving the seismic resilience of the structure,” Findlay says.

“The brand new, bespoke KiwiRail building has also been thoughtfully designed and provides a welcoming and secure environment for their national train control team, which is delighted with its new home and is looking forward to many years at the campus.

“Upcoming stages of the development will look to incorporate mass timber structures that will reduce carbon emissions by substituting concrete and steel with timber. These practices will align with New Zealand’s ambitious environmental goals.”

The campus is only a two-minute walk from the Wallaceville train station, while State Highway 2 can be reached in a few minutes via car. Popular local entertainment and hospitality spot Brewtown is a two-minute drive away with shopping areas nearby in central Upper Hutt.

There are also convenience stores, childcare facilities, beauty salons, and fitness centres within walking and cycling distance.

NZ_AucklandCBD_Communications_Premier purchasing opportunity in Upper Hutt_Photo 3Stage 1 of development has resulted in high-quality, sustainable office premises.

Kirke, International Sales Director of Capital Markets at Colliers, says the property offers a strong tenant covenant, which will be appealing for investors.

“Underpinned by KiwiRail’s 25-year lease at the property and annual rental increases that will provide future rental growth, this purchasing opportunity will generate interest from local and offshore buyers,” Kirke says.

“The wider Wellington region’s office market is particularly constrained by a notable lack of supply. The prime grade vacancy rate for the CBD is only 1.7 per cent, according to the latest research from Colliers.

“The campus blueprint for this master-planned property allows for up to 36,000sq m of commercial space that will suit a wide range of private and public sector organisations and it is set to become a significant asset for Upper Hutt when fully developed.”

Stage 1 of the Blue Mountains Campus was developed by renowned property firm Willis Bond.

To view more investment opportunities use our property search here.

Related Experts

Richard Findlay

Managing Director

Wellington (Agency)

As an owner of Colliers International Wellington Richard has been involved in all aspects of the business and specialises in high value transactions and development opportunities.

He has over 30 years experience in commercial property and been involved in a large number of Wellington’s biggest sales.

Richard offers his clients a strong understanding of the wider commercial market whilst still delivering specialist advice across different property sectors. With a global breadth of local knowledge at hand, he takes a personal interest in ensuring his clients are kept well informed of the Wellington property market.

Richard began his career with commercial leasing and later sales and spent three years with central London property firm Gooch & Wagstaff. Between his expertise, knowledge base and the networks he maintains, he prides himself on being one of Wellington’s best informed brokers.

Richard was formerly on the Wellington committee for the NZ Property Council and is a past chairman for the Wellington branch of the NZPI.

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Richard Kirke

International Sales Director | Capital Markets

Auckland CBD

Richard is responsible for the promotion of New Zealand property to international investors, leveraging of his relationships developed in executive positions during his near 8 years in Hong Kong, as well as assisting to grow the company’s nationwide Rural and Agribusiness agency capability.

Richard began his real estate career in 2004 with CBRE, in the five years he spent with them (before leaving to run Colliers Hong Kong business in 2008) he was involved in many notable transactions including the sale of the Lion Nathan site in Newmarket for $162m, the sale of the GE & BNZ Britomart properties on behalf of Manson’s to the German fund HIH and portfolio sales, including the successful auctioning of 16 National Bank Branches across New Zealand.

During his time as MD of Colliers Hong Kong he was involved in the sale of 50 Connaught Road on behalf Apollo Group (a New York based Hedge Fund) to the Agricultural Bank of China for $US632m.

Richard was the Managing Director of Colliers Hong Kong office for six years from 2009-2014. During this time he was an active participant in several high value transactions and developed broad relationships with both Asian investors and colleagues across the region.

In late 2014, Richard agreed to run CBRE’s Asia Pacific Capital Market business, including their Capital Advisory (Real Estate Investment Banking) business, this further added to his knowledge of real estate investors, particularly in greater Asia.

As a senior executive of Colliers for 6 years in Hong Kong, Richard has strong personal relationships with Colliers personnel across the globe.

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