Caniwi Sells Chews Lane Floor

Caniwi sells Chews Lane floor for $1.2 million

Caniwi Capital Partners has sold its unit-titled third-floor offices in Chews Lane to the New Zealand Branch of the Australasian College of Psychiatrists for $1.2 million. 

Colliers International agent Rick Stace said there was reasonable interest in the modern third-level 232 square metre office floor. The sale is to be settled on July 31 and Caniwi is scheduled to move out by the end of October. 

Stace said there was strong tenant demand for well-located, high-quality office accommodation and the Chews Lane offices overlooked Willis St and were just across the road from Telecom Central. 

Caniwi executive chairman Troy Bowker said they had taken a 20-year lease on the 16th floor of the ASB building in Jervois Quay and were spending about $1m on a refurbishment with half the floor being converted to an apartment. 

Bowker said Caniwi bought Chews Lane about four or five years ago but decided to sell because it wanted to free-up capital. "We prefer to have capital money tied up in income generating deals. We've now got $160m worth of property and have gone unconditional on another $60m property, which I can't tell you about at the moment." 

The company's biggest investments in Wellington include the $48m ANZ office complex in Tory St, the $15m Boulcott Hall student hostel, the $13m Warehouse store in Petone and the $7m Ministry of Social Development offices in central Lower Hutt. 

It also has a $60m investment in two Tegel chicken plants in Christchurch and New Plymouth. 

The company was growing quickly and by the end of this year it expected to have about $270m in assets. Caniwi is a private investment company that was set up by Bowker in 2008.

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