Office floor an affordable central-city opportunity

September 19 2016 – The opportunity to own an entire office floor in Wellington’s central business district, with a possible lease arrangement for part of the floor, is on offer through Colliers International.

Level 8, Crowe Horwath House, 57 Willis St, is for sale by private treaty through Colliers brokers Peter Wilkin and Georgina Young. The property is an ideal opportunity for a business to secure CBD premises, or for an investor to add a realistically-priced holding to their portfolio, says Wilkin.

“This well-known building is a local landmark in a high-profile, central-city position. For a business which is perhaps looking to move from a more fringe or suburban location into the central city, this is a great chance to do so at an affordable price.”

With interest rates so low, the ongoing trend for businesses to buy rather than lease their office space is as strong as ever, he says. “Many businesses prefer to own the property they operate from, given the availability of affordable finance at the moment. Based on this we’re expecting strong interest from owner occupiers for this well-located office floor.”

With a partial income stream and the potential to lease the remainder of the floor, the property is also an investment opportunity, says Young.

“It’s never been a better time to buy commercial property, with returns available that are much better than cash in the bank. This office has the added bonus of potentially offering a dual income stream, if the new owner were to lease out the vacant portion.”

214m2 of the property’s 692m2 total floor space is could be leased to the current owner, Rural Women New Zealand. The charitable organisation supports people in rural communities through opportunities, advocacy and connections. It will take a three-year lease to the property on settlement, with the right to renew for an additional three-year term. The proposed net annual rental for this part of the floor is $59,880 plus GST.

The 15-storey building, which has a Detailed Seismic Assessment by Clendon, Burns and Park Ltd of approximately 70% of new building standard, offers harbour and city views. It was designed by Beca Carter Holdings and constructed in the late 1970s. 14 of the floors are offices, with retail space on the ground and first floors. Other notable tenants include the NZ Police Association and accounting firm Crowe Horwath.

The building has recently been upgraded, says Wilkin. “The lifts have been modernised along with an upgrade to the entrance foyer. The exterior of the building has also been repainted so it presents very well.”

Included with level 8 are four car parks in the basement parking area. Direct pedestrian access is provided from both Willis and Victoria Streets to a dedicated lift lobby.

Crowe Horwath House is located in the heart of the Willis St shopping precinct, says Young. “The building has the benefit of spanning the block between Willis Street and Victoria Street, providing excellent access to two busy streets.”

Other key buildings and facilities in the immediate area include Wellington Public Library and the Civic Centre, Spark Central and New World Metro, she says.

“The property is also close to the popular Wellington waterfront, with all its leisure opportunities making this a great place for staff to work. It is also a 10-minute walk to both Parliament and Courtenay Place, providing an excellent central location.”


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