Archive | Wellington

4 more sales take Wellington auction clearance to 100%

4 properties that were passed in at Bayleys’ Total Property commercial auction in Wellington on 6 December have since been sold, giving 100% clearance. 11 properties were sold on the day.

South of the Bombays


Lyall Bay

219 Onepu Rd:
Features: 491m2 corner site, 2-level, recently refurbished 170m2 character timber building; Botanist Café & Restaurant occupies ground floor with 9 years to run on lease; 2 2-bedroom apartments above
Outcome: sold for $1.91 million
Agents: Richard Faisandier & Mark Walker


53-55 Treadwell St:
Features: 298m2 corner site, dual street frontage, in heart of Naenae shopping centre, 470m2 2-level commercial premises; opportunity to add value through building strengthening
Outcome: sold with vacant possession for $325,000
Agents: Jon Pottinger & Ethan Hourigan


5-7 Lower Tyers Rd, unit 13:
Features: 955m2 industrial building, seismic assessment 80% new building standard, 5 parking spaces
Outcome: sold with vacant possession for $900,000
Agents: Fraser Press & Ethan Hourigan


47 Hutt Rd:
Features: 369m2 site zoned general business, 251m2 showroom/warehouse building
Rent: estimated potential net annual rental income $55,000/year net + gst
Outcome: sold with vacant possession for $750,000
Agents: Andrew Smith & Paul Cudby

Earlier story:
10 December 2018: 11 sell at Bayleys’ Wellington commercial auction

Attribution: Agency release.

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Updated: Bayleys year-end auction series yields $25.6 million from 14 sales

Published 7 December 2018, updated 14 December 2018:
Bayleys sold 11 properties for $21.6 million at its final Total Property commercial auction in Auckland on Wednesday. A Newmarket property has since been sold.

One property auctioned at the agency’s East Tamaki office on Tuesday added $2.3 million and 2 auctions brought forward to November added $1.7 million to the return, for a total $25.6 million.

The first 2 properties auctioned on Wednesday, both small premises in prominent spots in tightly held eastern suburbs neighbourhoods, were sold on yields of 3.6% (St Heliers, pictured above) & 4.7% (Remuera).


Learning Quarter

26 Airedale St:
Features: 220m² site, 2-level 364m² building, seismic rating 50% new building standard, concept plan available for 17-storey 68-unit apartment building
Rent: $139,00/year gross + gst
Outcome: no bid
Agents: Owen Ding & Sarah Liu

Isthmus east


Updated: 375-389 Khyber Pass Rd, unit 7:
Features: 88m² retail unit occupied by Hair Design salon on a new lease from October, 2 parking spaces 
Rent: $36,000/year gross + gst
Outcome: passed in at $510,000, sold post-auction for $551,000 at a 6.53% yield
Agents: Quinn Ngo & Matt Lee


155 Neilson St:
Features: 980m² site zoned heavy industrial, 625m² warehouse, office & showroom, 2 tenants 
Rent: $91,811.38/year net + gst
Outcome: sold for $1.75 million at a 5.25% yield
Agents: James Hill, James Valintine, Sunil Bhana, Amy Weng & Tony Chaudhary

3 Pukemiro St:
Features: 556m² site, 390m² industrial building – clearspan warehouse, office & amenities, seismic rating 70% new building standard 
Outcome: sold with vacant possession for $1.15 million
Agents: William Gubb & James Valintine


11A Cheshire St:
Features: 1031m² development site next to the new Parnell train station, resource & building consents in place for a 6-level apartment complex
Outcome: withdrawn from auction
Agents: Owen Ding & James Chan


371-373 Remuera Rd:
Features: 229m² site, 598m² 3-level 1970s building zoned town centre, café & bar lease of 319m² of ground floor & basement space runs until mid-2023, with 2 6-year rights of renewal, balance of retail space & upper-level office premises occupied by 2 other tenants
Rent: $201,434/year net + gst
Outcome: sold for $4.325 million at a 4.66% yield
Agents: Alan Haydock, Damien Bullick, Andrew Wallace & Quinn Ngo

St Heliers

413 Tamaki Drive:
Features: 235m² site zoned local centre, 288m² 2-level building, opposite St Heliers Beach & near St Heliers Bay Rd intersection, 2 tenants on 10-year leases which both run until 2022 with no rights of renewal
Rent: $169,145/year net + gst
Outcome: sold for $4.71 million at a 3.59% yield
Agents: Cameron Melhuish, Andrew Wallace & James Chan

Isthmus west


6C Wingate St:
Features: 80m² middle unit in modern retail block in town centre with access also from Great North Rd 
Rent: $47,000/year net + gst + outgoings on new 9-year lease to Domino’s Pizza NZ Ltd
Outcome: sold for $960,000 at a 4.9% yield
Agents: Janak Darji, Tony Chaudhary & Mike Bradshaw

Freemans Bay

27 Hargreaves St:
Features: 304m² site zoned mixed use, 318m² renovated character office building, 30m² deck
Rent: $171,160/year net + gst on new 6-year lease to Studio South Ltd from March 2018, 2 3-year rights of renewal
Outcome: sold shortly after auction for $3.25 million at a 5.27% yield
Agents: Damien Bullick, Alan Haydock & Mike Adams

3 Margaret St, unit 4:
Features: 53m² ground level commercial unit leased to lawyer Susan Kingston, 2 parking spaces, zoned business town centre
Rent: $27,000/year net + gst
Outcome: sold for $620,000 at a 4.35% yield
Agents: Stuart Bode, Mike Bradshaw & Mike Adams



2 Hillary Square:
Features: 586m² site, 648m² floor area, tenants ANZ Bank and KiwiBank/NZ Post
Rent: $262,316/year net + gst
Outcome: passed in at $4.5 million
Agents: Mustan Bagasra, Nicolas Ching & James Chan


63 Arrenway Drive, unit 5:
Features: 118m² industrial unit, 2 parking spaces 
Outcome: no bid
Agents: Meng He, Ian Waddams & Steven Liu

5 Ceres Court, unit 2G:
Features: 155m², first floor office unit, 5 exclusive parking spaces
Rent: $45,000.00/year net + gst + outgoings
Outcome: auction postponed
Agents: Tonia Robertson & Caroline McNaught


28 Anvil Rd, unit 1:
Features: 246m² industrial unit, 5 parking spaces
Outcome: sold with vacant possession for $750,000
Agents: Matt Mimmack & Rosemary Wakeman



327 Great South Rd:
Features: 3288m² yard used as car yard, zoned business light industrial 
Outcome: no bid
Agents: Piyush Kumar & Peter Migounoff

39B Holmes Rd:
Features: half share of 1182m² site, 382m² workshop + parking & yard, tenant of 15 years now on monthly lease
Rent: holding income of $39,000/year net + gst + outgoings
Outcome: sold for $771,000 at a 5.1% yield
Agents: Peter Migounoff & Piyush Kumar

Pakuranga, Highland Park

5 Aviemore Drive, unit 1:
Features: 135m² Domino’s pizza outlet in 10-unit development completed in 2006   
Rent: $63,296/year net + gst + outgoings
Outcome: sold for $1.305 million at a 4.85% yield
Agents: Amy Weng, Tony Chaudhary & Janak Darji


44-48 King St:
Features: 841m² site, 381m² building, 12 parking spaces at rear
Rent: $111,349/year net + gst + outgoings, pharmacy & Dollar World shops on 3- & 4-year leases
Outcome: sold for $2.005 million at a 5.55% yield
Agents: Shane Snijder & Graeme Moore

South of the Bombays


Rydges Hotel, 75 Featherston St, units 422 & 1317:
Features: 2 28m² hotel units, leased to Rydges Hotel until 2033
Rent: unit 422 $19,371/year including gst, unit 1317 $30,244/year including gst
Outcome: withdrawn from auction but still for sale
Agents: Nick Thompson & Jim Wana

Earlier stories:
5 December 2018: East Tamaki sale starts last Bayleys commercial auction for year, 2 other sales in Airport Oaks & Orewa
25 November 2018 (another East Tamaki auction brought forward, 22 Polaris Place): 9 business park units sold
23 November 2018: Rosedale unit sold at auction brought forward

Attribution: Auctions.

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11 sell at Bayleys’ Wellington commercial auction

Bayleys agents in Wellington sold 11 of the 15 properties they took to auction on Thursday in the agency’s final Total Property round of commercial auctions for the year.

South of the Bombays


Lower Hutt


407-409 Hutt Rd (pictured):
Features: 1024m2 site adjacent to motorway with dual access; 709mof industrial buildings – 480m2 trade showroom/office at front, 229m2 rear workshop, fully leased until late 2019
Rent: $137,155/year net + gst
Outcome: sold for $2 million at a 6.86% yield
Agents: Andrew Smith & Paul Cudby


21 Main St:
Features: 574m2 site, 226m2 former bank premises, seismic assessment 70% new building standard; rear parking area has development potential
Rent: $6000/year from ATM leased to ANZ Bank, otherwise vacant
Outcome: sold for $355,000
Agents: Steven Firth & Fraser Press

44 Riverbank Rd:
Features: 1540m2 site, refurbished & painted 730m2 warehouse, 6 parking spaces; leased to rubber & plastic recycler Matta Products Ltd, which has made a considerable investment in plant, for 7 years from November 2012 with 2 2-year rights of renewal
Rent: $36,585/year net + gst
Outcome: sold for $510,000 at a 7.17% yield
Agents: Paul Adams & Stephen Lange


284 Jackson St:
Features: 304m2 corner site, 297m2 commercial building strengthened to over 67% of new building standard, occupied by Westpac Bank
Outcome: sold with vacant possession from January for $1.3 million
Agents: Andrew Smith & Paul Cudby

23 Gear St:
Features: 400m2 site, comprehensively refurbished building, fitout comprises 120m2 showroom, 110m2 office/apartment & 161m2 workshop
Rent: estimated potential income of $63,000/year net + gst
Outcome: sold with vacant possession for $1.1 million
Agent: Fraser Press

12 Cornish St, unit 2:
Features: 183m2 clearspan warehouse near State Highway 2, high stud, roller door, 87m2 office/amenities, 2 parking spaces
Outcome: sold with vacant possession for $390,000
Agent: Richard Faisandier



10 Wall Place:
Features: 1634m2 site near the Transmission Gully interchange, fully leased 810m2 industrial building, 4 tenants; 2 largest tenancies due for rent reviews & renewals over the next 12 months
Rent: $78,000/year net + gst
Outcome: sold for $1.215 million at a 6.42% yield
Agents: Mark Walker & Jon Pottinger


39 Seaview Rd:
Features: 1330m2 site, dual access off 2 main roads, 640m2 vehicle testing station, 11-year lease to VTNZ from April 2011, no renewal right
Rent: $157,795/year net + gst
Outcome: sold for $2.25 million at a 7.01% yield
Agent: Fraser Press

53 Port Rd:
Features: 1158m2 site, 40m road frontage, 926m2 engineering workshop, multiple roller doors, 6 parking spaces, occupation licence for 108m2 fenced yard on southern boundary
Rent: estimated potential income $95,200/year net + gst
Outcome: sold for $1.1 million with vacant possession from March
Agents: Andrew Smith & Paul Cudby

Upper Hutt

222-228 Main St:
Features: 452m2 corner site, 2-level 810m2 commercial building
Rent: estimated potential income of $90,000/year net + gst
Outcome: sold with vacant possession for $420,000
Agents: Ethan Hourigan & James Higgie


80-82 Eastern Hutt Rd, unit 19:
Features: 180m2 warehouse/workshop, mezzanine offices, 4 parking spaces in 20-unit business park on main arterial route linking Lower & Upper Hutt; leased to Underwater Solutions Ltd for 2 years from April 2018, 2 2-year rights of renewal
Rent: $13,088/year net + gst
Outcome: sold for $220,000 at a 5.95% yield
Agents: Bhakti Mistry & Ethan Hourigan

Attribution: Agency release.

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7 commercial sales around North Island

Bayleys agents have sold 7 commercial properties around the North Island – in Levin, Napier, New Plymouth, Petone & Upper Hutt.

South of the Bombays

Hawke’s Bay


56 Corunna Bay:
Features: 669m² site zoned suburban industrial, 290m² live/work premises comprising 100m² workshop & office, street frontage, 3-bedroom residence at rear
Outcome: sold vacant for $590,000
Agents: Sam MacDonald & Jack Lee

36 Faraday St:
Features: 1.4518ha development site on Napier Hill with industrial/commercial usage rights; McWilliams Winery manufacturing site for many years, about 7000mof mostly large industrial sheds, some leased & some empty
Outcome: sold for $646,000 to an existing tenant intending to develop the site
Agent: Gary Wise



6 Liverpool St:
Features: 1264m² site, 609m² purpose-built community corrections facility, seismic assessment 100% of new building standard, 11 parking spaces, new 12-year lease to Department of Corrections
Rent: $168,805/year net + gst
Outcome: sold for $2.617 million at a 6.45% yield
Agents: Fraser Press, Stephen Lange & Bede Blatchford


New Plymouth

4 Egmont St, units 6-9:
Features: 2025m² fitness centre in u-shaped cbd retail complex with large central carpark; occupied by City Fitness since 2007 with substantial tenant investment in fitout
Rent: $339,318/year net + gst
Outcome: sold for $3.8 million at an 8.93% yield
Agents: Mike Houlker, Sunil Bhana, Iain Taylor & Alan Johnston

Bell Block

153 & 157 De Havilland Drive, 6-8, 7, 9 & 10 Dakota Place:
Features: 1.7595ha of industrial land in 7 titles, variety of mostly warehouse/workshop buildings
Outcome: sold with vacant possession for $1.575 million
Agents: Iain Taylor & Alan Johnston



20-24 Hautonga St:
Features: 6070m² site, 3000m² high stud warehouse with drivethrough access & dual frontage; fully fenced 2025m² yard
Outcome: sold with vacant possession for $3.915 million
Agent: Richard Faisandier

Upper Hutt

5 Thomas Neal Crescent, lot 32:
Features: 1380m² of industrial land
Outcome: sold for $300,000 at $217/m2
Agents: Christian Taylor & Ethan Hourigan

Attribution: Agency release.

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Sale St redevelopment sells

A redeveloped building on Sale St (pictured), above Victoria Park, and 2 development properties at Greenlane & in Papakura are the leading sales in Colliers’ latest transactions list.


Kitchener St

2 Kitchener St, unit 1:
Features: 1026m² retail unit, 3 tenancies
Rent: $223,500/year net + gst
Outcome: sold for $3.5 million + gst at a 6.39% yield
Agents: Adam White, Simon Felton & Gawan Bakshi

Victoria Quarter

Hobson Towers, 26 Hobson St, level 6:
Features: 325m² office floor, 14 parking spaces
Outcome: sold with vacant possession for $2.03 million + gst
Agents: Tony Allsop, Simon Child & Roger Seavill

34 Sale St:
Features: 6317m² redevelopment, 4 office floors, 2 parking levels
Outcome: sold for $63 million + gst at “a yield in the early 5%s”
Agents: Simon Child, Sam Gallaugher & Matt Lamb

Isthmus east


614 & 616 Great South Rd, Greenlane.

614 & 616 Great South Rd:
Features: 3867m² commercial property, net lettable area 2125m² in 2 buildings
Outcome: sold for $11.6 million at a 3.1% yield on holding income
Agents: Gareth Fraser, Simon Child, Josh Coburn & Colliers’ capital markets team



40-44 East St, lot 2:
Features: vacant 1507m² corner site formerly occupied by the New World Papakura carpark
Outcome: sold for $1.54 million + gst
Agents: Chris Wakim & Matthew Barnes

South of the Bombays



140 Hutt Rd:
Features: 1160m² site, 1020m² warehouse, showroom & office, 10 parking spaces
Outcome: sold with vacant possession for $2.475 million + gst
Agents: Kieran Lennon (Colliers) in joint agency with Gollins Commercial


1115 High St:
Features: 4818m² development site
Outcome: sold with vacant possession for $1.95 million + gst, with quotes in place for the removal of 1170m² of various structures
Agents: Tim Julian & Janette Lillas

Attribution: Agency release.

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Cassels sells Spark Central

Ian Cassels’ The Wellington Company Ltd has sold its Spark Central building in Wellington for $197.5 million, 3 months after CBRE launched a marketing campaign.

Rent at a net $14,491,781 + gst puts the yield on the sale price at 7.34%.

The building at 40-48 Willis St, completed in 2011, has been bought by an investment group represented by Queenstown law firm Mitchell Mackersy. The unconditional sale will be settled in early 2019.

Image above: Spark Central’s Willis St frontage.

Below: The pedestrian link through the Spark Central site.

The pedestrian link through the Spark Central site.

CBRE Wellington managing director Matthew St Amand & NZ executive chair Brent McGregor said it was the biggest single office sale in Wellington.

Mr St Amand said the property attracted strong interest from international investors, drawing offers from Germany, Singapore, Hong Kong & Australia: “We were delighted that Wellington continues to be a destination of choice for offshore investors, but ultimately the strongest offer came from our own backyard.”

The 2-frontage 3658m² site has a 12-storey refurbished heritage building on Willis St and a new 11-storey office tower on Boulcott St, 3 levels of basement parking & an internal pedestrian link connecting the 2 streets.

It has floorplates ranging from 1336-2837m², a net lettable area of 28,000m² and a 5-star green star rating. Tenants include Spark, media group Stuff, insurer AMP and the Bank of NZ.

Mr Cassels said the strong interest & sale pointed to renewed optimism in investing in the capital, and Mr St Amand agreed: “Investors look for quality assets with strong investment fundamentals. What we are seeing now is that the things that traditionally made investors nervous about Wellington – the weather, the distance & the possibility of the occasional earthquake – aren’t the city’s defining features anymore.

“Spark Central is one of the largest & highest quality office assets in the Wellington cbd and is home to notable tenants including Stuff, Spark, BNZ & AMP – all of which is a testament to the way in which future-focused development can make an attractive proposition.”

Attribution: Agency release.

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All 3 sold at Bayleys’ Wellington auction

Bayleys sold all 3 commercial properties at its Total Property auction in Wellington last Thursday.

South of the Bombays



12 Sydney St:
Features: 455m2 site zoned Petone commercial 2, 300m2 of predominantly warehouse/workshop plus showroom/office space, 8 parking spaces
Outcome: sold vacant for $760,000 at land & building rate of $2533/m2
Agent: Richard Faisandier

75 Sydney St:
Features: 498m2 site zoned general business in the heart of Petone’s light industrial area, 369m2 tilt-slab warehouse constructed in 2000, seismic assessment 70% of new building standard, 10 parking spaces
Outcome: sold vacant for $900,000 at land & building rate of $2439/m2
Agents: Fraser Press & Paul Cudby

Stokes Valley

192 Stokes Valley Rd:
Features: 322m2 corner site zoned suburban commercial, 320m2 retail space configured as 4 shops, 2 with longstanding tenants, 2 vacant
Rent: $15,572/year net + gst (estimated potential $36,000/year net + gst)
Outcome: sold for $280,000 at a 5.6% yield on current rent (13.9% on potential rent)
Agents: Paul Cudby & Andrew Smith

Attribution: Agency release.

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6 commercial deals around Auckland, Porirua & Central Otago

Colliers agents have reported 5 sales in Auckland, Porirua & Central Otago, including one at an auction brought forward, plus leasing of a design-build project in Penrose.

Isthmus east

Mt Wellington

4 Rakino Way:
Features: 4500m² site, 2180m² office & warehouse occupied by Fero Ltd
Rent: $291,504/year net + gst + opex from new 6-year lease with rights of renewal
Outcome: sold for $4.45 million + gst at a 6.55% yield
Agents: Ben Herlihy & Joshua Franklin


15-21 Bell Avenue:
Features: 2.49ha site, 6600m² industrial facility, to be developed by Southpark Corp Ltd for an Australasian automotive & water products tenant on a 12-year initial lease
Agents: Hamish West & Paul Higgins



Parklane Motor Inn, 2 Rewiti Avenue:
Features: 3096m² site, 2160m² motor inn, 32 rooms, 40 offstreet parking spaces,
Outcome: sold for $10.6 million + gst
Agents: Dean Humphries & Gawan Bakshi


East Tamaki

24 Harris Rd, unit 7C:
Features: 267m² warehouse unit
Outcome: sold for $600,000 + gst, at a 5.43% yield, at auction brought forward from 17 October after pre-auction offer accepted
Agents: Jolyon Thomson & Greg Watson

South Island

Central Otago


85-87 Tarbert St:
Features: 2024m² site in 2 titles, 939m² retail showroom, office & warehouse leased to PGG Wrightson Ltd
Outcome: sold for $1.35 million + gst at an 8% yield
Agents: Mark Simpson & Rory O’Donnell

South of the Bombays



10 Norrie St:
Features: 854m² site, 660m² warehouse & showroom
Outcome: sold for $1.1 million + gst
Agents: Vince Southee & Dean Anderson

Attribution: Agency release.

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10 more sales around North Island out of auction series

Published & updated 24 September 2018
Bayleys has added 10 sales in New Plymouth (pictured), the Waikato & Wellington to its Total Property 6 auction success rate.

Update: The Tirau sale price has been entered.

South of the Bombays


New Plymouth

241 Devon St West:
Features: 2092mcorner site, 609mbuilding, category B seismic assessment, has been a liquor outlet for over 20 years; occupied by Liquor King on 5-year lease from June 2016, 3-yearly market rent reviews, 5 3-year rights of renewal
Rent: $64,500/year net + gst
Outcome: sold for $1.175 million + gst at a 5.49% yield
Agents: Alan Johnston & Iain Taylor


Hamilton – Frankton

54 Greenwood St:
Features: 485m2 site on State Highway 1 with development potential, 22m2 industrial premises, one-year lease to Corys Electrical Ltd
Rent: $32,400/year net + gst
Outcome: sold for $472,500 at a 6.86% yield
Agents: Alex ten Hove & Mike Swanson


446 O’Regan Rd:
Features: 4.4967ha site, established blueberry business & 3ha orchard plus processing packhouse, icecream & berry retail outlet, additional support buildings & 4-bedroom 204m2 house
Outcome: sold as freehold going concern for $1.95 million
Agents: Josh Smith & Scott Macdonald


42-46 Main Rd:
Features: Unit-titled 140m2 converted dwelling on State Highway 1 opposite Sheep & Dog i-site, home to café business for nearly 20 years, lease recently renewed for 2 years
Rent: $24,192/year net + gst
Outcome: sold for $418,000 at a 5.79% yield
Agents: Rebecca Bruce & Jason Kong



12 Gregory St:
Features: 2088mindustrial site, recently refurbished 791m2 warehouse plus 126m2 office & 126mmezzanine, seismic assessment 70% of new building standard, 1171mrear yard used for storage; leased to Ke Kelit (NZ) Ltd for 5 years from August 2017, 3%/year rental increases & 2 4-year rights of renewal
Rent: $123,000/year net + gst
Outcome: sold for $1.691 million + gst at a 7.27% yield
Agents: Fraser Press & Christian Taylor


11 Gear St:
Features: 400msite, 336mworkshop/warehouse, 58m2 mezzanine built in 2004, longstanding automotive tenant has new 5-year lease plus 2 3-year rights of renewal
Rent: $75,000/year gross + gst
Outcome: sold for $1.15 million + gst at a 5.51% net yield
Agent: Richard Faisandier

209 Jackson St:
Features: 209msite, 177m2-level building, classified as earthquake-prone, ground floor retail, 3-bedroom flat above
Outcome: sold vacant for $420,000 + gst
Agents: Paul Cudby & Andrew Smith


15 Queen St:
Features: 292msite, 237.5m2 corner retail building, seismic assessment 67% of new building standard, formerly occupied by ANZ, now vacant except for long-term ATM lease for $3,500/year
Outcome: sold for $401,000 + gst
Agents: Paul Cudby & Ethan Hourigan

8 Wainuiomata Rd:
Features: 1512m2 site, 170mstandalone building, 21 parking spaces & redevelopment potential; national tenant Credit Union Baywide (NZCU) has exercised final 3-year right of renewal
Rent: $32,000/year net + gst
Outcome: sold for $690,000 + gst at a 4.64% yield
Agents: Ethan Hourigan & Johnny Curtis


80-82 Eastern Hutt Rd, units 18 & 20:
Features: 286mdouble-unit office building, 9 parking spaces, in 20-unit business park
Rent: estimated potential gross income $30,000/year + gst
Outcome: sold on behalf of liquidator with vacant possession for $176,500 + gst
Agents: Ethan Hourigan, Bhakti Mistry & Fraser Press

Attribution: Agency release.

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Precinct plans 2 new buildings for Wellington’s Bowen Campus

Precinct Properties NZ Ltd outlined plans today for 21,000m² more office space in 2 new buildings in Wellington, taking the Bowen Campus beside Parliament to 4 buildings.

The company plans 2 new high performance buildings at 40 & 44 Bowen St, beside the Bowen State & Charles Fergusson buildings.

The 4 buildings will have a combined workforce of 5000.

Chief executive Scott Pritchard said today: “We’ve seen fantastic uptake in leasing from government agencies for the Bowen State & Charles Fergusson buildings, which are set for completion in quarter 4 2018 & quarter 3 2019, respectively, and are leased until 2037 & 2033.

Ewan Brown, director at the design firm, Wellington-based architects Tennent Brown, said providing an attractive & lively work environment would have a positive impact on productivity, staff retention & businesses’ ability to attract talent.

“40 and 44 Bowen St have been designed to cater to the demands of the modern workforce. Large, open floorplates allow tenants to tailor their fitouts to their needs and floor-to-ceiling glass, with ceiling heights of 2.95m, maximises natural light & views.”

Mr Pritchard said Precinct had seen demand for flexible workspace increase across its portfolios: “Flexible design allows businesses to quickly adapt & change. We’ve seen growing demand for businesses looking to implement agile working strategies, and we believe the layout for 40 & 44 Bowen St reflects & will accommodate this demand.”

New earthquake protection

He said the design had a number of features to minimise earthquake damage, and these would be the first new-builds in Wellington to employ ‘fluid viscous dampers’ in the structural frame. The dampers dissipate seismic energy to protect the building & fitout and prevent the accumulation of damage over time.

Structural engineers, Dunning Thornton, worked alongside Tennent Brown to deliver this seismic technology, to enable business resilience for the buildings’ tenants.

Dunning Thornton director Alistair Cattanach said: “In addition to resilient steel framing, the viscous dampers will increase the buildings’ performance significantly in a seismic event. The technology applied to these buildings will allow the structures to absorb seismic activity, meaning tenants are able to reoccupy the building shortly after the initial event and continue operating, even during the period of subsequent aftershocks.”

Attribution: Company release.


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