Wellington, 29 May 2013 - At a time when quality, well-located office space in Wellington is in consistently high demand, the prestigious iCentre at 50 Manners Street has come on the market for sale.
iCentre is exclusively marketed by Ryan Johnson, John McKenzie and Mark Hansen of CBRE on behalf of a Wellington family trust, and is for sale by Deadline Private Treaty with a closing date of 4pm Wednesday 12 June.
Ryan Johnson, Managing Director of CBRE in Wellington says that he is expecting major interest in this major Wellington office tower, which offers diversified income, in a prominent corner location at an affordable entry level for a CBD office tower.
“A fully tenanted, seismically sound property like the iCentre is hard to ignore, because the long-term investment potential provides such an attractive proposition."
“Extensive refurbishment of the office floors means there is high demand for space in the building. Three leases have been concluded in the building in as many months, as tenant demand for well-located, seismically-sound and well maintained space is increasing. The most recent being the Spanish Embassy”
“Quality buildings in good locations such as this are benefiting from the lack of quality supply in the capital city’s office market, especially given its A-grade seismic rating. We are likely to see those benefits flow for iCentre’s purchaser.”
Completed in 1988, the Manners St property has a floor area of 4,836sqm over 13 levels. It occupies an 822sqm site, with ground floor retail and 12 floors of office space in the tower above.
The current asset management programme has ensured that the building has been maintained to a high standard, protecting the value of the property.
John McKenzie says: “With a recent seismic engineering assessment rating iCentre above 90% of the NBS, this high quality property really does tick all the boxes for a sound office investment opportunity.”
“The 12 office floors provide very good quality accommodation, with excellent natural light and outlook. The majority of the office floors have been extensively refurbished with high quality fit-outs, adding further value to the site.
iCentre’s 12 high profile occupants include BNZ, with its large retail tenancy on the ground floor (16.9% of income), Grow Wellington (15.3%), The Wellington Company (31.6%) and the Spanish Embassy(6.1%).
BNZ occupies a prime ground floor retail position, and with four other six year leases recently renewed across the building, iCentre has a strong weighted average lease term of four years.
Mark Hansen says: “There is a great level of stability and diversified income for the prospective buyer, with fully-leased net income of $1,471,246.
“The office floors are popular with small to medium sized businesses looking for quality work space, and with lots of choice for shops, bars and restaurants in the area, businesses of all sizes are well-placed to get the best of both worlds working in iCentre.”
“Tenants on the upper floors of iCentre get magnificent views of Wellington’s waterfront and with continuing demand for such a stunning backdrop, those offices are in the top spot to soak up those clear, sunny Wellington days”.
Mackenzie says: “iCentre sits in a highly visible position on Wellington’s Golden Mile. It has significant street frontages to both Manners and Victoria Streets, with an attractive entry foyer leading in from Manners St.
“The building is just minutes away from Wellington’s CBD and its positioning on Manners St reinforces the ideal setting. The building is nestled in the southern edge of the iconic golden mile which one of the only spots in the city to enjoy consistent weekday and weekend pedestrian counts.”
“Manners Street is always busy with corporate and private sector professionals who work in the building and nearby, and as the street becomes increasingly synonymous as the link between the CBD and Wellington’s entertainment precinct, we are expecting interest and demand in the area will continue to go up.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).
The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.
CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
