An astute Wellington investment has become available on one of Wellington’s major thoroughfares. 204 Thorndon Quay, Pipitea, Wellington is now for sale, and is being marketed by exclusive agents Matthew St Amand, Bill Leckie, and Rick Stace of CBRE New Zealand on behalf of local property investment firm, Green Newman Holdings Limited. The property is for sale by Deadline Private Treaty, closing 4pm on Wednesday 16th November 2016 (unless sold prior).
204 Thorndon Quay is of podium and tower design, comprising a four storey (plus basement) podium with a four storey tower above. Rick Stace, Associate Director at CBRE Wellington, says “The building has recently undergone seismic strengthening to a rating of 70% NBS, and extensive refurbishment with significant internal upgrading of the entry lobby and office floors.”
Matthew St Amand, Managing Director of CBRE Wellington, says, “204 Thorndon Quay’s recently upgraded, modern and contemporary space has attracted discerning tenants providing a diversified income stream. Key tenants include well known national entities such as Consumer NZ, Ministry of Education, NZ Defence Force, and Hutt Valley District Health Board.”
204 Thorndon Quay which sits on a 913sqm freehold site has a net lettable area of 4,554sqm and is 94.60% occupied. The building has a high ratio of car parks with approximately 56 spaces provided on the basement, ground and mezzanine levels, with access via concrete ramps directly off Thorndon Quay. The property generates a passing net income of $890,417 (approx.) plus GST per annum.
204 Thorndon Quay is situated on the eastern side of Thorndon Quay, being approximately one kilometre to the north of the Wellington Central Business District. Thorndon Quay is one of the major Wellington thoroughfares extending from the Railway Station in the south to Hutt Road in the north and provides vehicular access to the northern end of Wellington City and surrounding suburbs.
Bill Leckie, Senior Director at CBRE Wellington, says, “Thorndon continues to have the lowest vacancy rates in the city. The area provides a variety of quality space for a range of tenants, typically government or government related industries. There has been substantial investment in the area as some buildings get ready for government occupation, such as 133 Molesworth Street. This government movement has been a result of a city wide agglomeration effort.”
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