CBRE is proud to announce Pastoral House at 25 The Terrace has been sold to Oyster Property Holdings Ltd for $77 million. The property was sold on behalf of Precinct Properties Ltd led by Matthew St Amand and Brent McGregor.
The 18-storey office tower is well positioned in Wellington’s CBD government precinct and recently underwent a significant refurbishment and upgrade program. The Ministry of Business, Innovation and Employment has taken a 15-year lease on the office accommodation.
Matthew St Amand says, “The sale of Pastoral House highlights that Wellington is an attractive investment proposition offering investors options to acquire well located and strongly managed assets with the defensive long lease covenant of the Government sector. Pastoral House is high-quality asset providing a modern work environment in a strong urban location. This is an excellent addition to Oyster’s property portfolio providing their investors with a very stable investment opportunity.”
With dual frontage to both The Terrace and Lambton Quay, Pastoral House was constructed in the late 1970s, has been maintained to a high-quality standard and has been continually upgraded since construction.ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
