CBRE (Agency) Limited are pleased to present the sale of 110 Featherston Street, Wellington. The property is being marketed for sale by Matthew St Amand and Bill Leckie of CBRE.
Centrally located in the Capital’s CBD, 110 Featherston Street, Wellington is an attractive investment grade building predominantly occupied by Government and presents a unique opportunity to acquire a centrally located Wellington CBD office tower.
Matthew St Amand, Managing Director of CBRE Wellington says “110 Featherston Street, Wellington offers investors a diversified income stream, along with a future development potential to a high rise commercial or mixed-use development. With a reported A-grade seismic rating, 110 Featherston Street, Wellington is well placed to benefit from historic vacancy lows and forecast rental growth.”
110 Featherston Street occupies a site of approximately 1,567sqm with a net lettable area of approximately 9,015.7sqm. With a Weighted Average Lease Term of approximately 3.5 years and a Net Passing Income of almost $2.8 million per annum plus GST, 110 Featherston is an outstanding investment opportunity. Bill Leckie, Senior Director of CBRE Wellington, says “110 Featherston Street, Wellington is underpinned by a diversified spread of tenants, with the Government anchor providing predictable cash-flow for investors.”
110 Featherston Street comprises the former Dominion Farmers Building, an eight-storey concrete building constructed circa 1917. The original eight-storey building was built in 1917 but in 1985, part of the structure was demolished and a new modern nine-storey building erected, linking to the original building by means of an attractive central atrium. The façade is part of the original building from 1917 and is a ‘Category 2 Listed Historical Place’, listed under the District Plan. There are 28 basement level car parks and six open car spaces beside Maginnity Street.
110 Featherston Street, Wellington occupies a prominent corner site on the intersection of Featherston, Ballance and Maginnity Streets. This is a sought after office location and is adjacent to the Government Precinct. The property is conveniently located close to the Central Railway Station, Wellington’s Golden Retail Mile of Lambton Quay and public transport routes.
The building features large office floor plates that surround an attractive central atrium and natural light to each floor is received from the three street frontages. Bill Leckie, says, “The large floor plates of circa 1,150sqm allows efficient utilisation for single tenants and also lends itself well to future
splitting to multiple smaller tenants.” Matthew St Amand adds, “Opportunity exists for future rental growth from rent reviews as the Wellington market experiences significant growth in office rents.”
CBRE is offering 110 Featherston Street, Wellington to the market by way of an International Expressions of Interest (EOI) campaign. Prospective purchasers are invited to submit an EOI no later than 4pm (NZST) Wednesday 30th May 2018 and all offers must be provided to CBRE, the exclusive agent.
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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.