Eagle Technology House on Victoria Street is nearing the end of a major seismic strengthening programme which will provide one of very few large blocks of modern office space available to tenants in Wellington’s CBD.
Following frenzied leasing activity resulting from the vacation of buildings affected by the November 2016 earthquake, Eagle Technology House’s high level of seismic resilience will be well placed to meet the requirements of a sensitive commercial tenant market.
“Following a full seismic upgrade of the building’s stairs in 2013, further upgrade works have been designed to increase the New Building Standard (NBS) of the building to at least 80%.
Against this background, Eagle Technology House is ideally placed to meet current demand, with a substantial offering of good quality, seismically upgraded office accommodation across large floors,” says Oyster Chief Executive Officer, Mark Schiele.
“The quantum of space we are offering creates inherent flexibility in an occupier market which is characterised by a variety of tenants and requirements. The property’s existing vacancy and configuration mean the space could be majority leased to a large single entity or to a number of medium sized organisations.”
Eagle Technology House, located at 135 Victoria Street, offers over 5000sqm of space which will be available to tenants upon the completion of works in June this year. The large spacious floor plates range from 1,034sqm on the lower floors to 965sqm on the upper floors. Originally developed in 1989, Eagle Technology House comprises an 11-level office building with three ground floor retail tenancies, 33 secured car parks on the first floor and nine floors of office accommodation. The building has good natural light throughout due to the building’s location on a corner site and a 2.5 metre floor to ceiling height.
The November 2016 Kaikoura earthquake continues to have a dramatic effect on the Wellington office market with a large number of affected tenants and buildings over the short, medium and long term.
Immediately post the earthquake, a number of buildings were assessed as being unfit for occupation at least in the short term. While some of these have subsequently been reoccupied it is only now engineering reports commissioned post-quake are coming to light.
In several instances this has cast a wider shadow with further buildings being vacated pending more detailed evaluation. As of March 2017, approximately 117,000sqm of office space or circa 8% of the overall CBD has been vacated by tenants.
Matt Hince, Senior Director at CBRE Wellington for Office Leasing who is marketing the building for lease with David Fisher says, “The fallout from the earthquake continues to drive significant immediate demand with a corresponding critical shortage of seismically sound office space as a result. We expect the availability of contiguous space of greater than 1,000sqm to be extremely limited in the medium term. The release valve is likely to be when (and if) these occupiers return to their primary facilities post remedial works coupled with tenant relocations to the new developments.”
Prior to the earthquake there was a defined pipeline of major new supply. Much of this supply will be completed throughout 2018 and more so in 2019 and later. It remains to be seen if the current demand for office stock is sufficient to stimulate further development.
Hince says, “Eagle Technology House is well suited to public facing organisations, back office processing or call centre uses. The existence of associated car parking will likewise be attractive to all occupiers.”
Located on the eastern side of Victoria Street, Eagle Technology House enjoys exposure to large volumes of daily vehicular traffic which links to the motorway to the south and is only 100 metres away from Manners Street. The location is typified by a variety of commercial activities from retail, educational, hospitality, accommodation and service operators in the Te Aro precinct. Eagle Technology House further benefits from being within close proximity to the core CBD, the city’s waterfront and central shopping and entertainment districts and is well served by public transport links.
Following frenzied leasing activity resulting from the vacation of buildings affected by the November 2016 earthquake, Eagle Technology House’s high level of seismic resilience will be well placed to meet the requirements of a sensitive commercial tenant market.
“Following a full seismic upgrade of the building’s stairs in 2013, further upgrade works have been designed to increase the New Building Standard (NBS) of the building to at least 80%.
Against this background, Eagle Technology House is ideally placed to meet current demand, with a substantial offering of good quality, seismically upgraded office accommodation across large floors,” says Oyster Chief Executive Officer, Mark Schiele.
“The quantum of space we are offering creates inherent flexibility in an occupier market which is characterised by a variety of tenants and requirements. The property’s existing vacancy and configuration mean the space could be majority leased to a large single entity or to a number of medium sized organisations.”
Eagle Technology House, located at 135 Victoria Street, offers over 5000sqm of space which will be available to tenants upon the completion of works in June this year. The large spacious floor plates range from 1,034sqm on the lower floors to 965sqm on the upper floors. Originally developed in 1989, Eagle Technology House comprises an 11-level office building with three ground floor retail tenancies, 33 secured car parks on the first floor and nine floors of office accommodation. The building has good natural light throughout due to the building’s location on a corner site and a 2.5 metre floor to ceiling height.
The November 2016 Kaikoura earthquake continues to have a dramatic effect on the Wellington office market with a large number of affected tenants and buildings over the short, medium and long term.
Immediately post the earthquake, a number of buildings were assessed as being unfit for occupation at least in the short term. While some of these have subsequently been reoccupied it is only now engineering reports commissioned post-quake are coming to light.
In several instances this has cast a wider shadow with further buildings being vacated pending more detailed evaluation. As of March 2017, approximately 117,000sqm of office space or circa 8% of the overall CBD has been vacated by tenants.
Matt Hince, Senior Director at CBRE Wellington for Office Leasing who is marketing the building for lease with David Fisher says, “The fallout from the earthquake continues to drive significant immediate demand with a corresponding critical shortage of seismically sound office space as a result. We expect the availability of contiguous space of greater than 1,000sqm to be extremely limited in the medium term. The release valve is likely to be when (and if) these occupiers return to their primary facilities post remedial works coupled with tenant relocations to the new developments.”
Prior to the earthquake there was a defined pipeline of major new supply. Much of this supply will be completed throughout 2018 and more so in 2019 and later. It remains to be seen if the current demand for office stock is sufficient to stimulate further development.
Hince says, “Eagle Technology House is well suited to public facing organisations, back office processing or call centre uses. The existence of associated car parking will likewise be attractive to all occupiers.”
Located on the eastern side of Victoria Street, Eagle Technology House enjoys exposure to large volumes of daily vehicular traffic which links to the motorway to the south and is only 100 metres away from Manners Street. The location is typified by a variety of commercial activities from retail, educational, hospitality, accommodation and service operators in the Te Aro precinct. Eagle Technology House further benefits from being within close proximity to the core CBD, the city’s waterfront and central shopping and entertainment districts and is well served by public transport links.
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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 (based on 2016 revenue). The Company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.
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 (based on 2016 revenue). The Company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.
