Transpower House offers an outstanding development opportunity in central Wellington. Transpower House, located at 96 The Terrace, Wellington is now for sale, and is being marketed by exclusive agents Matthew St Amand and Bill Leckie of CBRE New Zealand. The property is for sale by Deadline Private Treaty, closing 4pm on Tuesday, 23rd May 2017 (unless sold prior).
Transpower House, located at 96 The Terrace, Wellington is an eleven storey office building constructed in 1960. Matthew St Amand, Managing Director of CBRE Wellington, says, “Transpower House represents an outstanding opportunity for one to refurbish and seismically strengthen the building to cater for the strong demand for quality, seismically compliant office space. Alternatively, the building has the potential to convert into a student hostel, apartments or a hotel.”
Transpower House, 96 The Terrace which sits on a 1,805sqm freehold site has a net lettable area of 8,377sqm and is fully occupied by Transpower New Zealand Limited, with a lease expiring on 31st October 2017. Transpower House has 39 car parks on the basement level and three outside of the building, with access via Rosina Fell Lane and Shell Lane off The Terrace. The property has a current net income of approximately $1.8 million per annum.
Transpower House, 96 The Terrace is centrally located on The Terrace, within close proximity to Wellington’s ‘Golden Mile’ on Lambton Quay and motorway. The property is also within close proximity to Victoria University’s Pipitea and Kelburn campuses.
Bill Leckie, Senior Director at CBRE Wellington, says, “Wellington is experiencing a shortage of accommodation for University students and a refurbishment or conversion opportunity such as this would be beneficial to the wider Wellington region.”
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