ASB Tower at 2 Hunter Street, Wellington has been sold to New Zealand's largest private CBD office building owner - Robt. Jones Holdings Ltd, the company formed by Sir Robert Jones in 1961.
The A-Grade 16-level office tower, which has been the subject of a multi-million dollar refurbishment programme with the building's current owner over the past four years, was sold by deadline private treaty by Matthew St Amand and Bill Leckie of CBRE Wellington for a sale price of $32 million.
Managing Director of CBRE Wellington, Mr St Amand says, "Wellington is experiencing strong investor demand for high quality CBD office assets from both international and domestic investors. The current global economic environment together with falling domestic interest rates is encouraging investment in this class of property asset at attractive yields."
Designed by leading architects Craig Craig Moller, the office tower comprising of some 9,375sqm of net lettable office and retail space provides sought after tenant accommodation on a prominent CBD corner site featuring some of Wellington's best panoramic harbour views.
Major corporate tenants in the building include ASB Bank, Caniwi Capital, CBRE New Zealand, Electricity Authority of New Zealand, The Korean Embassy, J P Morgan Chase, Shell NZ Ltd and Tonkin & Taylor.
Sam Cooper, Wellington Manager for Robt. Jones Holdings Ltd, says that Sir Robert is delighted to be the building's new owner. “Sir Robert plans to embark on further refurbishment and upgrading of the building including the installation of new lift services, completion of the current seismic strengthening programme and other upgrading and building enhancement works.”
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 2015 revenue). The Company has more than 70,000 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.
