CBRE New Zealand is proud to present Westpac House, 318 Lambton Quay for sale.
This is an outstanding opportunity for investors to acquire ownership of a trophy Wellington building, located on Wellington's retail ‘Golden Mile’ Lambton Quay, and within the Capital’s prime CBD precinct.
Matthew St Amand, Managing Director of CBRE Wellington says that “the combination of investment grade cash flows and a future proofed location on the 'Golden Mile' ensures this property will remain a sought after trophy asset for years to come”.
Westpac House is 100% leased and is proud to be the home of two major tenants. The first is Westpac Banking Corporation which is one of the four major banking organisations in Australia and one of the largest banking organisations in New Zealand. Westpac House is also home to Statistics New Zealand, the national office entrusted by the Government and the people of New Zealand to collect and deliver robust, independent statistics.
Bill Leckie, Senior Director of CBRE Wellington, adds “Westpac House has a strong tenant covenant with Westpac New Zealand and Statistics New Zealand occupying 87% of the building, and providing Westpac House with a strong and secure cash flow. Both these tenants’ rent reviews are indexed and the bulk of the building is based on net leases”.
Westpac House is one of Wellington’s most well-known office towers and has a net lettable area of 9,698sqm and was constructed in 1974, originally as the headquarters of the Bank of New South Wales, which was later to become Westpac Bank. Bill Leckie says: “Westpac House has been seismically strengthened and has a 100% NBS rating and the current owners have also completed a significant amount of refurbishment and capex expenditure”.
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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.