logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
New Zealand
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Hotels
      • Industrial & Logistics
      • Office Leasing
      • Retail
      • Self Storage
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt & Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Advisory
      • Property Sales
      • Structured Transactions and Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Valuation & Advisory
    • Services for Occupiers
      • Enterprise Facilities Management
      • Host
      • Leasing & Advisory
      • Portfolio Services
      • Project Management
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Office
      Industrial
      Retail
      Land
  • Research & Insight
    • New Zealand Research
      Asia Pacific Research
      Global Research
      COVID-19 INSIGHTS
      Insights & Expertise
      Talking Property Podcast
  • People & Offices
    • New Zealand Executive Committee
      Pacific Executive Committee
  • About CBRE
    • Careers
      Case Studies
      Client Tools
      Corporate Information
      Corporate Responsibility
      Investor Relations
      Media Centre

Next

New downtown office spaces offer a prestigious address
  • Home
  • About CBRE
  • Media Centre
  • Sought After Trophy Asset

Sought After Trophy Asset

Wellington | 3 May 2017
  • Email
  • Share
  • Tweet
  • Share

$name

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”.

For New Zealand/international news or global stories, follow us on Twitter.

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.

Media Contacts

Dan Scott
Dan Scott
Marketing and Pitch Director
New Zealand
+64 9 359 5361
+64 21 625 140
  • Corporate Information
  • Corporate Responsibility
  • Media Center
  • About CBRE
  • Careers
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Notice
  • Complaints and Dispute Resolution Procedures
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Youtube
  • Facebook
  • Instagram
CBRE Limited and CBRE (Agency) Limited, Licensed Real Estate Agent (REAA 2008)