CBRE New Zealand is excited to offer Deloitte House, 10 Brandon Street, to the market on behalf of Precinct Properties New Zealand Limited. Exclusive selling agents Matthew St Amand and Bill Leckie of CBRE New Zealand are taking offers by deadline private treaty, closing Wednesday 9th November 2016, at 4pm.
Deloitte House is a prominent 16 level A-grade office tower situated on a 1,456sqm site on the corner of Brandon Street and Customhouse Quay. The main entrance to the building is from Brandon Street and the retail tenancies extend along both the Featherston Street and Brandon Street frontages. Deloitte House's position couldn't be more central; it provides a convenient amenity for tenants who require CBD space and connectivity, along with close proximity to all public transport, retail precincts and hotels.
Matthew St Amand, Managing Director of CBRE Wellington, says, “Located on the waterfront dress circle, Deloitte House’s location is highly sought after due to the magnificent harbour views and its proximity to the heart of the CBD. All floors of Deloitte House feature spectacular panoramic views of the Wellington waterfront.”
Bill Leckie, Senior Director at CBRE Wellington, adds, “Wellington’s waterfront office towers offer some of the most desirable accommodation options and enjoy some of the highest occupancies in the Wellington CBD office market. The exceptional harbour views and setting make these buildings extremely attractive to private, corporate and government occupiers, helping mitigate vacancy risk”.
Originally built in 1983, Deloitte House was extensively refurbished in 2007. This refurbishment included the expansion of the existing floorplate and the addition of two storeys, complemented by an attractive new facade to the waterfront elevation. The building now offers approximately 13,090sqm of net lettable area with basement car parking providing 33 spaces.
Deloitte House boasts a strong covenant of major corporate and government tenants such as Deloitte Services Limited, OMV NZ Limited, UXC Holdings (NZ) Limited, The Crown and Real Estate Agents Authority. Coupled with ground floor retail tenants, the property offers certainty in cashflow through its diverse income streams with 45% of gross revenue secured through to 2020 and beyond.
Matthew St Amand, says, “With Deloitte planning to shift from the top floors to 20 Customhouse Quay, a targeted leasing campaign will provide the opportunity to secure a new naming tenant for approximately one third of the building, adding value and strength to the tenancy profile. The building’s location and presentation make it well positioned to compete strongly for new office tenants.
“The current tenant mix provides a holding income until Deloitte exit allowing time for a comprehensive leasing program to be established.”
Bill Leckie, adds, “This is an exciting value-add opportunity for the highly sought after Wellington waterfront property.”
Media Contact:
Dieter Lund
Marketing Manager
New Zealand Marketing & Communications
T: +64 9 359 5351 | M: +64 21 932 577
dieter.lund@cbre.com
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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.
