Strong international investor interest is expected for Spark Central, the architecturally award-winning Wellington office building, which has been put up for sale.
CBRE New Zealand, as exclusive agent, is offering Spark Central to the market by way of an International Expressions of Interest (EOI) campaign which began this week.
Located at 40-48 Willis Street, Spark Central is considered one of the largest and highest quality office assets in the Wellington CBD.
The 12-level building incorporates a refurbished heritage building at the Willis Street frontage, and an 11-floor new office tower on Boulcott Street, plus three levels of underground car parking and an internal pedestrian link through the building connecting both city thoroughfares.
Completed in December 2011 the building quickly assumed a prominent position in the Wellington skyline with its singular, angled glass façades rising above the street. The design feature contributing to Spark Central winning the 2012 Wellington Architecture Award for Commercial Architecture.
Award judges also recognising the building’s “atrium incorporating a transparent lift shaft and open stairwell connecting the building’s various levels both functionally and visually and making for a dramatic spatial experience.”
Occupying a 3,658sqm site with a net lettable area of 28,000sqm (approx.) the building has floor plates ranging from approximately 1,336sqm to 2,837sqm and is currently home to a number of high profile occupiers including Stuff, Spark, Bank of New Zealand and AMP.
Using the latest in environment design, including energy efficient lighting, solar panels and chilled beam HVAC Spark Central was awarded a 5 Green Star NZ - Office Design V1 Certified Rating.
Brent McGregor, Executive Chairman for CBRE New Zealand, says the sale of Spark Central presents an unparalleled opportunity to acquire a premium Wellington CBD office tower in the heart of the CBD.
“Spark Central is an extremely attractive institutional grade building offering a 5 Green Star-rated office complex that merges heritage architecture, futuristic façades and sky-bridges, glass elevators and leading interior design concepts.
“With a Net Income of approximately $14.4 million per annum plus GST, the building is expected to draw significant international interest from groups looking for large scale deals.”
Matthew St Amand, Managing Director, CBRE Wellington says the elevated in interest in quality buildings following the Kaikoura earthquakes in 2016 will also ensure the building is sought after.
“With an A+ grade seismic rating, Spark Central is well placed to benefit from Wellington’s vacancy and strong forecast rental growth and offers investors a high-quality income stream.”
Prospective purchasers are invited to submit an EOI no later than 4pm (NZST) Thursday 5 July 2018 with all offers being provided to CBRE, the exclusive agent.
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CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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..
