Symbol of agricultural heritage on Featherston
A heritage building in central Wellington that was once home to farming representatives is on the market for the first time in 27 years.
The building, known as the former Dominion Farmers’ Institute building, has a 2015 rateable value of $20.5 million. It last changed hands in 1991 for $24.6m.
According to Wellington City Council heritage documents, the building has historical value as a symbol of agriculture’s importance to the country because it showed that farming representatives were making an important statement about their intention to gain political attention.
Before its construction, the corner of Featherston and Ballance streets was occupied by a coal and wool yard, a hide and skin store, and a timber yard.
The eight-storey concrete building took two years to build, from 1918 to 1920.
In 1929, the building was extended to the south, and six years later, the Reserve Bank moved in and took space on the ground floor.
Some of the building’s ornamentation was removed after the 1942 earthquake, and there was major refurbishment in 1964 and again in 1968.
In 1984, the building was completely refurbished, with the main entrance retained.
The building was also once called Seabridge House, the New Zealand arm of a consortium of European shipping companies, which no longer trades.
CBRE Wellington managing director Matthew St Amand said there was potential for future development to a high-rise commercial or mixed-use development.
The building had an A-grade seismic rating, he said.
The former Dominion Farmers’ Institute building, which still has its original facade, was in a sought after location, and was adjacent to the Government precinct, St Amand said.
The building is owned by Talavera Property Group, which is a subsidiary of Australian property fund group Vinta.