$26m revamp for Harbour City Centre
The heritage listed Harbour City Centre building, once owned by Kirkcaldie & Stains, is undergoing a $26 million refurbishment.
The three-storey building at 29 Brandon St was built in the 1920s as an annex for the DIC department store but was most recently used as a carpark.
Owned by Cornerstone Investments, the multi-million-dollar refurbishment is part a a wider effort to strengthen properties in the company’s portfolio, which includes an 11-storey building at 1 Victoria St, now home to BNZ offices, 69 Tory St and 36 Customhouse Quay.
The refurbishment, which includes extensive earthquake strengthening is expected to be completed in mid-2019.
From the street, renovations appear well under way, with the building beyond the heritage facade gutted.
Financial technology firm FNZ is moving into the Brandon St building. Chief executive Andrew
Cotterrell said he was ‘‘delighted’’ to have leased the space to FNZ.
The company purchased the Harbour City Centre in
2014 for $45.9m.
The lease brings the company’s portfolio close to 100 per cent occupancy, Cotterrell said. Earthquake strengthening will bring the building to 100 per cent of new building standard.
Colliers International broker Phil Humphrey, who negotiated the lease, said the Wellington office market remained very tight for those seeking larger-scale office space, particularly those in need of larger floors.
‘‘FNZ has been an important component of Wellington’s IT-based economy since 2003 and the Brandon St premises will continue the commitment to the city and provide for growth.’’
The company was founded in New Zealand by chief executive Adrian Durham. FNZ recently agreed to a new long-term investment partnership with CDPQ-Generation, which valued the company at $3.35 billion. mostly