Space comes free in prestige tower following makeover
A high-profile Wellington building at 215 Lambton Quay, being partly refurbished to meet modern tenant needs, has several spaces coming up for lease.
The 15-level Grant Thornton House has views down Lambton Quay and Featherston St with harbour views down Grey St.
Office leasing specialists Phil Humphrey and Steve Maitland of Colliers Wellington are marketing 4,800sq m of space over seven floors with typical floors of 600sq m.
Humphrey says the owner is refurbishing the building to ensure it meets modern tenant expectations.
“Work is about to start on new showers and bike storage, plus a fully remodelled entrance lobby. Owners will refresh the existing fitouts or strip out and provide new carpets, ceilings and lighting ready for new bespoke fitout designs. All works are expected to be completed by the first quarter of next year.”
Existing office tenants include Grant Thornton, The Building Intelligence Group, Optimation Group and Jasmax Architects. The property has a strong retail presence along Wellington’s Golden Mile including high-profile brands Nespresso and the Body Shop.
“It’s a great location, just a short walk to the railway station, government precinct and waterfront with bus services on the doorstep,” Humphrey says.
The building, which occupies its own city block making for substantial natural light, has an A-grade seismic resilience rating of 100 per cent NBS.
Maitland says seismic concerns underpin most office decisions in Wellington. “When the opportunity exists, tenants are still moving to buildings with a higher seismic rating. There are very few buildings that attain 100 per cent NBS to C5, so 215 Lambton Quay is well positioned.”
Top-tier office vacancy rates are extremely low, dropping to just 5.4 per cent in the Wellington CBD last year.
Meanwhile, government restructuring is impacting the market, according to Maitland, with moves to consolidate into fewer buildings.
“Much of the ensuing vacancy will be in fringe buildings with small floors that will be of no real use to tenants who want to provide a modern working environment.”
Maitland says capital constraints are very real and repurposing an existing fitout is far more cost effective and faster.
“215 Lambton Quay has various floors available with a variety of quality fitouts, saving prospective tenants time and money. The architects and space planners are well versed in modifying existing fitouts to reflect the new requirements of modern tenants while utilising existing offices and meeting rooms.”
Maitland says the landlord is undertaking sustainable initiatives targeting a minimum 4-star NABERSNZ energy consumption rating. “The focus is on looking after staff and providing the environment to reflect both the current and, more importantly, future direction the entity wants to go in.”