Huddart building better than new
THE handsome old Huddart Parker Building in Post Office Square is being touted as an example of how old Wellington buildings can be turned around.
Two years ago the 90-year-old office block was tired and facing an uncertain future with a seismic rating of just 29 per cent of new building standard.
Its owner was faced with a tough financial decision in the face of a dual challenge of rocketing insurance premiums and a loss of rental income as increasingly nervous tenants began looking for safer accommodation.
Two years and nearly $9 million later the transformation is complete – the building has been refurbished, strengthened to more than 100 per cent of new building standard and all the space has been let to tenants lining up to get into a safe, wellappointed character space in a welllocated city landmark.
The project had gone very well, said Michael Gaffaney, chairman of owning company Huddart Parker Building Ltd.
‘‘We’re very pleased with the end result,’’ said Gaffaney, who worked in the building for many years.
As well as preserving an important part of Wellington’s architectural heritage, he was convinced that the cost of doing it up was worthwhile.
Valuations were done to assess if the spending made sense and he was certain it was a good investment, but acknowledged it would not have been if the building was in a back street up near the Basin Reserve.
Tenants were paying an average of just under $400 per square metre for space in the building, slightly less than he hoped.
Gaffaney was not able to accurately calculate the percentage return it was getting but was convinced it was better than money in the bank for the Fruitgrowers Charitable Trust who wanted a longterm steady return.
Timing of the project was a factor in its success, he said.
‘‘It’s a bit like the sharemarket. If you’re going to panic it’s better to panic first.’’
This meant they were ahead of the game in securing contractors and consultants and getting the job done ahead of everybody else.
Gaffaney praised all the consultants and contractors who had been involved in the project led by LT McGuinness.
Engineering consultant Adam Thornton, of Dunning Thornton Consultants, who outlined the project at a Property Council meeting this week, said the Huddart Parker building was a Wellington icon and one of the first fully-reinforced buildings in the country when it was built between 1925 and 1928.
It had always been a high value waterfront site and that gave the owner confidence in going to a high level of seismic retrofit.
But it was a punt. The building was earthquake-prone and tenants moved out so the owners did not have many options if they wanted to get tenants back.
He explained that the original hardwood piles, which were in good condition, had been supplemented by new anchor piles sunk 5-8 metres down to bedrock.
New reinforced concrete columns had been installed around the interior periphery of the building and the original exterior load-bearing walls were now effectively a heavy veneer.
The ends of cross beams had been strengthened with carbon fibre wrapping and a lot of weight had been taken out of the building by removing heavy strong rooms on most floors.
Jeff McHardy, of L T McGuinness, Michael Gaffaney Huddart Parker Building chairman said it was a complex project which required a lot of collaboration with the engineers, architects and the building owners.
The construction phase, which took 11 months, involved humping over 170 tonnes of reinforcing and 800 cubic metres of concrete into the building without the use of a crane.
There were also over three kilometres of concrete cuts as slots were cut around the perimeter walls and beams as they created a new building frame.
Marian Salmond, of Seddon Architects, said building services also needed to be upgraded to attract tenants.
This included adding a third lift, improving ventilation and heating, and providing toilets, access and other services as near as reasonably practical to those prescribed by the building codes.
David Fisher, of leasing agents CBRE, said it was a great project to be involved in right from the start.
No expense was spared in future proofing the building while retaining its historic character and this was very appealing to tenants.
The floors had high studs, there was good natural light and the views, especially from the top floors.
Tenant interest picked up after the July and August earthquakes and the building was fully tenanted within nine months.
Ground-floor tenants were Margies Coffee House and the Charley Noble restaurant/bar.
Level one has been leased to the Assignment Group, MBM and Eighty-One, levels two and three to Clemenger BBDO, level four will be occupied by Boffa Miskell, level five has been leased to the Banking Ombudsman Scheme and Crown Irrigation Investments Limited with level six leased to Stout Street Chambers.
CBRE director of asset service Ray Di Leva, who is now managing the building, said it was a testimony to the effort and vision of the landlord.
‘‘The preservation of the heritage features of this waterfront property along with its high seismic rating has created a unique offering in the market which has been well received.’’
The building was originally built by Mitchell King for the Huddart Parker shipping company and designed in the Chicago-style by Crichton, McKay and Haughton.