Office building up for grabs
AN EIGHT-STOREY office building in Wellington has been put up for sale.
The property, formerly known as the Sun Alliance building, is on the corner of Featherston and Brandon streets and is owned by Wellington property investors Andrew Harcourt and Rob Garlick.
Its tenants include Leaders Real Estate, Total Eyecare and the law firm McWilliam Rennie, among others.
Harcourt said he and Garlick had hit a ‘‘crossroads’’, having owned the building for almost 20 years.
The building was about 65 per cent of the new building standard (NBS) and there were no requirements to strengthen further.
However, the duo had received building consent to strengthen it to 100 per cent NBS, Harcourt said. ‘‘We thought we would just explore our options and see if there is somebody else who may want to take things further.’’
This building is on the same block as the Tower Building and the Ibis Wellington hotel – the latter is also on the market.
United States company Host is selling its 200-room, 31⁄2 star hotel, in Featherston St, which was expected to fetch more than $30 million. Host was offloading properties in so it could reinvest in its home country.
Harcourt and Garlick’s building includes eight office floors – about 260 square metres each – and a rooftop apartment.
Harcourt said it could be utilised in several ways. ‘‘It’s just a project and whether it’s us that follows that project through, or somebody perhaps more experienced that follows it through.’’
It is being marketed by Paul Hastings & Co commercial sales and leasing agent Carl Hastings and Colliers International Wellington commercial sales broker Peter Wilkin.
Hastings said if it was strengthened to 100 per cent, NBS it would open up an opportunity for conversion of the building to full, or part, residential use – subject to the appropriate approvals by the Wellington City Council.
Alternatively, the building could remain as an office building, Hastings said.
The building is in the heart of the CBD, with in-house car parking, so could either be redeveloped or occupied as presented in marketing, he said. The ground floor is retail premises and includes up to 10 basement carparks, which can be accessed from Brandon St.
Tenders close on December 21.