Offices a blue-chip chance on the Golden Mile
WALL ST on Lambton Quay is a blue-chip chance to buy a serviced offices business in the heart of Wellington’s ‘‘Golden Mile’’.
The unit-titled premises, at 326 Lambton Quay, are on level one of the former South British Insurance Company building.
‘‘This is a well-established business that rents modern, attractive offices on a short-term basis,’’ David Bradford, of Ray White Leaders Wellington, says. ‘‘It’s hard to imagine a better address from which to run a business in downtown Wellington, given Lambton Quay is the major retail destination for Wellingtonians.’’
Originally built in 1936, the building has been seismically upgraded to more than 75 per cent of the New Building Standard code and has a character facade with an art deco-style internal stairway and a lift. Other notable buildings in the immediate area include The Old Bank Arcade across the street, WestpacTrust on the north boundary and Adecco House to the south.
‘‘The first floor has had a premium fit-out and has been tastefully subdivided into a suite of air-conditioned offices, meeting rooms and common areas with a four-metre ceiling stud,’’ Bradford says.
‘‘Unlike retail-level serviced offices, this is an informal share of all facilities that is convivial to professional and social interaction, including Friday night drinks.
‘‘The vendors, who have owned the business for many years, contribute to this collegial atmosphere with occasional ‘shouts’ and an annual Christmas party for all the tenants.’’
They include chartered accountants, financial advisors, landscape designers, and a recruitment company.
Cashflow forecasts range from nearly $170,000 a year with 70 per cent occupancy to nearly $205,000 for 100 per cent occupancy.
‘‘With a number of successful businesses already operating from what’s widely regarded to one of the best addresses in Wellington’s CBD, this is an exceptional opportunity to buy both the business and the real estate,’’ Bradford says.
‘‘Although some offices are vacant, there’s scope for a new owner to achieve higher occupancy given Lambton Quay is highly sought after for retail and office space.’’
The business has an asking price of $125,000 (plus chattels and gst).
❚ For more information, contact David Bradford on 027 221 8173 or at david.bradford@raywhite.com