Law Society Building a premium inner-city project
An opportunity to refurbish or repurpose a prime Wellington inner city building with a penthouse has arisen at 26 Waring Taylor Street.
Constructed in 1962, the former New Zealand Law Society Building is being marketed for sale by CBRE New Zealand via Deadline Private Treaty closing Wednesday May 26, 2021 at 4pm.
The property is prominently located within the core CBD, a short six-minute walk from the Government precinct with all central city amenities and the waterfront at its doorstep.
The building is situated on a small inside allotment of around 285sqm which is subject to a 21-year (perpetually renewable) ground lease, last renewed in 2013.
Rick Stace, associate director of CBRE Wellington said, ‘‘26 Waring Taylor is a project ideal for conversion or refurbishment’’.
The building was originally constructed in 1962 for the New Zealand Law Society. It underwent a major renovation in the mid-1980s, and further internal refurbishment in 2006.
The property consists of a ninelevel-plus-basement commercial building with relatively small floor plates of approximately 200sqm. The top penthouse floor is slightly smaller at 112sqm and the total net lettable area of the building is 1796sqm.
Following the Kaikoura earthquake, the building was assessed as being earthquake prone and the occupants vacated.
Stace said, ‘‘We have been provided with estimated strengthening costs, based on the strengthening design plans prepared by Silvester Clark Consulting Engineers dated 18 March 2020.’’
The strengthening programme is designed to achieve a minimum seismic strength of 80% NBS (IL2),
The property is prominently located within the core CBD, a short six-minute walk from the Government precinct with all central city amenities and the waterfront at its doorstep.
which is equivalent to New Zealand Society for Earthquake Engineering rating ‘A’.
Dharmendra Mistry, associate director of CBRE Wellington said, ‘‘The size of the floor plates and the location of the building, coupled with current market conditions, would lend itself to a conversion to residential accommodation.’’
The proposed refurbishment and building upgrade programme includes a full cosmetic refurbishment of all accommodation as well as the upgrade and replacement of some major plant and equipment.
‘‘Plans have been drawn up to fully refurbish and upgrade the existing building, making this a shovel ready project’’.