As Exclusive Agents, CBRE New Zealand is delighted to present the opportunity to acquire 8 Gilmer Terrace, Wellington Central, New Zealand on behalf of No.8 Gilmer Limited. The opportunity includes an office building leased to the New Zealand Government with further value-add potential. The building is in a central location with desirable characteristics suitable for both corporate and Government occupiers.
The property boasts 100% occupancy with a 2.9-year WALT with Government occupiers underpinning cash flow stability. The property generates a net income of $3,536,360 (plus GST) per annum and is likely to offer an attractive initial yield to the incoming owner. Upside potential for the building provides further growth through floor plate extension and refurbishment of the existing office tower, or conversion to an alternative accommodation use.
The Warren and Mahoney designed, 14-level octagonal office tower with Basement car parking offers harbour views from the upper levels and the size of the floors are attractive to a wide range of occupiers. The recent leasing performance of the building continues to satisfy major Government tenants. Strengthening work of 8 Gilmer Terrace was completed in 2016 and has been reassessed under the Yellow Chapter to have a seismic rating of 75% NBS.
8 Gilmer Terrace is well-placed within the Wellington office market and the location of the asset benefits from direct motorway access as well as the increasing pedestrianisation of the ‘Golden Mile’.
The opportunity is offered by way of an Expressions of Interest. All requests for information are to be directed to the Exclusive Agent, CBRE (Agency) Ltd. For further information, please contact one of the nominated brokers.
