MEDIA RELEASE

TUESDAY, MARCH 14, 2017

CGML TO START MULTI MILLION DOLLAR REFURBISHMENT OF 89 COURTENAY PLACE

Chow Group Management Limited (CGML) has announced a multi-million dollar investment into the refurbishment of their 89 Courtenay Place, Wellington tower. Upgrades will bring the new building standard rating to 88%, making it one of the highest rated office towers in the area.

The refurbishment will commence this month, with phased completion expected within as soon as three months.

“We are very excited about this multi-million dollar investment and expect the interior upgrades to make 89 Courtenay Place an attractive and sought after commercial address in Wellington.” said Michael Chow, Director, CGML.

Expect sleek lines, modern design concepts and high technology to complement the already popular commercial office spaces. The nine storey building features a large 950sqm floor plate on each level with some spaces accented with character ceilings. The building is known for its expansive windows enabling natural light to flood work spaces and it is well located in convenient proximity to local dining, bars, entertainment and transportation. In addition, the building has 70 secure onsite car parking spaces, accessible from York Street.

Hotel Plan Axed

In 2016, the Chow brothers had planned to convert the commercial space into a 230 room four star, deluxe hotel. That decision was changed in the wake of the November 2016 earthquakes, where retaining the commercial property was better aligned to the Chow Group’s business goals.

“An important consideration for businesses is the safety of buildings in the event of seismic activity. The structural integrity of 89 Courtenay Place was not affected by the November 2016 7.8 earthquake, meaning our existing tenants were undisturbed while much of the city came to an abrupt halt.” added Michael.

“As part of our refurbishment plans, we are taking steps to increase our NBS rating from 71% to 88% and we anticipate high demand for these spaces which have been offered for immediate lease.” he said.

Tenants will have the choice to lease 7,000 square metres of space, whether that be full-, partial- or multiple- floors. The naming rights for 89 Courtenay Place are also available.

For more leasing information, contact Sue at sue.soh@cgml.co.nz

-ENDS-

ABOUT INNO CAPITAL
INNO Capital was launched in 2015 as a joint venture between Clint Webber of Webber Capital and John and Michael Chow.

INNO Capital has been launched to combine the funds, experience and international funding relationships of the Chow brothers and Webber Capital. Together they aim to develop INNO Capital into a leading private funder in New Zealand. INNO Capital is a registered financial services provider.

INNO Capital is positioned as INNOvative non-banking lenders that undertake financing ventures the traditional financial institutions reject.

ABOUT THE CHOW BROTHERS
John and Michael’s family immigrated to New Zealand in 1984 from Hong Kong. They started their working life as teenagers, working 12 hour shifts in their parents’ takeaway food outlet in Wellington. From the first accidental foray into repurposing an undervalued commercial asset, the brothers then tried their hand at converting other unoccupied buildings into car parks, warehouses and offices.

Property and non-bank finance remains their core business, constituting 90% of the brothers’ combined assets, with a 39% capital growth in assets since 1999. Prior to acquiring Stonewood Homes, their investment success has been derived from revamping unprofitable commercial buildings and turning them into properties with regular cash flow.

John and Michael have been on NBR's Rich List for the last 4 years and they have publicly declared their plans to grow to a $1 billion empire by 2020.

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