Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sharp opportunity for commercial property investors

Sharp opportunity for commercial property investors

The imposing building housing the Wellington showroom and headquarters for global office technology and home appliance company Sharp has been placed on the market for sale.

The six level freehold office tower on a prominent corner of Taranaki Street has 4722 square metres of office space, with 35 car parks, sitting on 1574 square metres of land.

Some 90 percent of the building is leased, while just 397 square metres on level one are vacant. Anchor tenants across the floors are:
• Sharp, which last year signed a new 12-year lease with two six year rights of renewal
• Chartered accountancy firm Millar and Miller which has just signed a new six year lease with a further six year right of renewal.
• The Ministry of Health, which last year signed a three year lease.
and
• The Motor Trade Association, whose lease is expiring next year but has a further six year right of renewal.

Additional revenue is generated through billboard signage rental to APN Media, mobile phone towers owned by Vodafone and 2Degrees, and a camera feeding into Wellington City Council’s traffic management centre.

The building is being marketed by Bayleys Wellington salespeople Mark Sherlock and Grant Young through a tender process closing on November 21.

Mark Sherlock said the building was currently generating a net income of $869,682 but had the potential, when the vacant space was leased, to generate $986,192.

“Sharp House was built by Fletcher Construction in 1988 and utilises reinforced concrete columns and beams, with precast concrete exterior walls with aluminium framed joinery,” Mr Sherlock said.

“A qualitative seismic review of the building by Holmes Consulting Group indicates a rating of between 75 – 85 percent of National Building Standards.

“The property has an extended frontage over Taranaki Street which provides considerable brand exposure for Sharp to the high volumes of traffic using both Taranaki Street and heading east on Ghuznee Street. The Ghuznee Street profile supports a large billboard on the western face of the block.”

The ground floor level tenanted by Sharp features a mix of retail showroom, offices and workrooms. The high stud showroom has an attractive new fitout to support the promotion and sale of business products.

Grant Young said the building’s upper levels were serviced by two 13-person passenger lifts, while a goods lift at the rear of the building rises to level two. All three lifts operate from the basement car park. Office workspace throughout is fully air conditioned, with all levels having access to natural light and their own toilet facilities.

“The immediate surrounding neighbourhood comprise a mix of multi-storey buildings in a mixed-use commercial and residential format. The location is on a main bus route and is short walk from Courtenay Place,” he said.

The building has a 2009 rating valuation of $9.7million – broken down into $4million worth of estimated land value and $5.7million worth of improvements.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news