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

 

Robt. Jones Holdings adds to its Lambton Quay cache


Robt. Jones Holdings adds to its Lambton Quay cache in Wellington

Robt. Jones Holdings Ltd (RJH) has added to its existing portfolio of 17 prime location Wellington CBD buildings, buying the recently strengthened 10-level Civic Assurance House. The company is already a significant owner of Lambton Quay property.

RJH Wellington General Manager Aaron Leechsaid the company would embark on an upgrade of the building, including large new windows, air-conditioning, free artwork for the occupants, and subdued classical music in the foyer.

“We’re wavering on the unusual façade pattern and will probably rebrand this to a more conventional appearance. Its location is a key attraction for us, with its appeal to the legal profession, embassies and other diverse activities.”

The deal was negotiated by Hamish Templeton and Richard Findlay of Colliers International in Wellington.

“Lambton Quay is a tightly held location where buildings rarely come up for sale. Office accommodation is experiencing its lowest vacancy in years and we have seen a shift towards the northern end of the CBD,” Templeton said.

Civic Financial Services has owned the property since it was built in 1967. It was first known as the Local Government Building before changing its name to Civic Assurance House in 2007. Strengthening work by Civic Financial Services was completed in April 2019, taking the building to 70% NBS.

Ian Brown, chief executive of Civic Financial Services, said the company’s focus no longer requires it to hold any commercial property.

“It is very pleasing that the new owner has a long history of involvement within Wellington’s commercial real estate market, with a reputation of taking a long-term view of ownership and care of its properties.”

Located on the preferred western side of Lambton Quay, and with dual access also onto The Terrace, the building is close to the government sector, the courts and all public transport, most particularly the Wellington Railway Station.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>

ALSO:

New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>

ALSO:

Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>

ALSO:

"Levels Playing Field": Government Responds To Electricity Price Review

The changes announced today include: • Supporting new and independent retailers by requiring the big power companies to sell into the wholesale market at affordable rates. • Extending discount rates to all customers • A pilot scheme to help customers who have not switched power providers before to shop around for better deals... More>>

ALSO: