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

 

Building's Facelift Returns Dividends

Building's Facelift Returns Dividends

An old Durham Street building has been given a new lease on life, and the investment's paying off.

Refurbishment of the former LWR Tailoring building at 21 Durham Street started in October last year. The extensive refurbishment involved the removal of a large portion of the building to create 57 carparks, the development of a high-profile showroom frontage and the preservation of the building's unique hardwood floors.

"The preservation of the hardwood floors is a unique and irreplaceable feature and is a real asset to the building. The decision to restore the floors shows vision both on the part of the building owner and the new tenants," says Simes commercial agent Craig Edwards.

The building's developer Ivan Atkinson, from Atkinson Development and Construction, says the floors were just part of the building's potential.

"The building also had a long, wide frontage which allowed us to open up the entire site. I'm delighted with the results," says Ivan Atkinson.

The refurbishment sparked major interest from potential tenants and resulted in the entire development being leased prior to completion.

"As well as benefiting the developer, the leasing of the development prior to completion means the tenants have been able to stipulate the fit-out for their requirements," says Craig Edwards.

An 1139m2 area of the development has been leased to Java Down Under Ltd, a successful furniture retailer from Wellington that is expanding into the Christchurch market. A 1411m2 area has been leased to apparel and printing company Badger Solutions, with a smaller tenancy being leased to fitness supplies store Action Fitness Ltd.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

QV: Tax Changes Yet To Dampen Red-Hot Housing Market

Just over a month has passed since the Government announced measures aimed at dampening the rampant growth of the property market, and yet the latest QV House Price Index data shows the market hit a new high in April. The average value increased 8.9% nationally ... More>>

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>