26 The Terrace, Wellington Central, 6012

For Sale: Commercial Development
Floor Area: 1510m2
CROWNING OFFICE INVESTMENT

• Six storey character office building with a net leasable area of 1,078sqm
• 100% leased to six separate tenants with a WALT of 5.7 years
• Full rebuild and strengthening in 2017
• Minimum 80%NBS (IL2) – work currently underway to achieve 100%NBS
• Striking mix of character facade with modern upper office floors
• Passing net income of $416,421 + GST per annum with upside

Sitting proudly on the Western side of The Terrace, forming one of a group of five heritage buildings at the north end of The Terrace is the highly desirable NZMA House – a must see for the discerning investor.

Positioned in a premium northern CBD location, NZMA House is home to the New Zealand Medical Association, Izard Weston, Sysdoc and La Cloche amongst others in this fully leased boutique office tower.

Originally built in 1938 for the New Zealand Medical Association (NZMA), at the time, a branch of the British Medical Association. The property underwent a stunning rebuild in 2017 incorporating the heritage-protected façade fronting The Terrace and the front portions of the north and south walls. Seismic strengthening was also undertaken at this point, with a current detailed seismic assessment of 80%NBS (IL2) based on the revised section C5 ‘yellow chapter’ of the engineering assessment guidelines. Work currently underway to achieve 100%NBS.

The property is 100% leased to well-established tenants with a strong weighted average lease term (WALT) of 5.7 years.

Contact joint exclusive agents for further information:

Ben Castle, Tommy’s Commercial – 021 616 220
[email protected]

Luke Kershaw, Bayleys Commercial – 021 610 093
[email protected]

The property is for sale by Private Treaty closing 4:00pm, Wednesday 25th May 2022.

Information Memorandum is available upon request.

Listing ID
TCLS22015
Ben Castle
General Manager - Commercial

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