Purchase – Public Trust Tower, Wellington
Purchase – Public Trust Tower, Wellington
CapitalGroup alongside its investor base purchased 22 Willeston Street in Wellington.
It comprises 9,650 square metres of commercial office space over 14-storeys with eight ground-floor retail tenancies totalling 1,000 square metres and a 640 square metre basement gymnasium.
The building was held by nine individual owners at the time of purchase and each of these sale and purchase agreements were negotiated in parallel to allow us to settle the building in totality.
Capital Group invested funds for the following reasons:
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01
The building is extremely well located at the intersection of Willis Street, Lambton Quay and Custom House Quay.
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02
It has a current Detailed Seismic Assessment of 85% under the current guidelines.
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03
The building had limited vacancies at the time of purchase which were subsequently renovated and leased on favourable terms.
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04
The tenant mix is very strong with a selection of Government departments, international corporates and successful New Zealand based entities.
