The 10-storey Leaders Building which is for sale at 149 Featherston St, Wellington at the intersection with Brandon St.
The Leaders Building, a 10-storey Wellington CBD office and retail building located on the corner of Featherston St and Brandon St, has come to market for the first time in nearly 20 years.
"This strategically-located building presents a great opportunity to add value," says Peter Wilkin of Colliers International who,
with Carl Hastings of Paul Hastings and Co, is marketing the leasehold property at 149 Featherston St for sale by tender closing December 21.
Comprising ground floor retail premises, eight office floors of around 260 sq m each and a rooftop apartment, the building has a net lettable area of 2339 sq m and occupies a 333 sq m Wellington City Council leasehold site. Ground rent of $115,431 plus GST is paid annually on a 21 year lease commencing November 15, 2011, and the lease includes a right to renew six months prior to expiration.
"This property has the potential to be converted to residential use once seismically upgraded to 100 per cent of New Building Standard (NBS), or alternately refurbished and re-let as office space subject to the appropriate Wellington City Council approvals," Wilkin says.
Assessed at about 65 per cent of NBS, it is still well above the 34 per cent threshold for potentially earthquake-prone buildings.
