Friday, 19 August 2022
Meet the JournalistsPremiumAucklandWellingtonCanterbury/South Island
CrimePoliticsHealthEducationEnvironment and ClimateNZ Herald FocusData journalismKāhu, Māori ContentPropertyWeather
Small BusinessOpinionPersonal FinanceEconomyBusiness TravelCapital Markets
Politics
Premium SportRugbyCricketRacingNetballBoxingLeagueFootballSuper RugbyAthleticsBasketballMotorsportTennisCyclingGolfAmerican SportsHockeyUFC
NZH Local FocusThe Northern AdvocateThe Northland AgeThe AucklanderWaikato HeraldBay of Plenty TimesHawke's Bay TodayRotorua Daily PostWhanganui ChronicleStratford PressManawatu GuardianKapiti NewsHorowhenua ChronicleTe Awamutu Courier
Covid-19
Te Rito
Te Rito
OneRoof PropertyCommercial Property
Open JusticeVideoPodcastsTechnologyWorldOpinion
SpyTVMoviesBooksMusicCultureSideswipeCompetitions
Fashion & BeautyFood & DrinkRoyalsRelationshipsWellbeingPets & AnimalsVivaCanvasEat WellCompetitionsRestaurants & Menus
New Zealand TravelAustralia TravelInternational Travel
Our Green FutureRuralOneRoof Property
Career AdviceCorporate News
Driven MotoringPhotos
SudokuCodecrackerCrosswordsWordsearchDaily quizzes
Classifieds
KaitaiaWhangareiDargavilleAucklandThamesTaurangaHamiltonWhakataneRotoruaTokoroaTe KuitiTaumarunuiTaupoGisborneNew PlymouthNapierHastingsDannevirkeWhanganuiPalmerston NorthLevinParaparaumuMastertonWellingtonMotuekaNelsonBlenheimWestportReeftonKaikouraGreymouthHokitikaChristchurchAshburtonTimaruWanakaOamaruQueenstownDunedinGoreInvercargill
NZ HeraldThe Northern AdvocateThe Northland AgeThe AucklanderWaikato HeraldBay Of Plenty TimesRotorua Daily PostHawke's Bay TodayWhanganui ChronicleThe Stratford PressManawatu GuardianKapiti NewsHorowhenua ChronicleTe Awamutu CourierVivaEat WellOneRoofDriven MotoringThe CountryPhoto SalesNZ Herald InsightsWatchMeGrabOneiHeart RadioRestaurant Hub

Advertisement

Advertise with NZME.
Property

Quality Invercargill building with top tenants

18 Feb, 2016 12:13 AM3 minutes to read
The Yarrow St building in central Invercargill has been meticulously maintained.

The Yarrow St building in central Invercargill has been meticulously maintained.

NZ Herald

A two-storey Invercargill city building housing one of the city's oldest legal firms and the Southland offices of the three Government departments has been placed on the market for sale.

"Constructed in the late 1990s, it has been meticulously maintained over its life span," says Hayden McCallum, salesperson for Bayleys Southland, who is marketing 45 Yarrow St for sale by deadline private treaty closing at 4pm on Thursday March 17 unless it sells earlier by negotiation.

"This recently renovated standalone 2520 square metre freehold premises on1858 square metres of land is regarded as one of Invercargill's best commercial properties," McCallum says. "The property is tenanted by the Inland Revenue Department [IRD] and leading law firm Preston Russell with gross leases earning a total of $407,820 plus GST per annum giving a net return of $330,168 plus GST.

"The primary tenant in the building is Preston Russell Law which acts as the province's Crown solicitor and has been operating in Southland for 155 years. The law firm occupies the entire upper floor on a lease generating $221,136 per annum and running through until 2022 with four additional four-year rights of renewal.

Advertisement

Advertise with NZME.

"Preston Russell Law undertook a major first floor renovation in 2013 and a new air conditioning system was installed in 2014 at a cost of $120,000," McCallum says.

The IRD has occupied the ground floor of the premises for the past 15 years. Its naming-rights' tenancy generates a rental of $186,684 per annum and runs through to later this year, with two further three-year rights of renewal.

McCallum says the IRD has sub-leased some of its space to other Government agencies including Internal Affairs and the Ministry of Innovation and Development.

"The IRD and its sister government agencies on the ground floor have maintained the standard of their interior throughout their tenancy. This reflects not only the professionalism of their services, but also meets the Government edict that all state offices must be housed in earthquake-resilient premises.

"Extensive renovations of its floor space currently being undertaken by the IRD include the installation of a new access and security system, new interior decor and fit-out, and an upgrade of the closed circuit TV camera electronics and office security layout."

The building is located on the northern fringe of Invercargill CBD in the city's large retail precinct adjacent to well-known stores like Farmers, Rebel Sports and Briscoes, and in part of town zoned Business Sub Area which allows for a mix of retail and commercial activities.

Related articles

New Zealand

Many still suffer psychological distress

18 Feb 04:00 PM
New Zealand|Education

10 rack up $3m in loans for study

18 Feb 04:00 PM
New Zealand

Revolt in the suburbs

19 Feb 04:00 PM

McCullum says the building has 20 onsite car parks and, with around 100 employees working inside the building, both tenancies have their own individual staff amenities - including bathroom and kitchen facilities.

"The property exceeds 100 per cent of New Building Standard [NBS] under the Initial Evaluation Process [IEP] assessment method and buildings with ratings higher than 66 per cent are generally considered 'safe'.

Advertisement

Advertise with NZME.

"The property has a 2014 rating valuation of $3.6 million and we have already received interest from potential buyers in Canterbury, Tauranga, Auckland and Southland."

McCullum says that, from an investment perspective "on multiple fronts", there are few buildings like 45 Yarrow Street in Invercargill which house quality national and leading provincial tenants in modern and well maintained premises.

Advertisement

Advertise with NZME.

Latest from Property

New Zealand

Trump-backing billionaire Peter Thiel's NZ luxury lodge plan sunk

18 Aug 06:58 PM
Property

Out-of-town buyers on a spending spree but downsizer market dries up

18 Aug 06:00 PM
Property

Ashley Church: Has the Government really fixed its faulty housing tax policy?

18 Aug 05:00 PM
Business

Revealed: Three true causes of our 20-year housing boom

18 Aug 01:00 AM
Property

Sir Ray Avery sells his 'art gallery' home for $2.55m

18 Aug 01:00 AM

Most Popular

Premium
'Unbelievable': How Govt crackdown failed to protect women against surgical mesh harm
New ZealandUpdated

'Unbelievable': How Govt crackdown failed to protect women against surgical mesh harm

18 Aug 08:00 PM
Listen: Gaurav Sharma fronts as caucus considers 'motion to expel'
New Zealand|PoliticsUpdated

Listen: Gaurav Sharma fronts as caucus considers 'motion to expel'

18 Aug 07:18 PM
Live: Nature's fury - 400+ Nelson homes now evacuated; rain warnings for Auckland, North Island
New ZealandUpdated

Live: Nature's fury - 400+ Nelson homes now evacuated; rain warnings for Auckland, North Island

18 Aug 07:10 PM

Advertisement

Advertise with NZME.
About NZMEHelp & SupportContact UsSubscribe to NZ HeraldHouse Rules
Manage Your Print SubscriptionNZ Herald E-EditionAdvertise with NZMEBook Your AdPrivacy Policy
Terms of UseCompetition Terms & ConditionsSubscriptions Terms & Conditions
© Copyright 2022 NZME Publishing Limited
TOP