14-storey building planned for central Wellington

Central Wellington is set to be transformed by a $60 million property development that will see a grandiose 14-storey building with shops, offices and 100 apartments.

The project is a collaboration between leading Wellington architect Roger Walker and multi-millionaire developer Terry Serepisos.

The planned building will be on the old Deka site and will be designed to fit with the historically classified facade on the Cuba Mall-Dixon St corner.

Mr Serepisos bought the property in 2002 for $7 million - it has a current value of $14 million - and has since acquired the adjacent Farmers building.

"It is a superb site so I'll be spending millions building a landmark which I'm sure will transform Dixon St into an extension of Cuba Mall and will turn what is a dark and dingy stretch of street into a really beautiful and people-friendly space," Mr Serepisos said today.

Once completed and fitted out, the building would be worth up to $60 million but as Mr Serepisos said: "With the property markets, who really knows... but you have to take risks to make things happen."

A long-term partnership, Mr Walker and Mr Serepisos have been "at the drawing board" working on the Dixon St development for about eight months.

The pair were able to confirm their plans after resource consent allowing work to start was granted by Wellington City Council today.

"There have been lots of urban design and wind tunnel issues that have had to be dealt with. Thousands of dollars have been spent on reports," Mr Walker said.

He said they were 'tweaking' the design and once construction started it would take about a year to build.

"It should be finished by late 2005."

Mr Serepisos said the building was designed to look spectacular, with mammoth plate glass facades, surrealistic crows-nest turrets and a huge atrium.

"It really will be a dynamic addition to the skyline," he added.

He said circular themes would feature throughout the building and towers would be added to create silhouettes and to "make it more sculptural".

Mr Walker said he took inspiration from the character of Wellington's houses.

"Wellington has so many interesting houses," he said.

"Many are assemblages of different forms and we're trying to do that with commercial buildings and this will be a real eye-catching but working building."

- NZPA