The 10-storey office complex towers above surroundings buildings at Avalon, Lower Hutt. Photo / Supplied
The 10-storey office complex towers above surroundings buildings at Avalon, Lower Hutt. Photo / Supplied
A 10-storey office tower in Avalon, Lower Hutt, that was purpose-built in the early-1970s for the television arm of the New Zealand Broadcasting Corporation, is on the market.
The freehold property was last sold in 2004 when TVNZ started moving its administrative and production functions to Auckland, says agent MarkSherlock who is selling 45 Percy Cameron St property by tenders closing with Bayleys Wellington at 4pm, Wednesday May 16.
Sherlock says the tower was formerly part of the larger TVNZ Avalon precinct and occupies 7780sq m of land.
"The tower housed TVNZ's administrative and operational team and is adjacent to the now privately-owned Avalon Studios, where some of New Zealand's most popular TV shows were filmed like Ready to Roll, Gliding On, Fair Go, What Now and Dancing with the Stars.
"Today, the office tower is occupied by a range of business tenants on mainly short-term lease agreements."
Sherlock says there would be value in refurbishing the building and recruiting new tenants. "Alternatively, its redevelopment potential could appeal to a proactive buyer prepared to bank on Avalon's future."
He says around 3000sq m of excess vacant land could appeal to commercial or residential developers; but prospective purchasers would need to investigate the potential of the site via Council channels before submitting a tender.
"While the 4585sq m building is partially-tenanted and earning passing net annual income of $195,000 plus GST, it's thought the office is coming to the end of its useful life in its current guise.
The 4585sq m building is partially-leased by a range of business tenants. Photo / Supplied
"So, there's an opportunity here for a new owner to inject some enthusiasm and fresh ideas into the property and to benefit from substantial upside."
Sherlock says the property abuts residential and recreational areas. It is zoned Avalon Business Activity Area which allows for a range of uses complementary with the area and existing uses, and there's a range of permitted or discretionary activities listed.
He says the "utilitarian-looking tower" was completed in 1973, a couple of years before colour television was introduced throughout New Zealand, and its architectural style has often described as "Stalinist".
Sherlock says the tower and large parcel of flat land is owned by Avalon Tower Limited, with Murray Cole its director and major shareholder. He says Cole and his fellow shareholders have been progressively divesting their Wellington commercial property assets, to allow them to pursue other opportunities.
