Sought after building a capital investment

Lumley House in the Wellington CBD on the corner of Hunter St and Victoria St. Photo / Supplied

Wellington's Lumley House, a landmark inner-city office building, is for sale by tender through Bayleys Wellington, with agents Mark Hourigan and Mark Sherlock promoting it as having all the key attributes that astute investors are looking for.

"Situated on a high-profile site to the corner of Hunter and Victoria Sts, the building is earthquake code-compliant, fully refurbished, fully leased and in Wellington's preferred city office tenant precinct," says Hourigan.

"This is exactly the sort of stand-out property that high-net worth investors, property companies and syndicates seek out."

With a contractual passing income of just over $3 million, Lumley House is fully leased to a range of quality tenants on various lease terms. Tenants include Canon NZ, Photo Expresso, Lumley Insurance and Telecom NZ.

The 14-level podium and tower-designed office building was constructed in 1978 and extensively refurbished in 2004, with a number of floors having since been further upgraded.

"The floor plates are rectangular, with good natural light, and are well-appointed, providing a quality standard of air-conditioned office accommodation," Hourigan says.

Level six and above have extensive harbour views and Hourigan says the floors lend themselves to further subdivision should a new owner wish to capitalise on this opportunity.

Pedestrian access to the building is via an impressive main lobby off Hunter St, with three passenger lifts servicing the building.

The ground-floor showroom features large dockway access and there is basement carparking for 23 vehicles.

Tenders on Lumley House close with Bayleys Wellington on November 9.

"Given the core CBD location, and its closeness to the redeveloped waterfront and main shopping precincts, this building has always had strong tenant demand," says Hourigan.

"A recent structural report confirms that the building is fully compliant with earthquake standards under the Building Act 2004, which is reassuring for both owners and tenants."

bayleys.co.nz/