MTA puts Wellington block on market
The Motor Trade Association is selling the Sharp House building in Taranaki St.
The six-level freehold office tower, on the Ghuznee St intersection, has 4722 square metres of office space, with 35 car parks, sitting on a 1574sqm site.
All but 400sqm on the first floor is leased.
The Sharp office technology company, which has naming rights on the building, last year signed a new 12-year lease with two six-year rights of renewal.
Chartered accountancy firm Millar and Miller has a new six-year lease with a further six-year right of renewal, the Health Ministry last year signed a three-year lease and the Motor Trade Association has a six-year right of renewal on its lease which expires next year.
Additional revenue is generated through billboard signage rental to APN Media, mobile phone towers owned by Vodafone and 2Degrees, and a camera feeding into Wellington City Council's traffic management centre.
Bayleys agent Mark Sherlock said the building was generating a net annual income of $869,682 but this could rise to $986,192 if it was fully leased.
Sharp House was built by Fletcher Construction in 1988 and a seismic review of the building by Holmes Consulting Group indicated a rating of between 75 and 85 per cent of national building standard.
Sherlock said the property had a good street frontage providing brand exposure for Sharp and the Ghuznee St profile supported a large billboard.
It was a short walk to Courtenay Place, on a main bus route and in an area with a mix of multi-storey mixed-use commercial and residential buildings.
The building has a 2009 rating valuation of $9.7 million - with the land assessed at $4m and improvements at $5.7m.
Tenders close on November 21.
The Dominion Post