Willis St office block for sale

Last updated 09:54 06/11/2012
Catalyst House
City block: Catalyst House in Willis St offers easy access to Wellington’s CBD and is likely to attract a hands-off investor.

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Catalyst House, a 10-storey Willis St office block, has been put up for sale by Auckland-based private investor KC Securities.

Tenants in the building at 150-154 Willis St include Catalyst IT, AC Nielsen, Chaucer Press, Coffey Project NZ and Ascent Technology.

CBRE Wellington managing director Ryan Johnson said it was fully leased and likely to attract a hands-off investor looking to acquire a centrally located property at an accessible price point.

The vendor was keen to free up capital for other projects.

The property is being sold by deadline private treaty closing on November 27.

"Completed in 1980, the building was last sold in 2002 and has traditionally leased well.

"It occupies a 1318-square-metre freehold site and has a total net lettable area of 4135sqm through its 10 storeys, including ground-floor retail and two levels of secure on-site parking for 40 cars."

Johnson said investors could potentially expect an approximate net income of $750,000 a year.

Agent John McKenzie said the property, which had a rating value of $8,250,000, was in a central location just south of Wellington's retail golden mile with abundant city views.

"The area has seen more and more investors looking for properties which offer easy access to all the amenities of the CBD without having to pay CBD prices," McKenzie said.

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- The Dominion Post

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