Transpower House sells to Wellington developer and engineer Maurice Clark
A well-known developer has snapped up a high-rise office building in central Wellington.
Developer and engineer Maurice Clark, who is behind the $10 million restoration of the Old Public Trust building, bought Transpower House on The Terrace for an undisclosed price.
Clark said he planned to earthquake strengthen the building and re-tenant it once the work was complete.
Transpower House was built in 1960 as the corporate head office for Shell New Zealand, and was refurbished for Transpower which moved in in 2004.
* Transpower House for sale, company move staff to new, strengthened building
* IT firm moves into former Community House building
* Wellington office market heats up, as development continues
However, with the state-owned enterprise's pending move to a Boulcott St office, the building was put on the market. Transpower owns and operates the national electricity grid.
CBRE Wellington managing director Matthew St Amand, said the sale generated strong interest, with offers from buyers both locally and international.
"It was pleasing to see the depth of interest and confidence in the Wellington office market from a range of buyers for the opportunity to re-position this building after Transpower departs."
Clark said despite the potential for the building to be converted into a student hostel, apartments or a hotel, he would keep it as an office building.
Strengthening work was expected to begin in November, and would be complete by early to mid-next year, he said.
Transpower House sits on a 1805 square metre site.
Transpower staff will move to the former Dominion Post building in October.
The five-storey building, which has been gutted and is being earthquake strengthened, has a project cost of about $10m. The project is being led by Clark.
The Evening Post's presses were based in Willis St in the first half of the 20th century, before moving to Boulcott St.
The Willis St side – the renovated 85-year-old Community House – is now home to Wellington technology firm Intergen.
According to St Amand, Wellington was experiencing a strong run of sales of central office buildings, with over 17 sales over $15m in the past two years.
Six of these sales were in excess of $60m, he said.