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Real Estate Investar Blog

Reserve Bank building offers five floors for lease

9.28.2014.jpgThe Reserve Bank is offering five floors of its building for lease as part of the Government's long-term Wellington Accommodation Project (WAP2).

The 14-level building on the corner of The Terrace and Bowen Street, across the road from Parliament in central Wellington.

The 915 square metre floors will be refurbished and made available in two stages: levels three, five and six in mid-2017 and levels 10 and 11 at the beginning of 2019.

Colliers International marketer Phil Humphrey said the building met 100 per cent of the new building standard.

"Large government and corporate tenants generally demand between 70 per cent and 100 per cent new building standards, and seismic strength has become even more important to businesses in light of the recent 7.8 quake," he said.

The building also has diesel back up generators that can provide all of the building's power.

"This building's levels of seismic resilience and power backup are offered by few other Wellington buildings. They will be considered highly desirable characteristics among tenants," Humphrey said.

The Reserve Bank has made its office space more efficient in line with the Government's WAP2 project to reduce its rented office space in Wellington by about the equivalent of two rugby fields after a review of its accommodation needs in 2015.

"The building is owned and managed by the Reserve Bank, which has committed to a major internal refurbishment project, so it makes good commercial sense to optimise its own asset," Humphrey said.

"The office space will be newly refurbished, modern and high quality."

Tenants can choose to lease part of a floor or take a whole floor or multiple floors depending on what they need.

A concierge service, security and a shared tenant space with new shower facilities and bike storage are also provided.

The building is located close to rail and bus transport, hotels, and several cafes, restaurants and shops.
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