The latest research from Wellington Cityscope shows that commercial property sales have decreased in total sales value in the last quarter. For the three months to April 2020, there were 18 sales at a total value of $84 million, compared to the 25 sales at a total value of $120.8 million for the previous quarter and the 24 sales at a total value of $209.6 million for the quarter to October 2019. For the twelve months to April 2020, there were 83 sales at a total value of $474.2 million, compared to the 91 sales at a total value of $662.5 million for the previous 12 months.

The table below shows sales recorded for the past eight updates of Wellington Cityscope.


Notable sales in the April 2020 update of Wellington Cityscope include: 

  • Lambton Central at 256 Lambton Quay, Wellington Central, a six-level office building, built in airspace above the eastern front (to Lambton Quay) of the two-level retail arcade, with a net lettable office area of 2,888 sqm and typical floor plate of 480 sqm, which was bought for $35 million;
  • NZLC House at 184-190 Willis Street, Te Aro, a 9-storey office building with ground floor retail, a net lettable are of 5,826 sqm and paved parking for 59 cars, which was bought for $13.35 million; and 
  • 49 Boulcott Street, Wellington Central, comprising two buildings, Davis Langdon House, a 17-level building with a net lettable area of 5,154 sqm and car parking space on some upper levels access uphill along Athol Crescent; a 2-deck car parking station with 39 spaces on higher ground to the rear of the site, which was bought for $11 million. 

Properties listed as for sale in the April 2020 update of Wellington Cityscope include: 

  • Willeston Centre at 22-28 Willeston Street, Wellington Central, formerly the Sovereign Centre, 16 storeys to Victoria Street and 7 storeys to Willeston Street. The building was originally built in 1982 and converted to unit title office floors in 2004. It provides a net lettable area of 10,237 sqm. The unit plan was cancelled and merged into a single title in May 2019. The property is offered for sale through Colliers International; 
  • 76 Willis Street, Wellington Central, a 3-storey brick building with a shop on the ground floor and a restaurant on the first floor. Built in the 1890s, with a gross floor area of 780 sqm, which is for sale through Bayleys; and 
  • 2 Ebor Street, Te Aro, a single-storey workshop with a mezzanine level office. Built in the 1940s and refurbished in 1992, which is for sale through Ray White Hutt City. 
     

Leasing opportunities listed in the April 2020 update of Wellington Cityscope include: 

  • 84 Taranaki Street, Te Aro, a building of six levels including basement, with a floor area of 3,160 sqm, which has office space of up to 2,210 sqm across four levels for lease through Bayleys Wellington; 
  • Eagle Technology House at 135 Victoria Street, Te Aro, an 11-storey office building comprising retail on the ground floor, first floor parking for 33 cars and nine office floors, which has office space of 1,036 sqm available through Bayleys Wellington; and 
  • Communication Arts House at 15 Walter Street, Te Aro, a four-storey office building, plus basement parking and a paved parking area to the south, which has office space of 1,800 sqm on level 2 available through Bayleys Wellington.