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Across the ditch: Capital investment becomes attractive in New Zealand

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New Zealand's capital city Wellington seems to be attracting substantial investment of late. 

With the number of government employees at an all time high, central government is helping the boom in commercial office spaces. Businesses and overseas investors are also showing significant interest.

A prime example of foreign investors including Wellington in their property development plans is the purchase of one of Wellington's tallest buildings, Plimmer Tower, by a Singaporean investor.

CBRE's Ryan Johnson marketed the property along with Bill Leckie of Colliers International on behalf of joint owners Toga NZ No.1 Limited and Core 3B Plimmer Complex Limited.

According to Mr Johnson the Wellington market is picking up.

"Wellington is on the up, as shown by the nine NZ$5 million transactions in the Wellington market totaling NZ$142 million in the first half of 2014. Recent sales demonstrate a good recovery of the market after weaker results in previous times," he added.  

There are also various other development schemes that are now underway. Some of these are nearing the end of construction.

Plans include a "ground-breaking and visually striking" building on Newcrest's site at 20 Customhouse Quay.

Landlords are starting to consider feasibility of renovating their maturating their properties thanks to the promising trend.  

The Ministry of Business, Innovation and Employment now occupies the once vacant Defence Headquarters on Stout Street. The premises recently underwent a NZ$60​ million overhaul.  

According to a statement released by Collier's International the transformation of the building is impressive. 

"This has been one of the great success stories for the city creating more than 20,000 square metre of office space," says the press release. 

With redevelopment work being carried out at the Spark Central office and regeneration of Chews Lane, Wellington CBD has essentially expanded to include the two roads. 

Date Published: 15 May 2015
Category: General News

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