Notable lease completed for high-profile office

Notable lease completed for high-profile Wellington building

The top floor of Novell House on The Terrace- formerly Fletcher House and widely regarded as one of Wellington’s finest office buildings - has been leased through Bayleys Wellington, who sold the property to Capital Properties in 2002.

AMP Capital Wholesale Office Fund (AWOF) an Australian-based fund managed by AMP Capital Investors bought the 14-level building three years ago from AMP Capital NZ (formerly Capital Properties) to add to their established portfolio of Australasian office properties.

They then commissioned an extensive refurbishment of the top floor benchmarked against leading-edge environmentally sustainable design standards including new exterior glazing, air-conditioning, lighting, ceilings, carpets and amenities.

The prime top floor space - which in its former life was home to the boardrooms for Fletcher Challenge and Fay Richwhite – had, for over 12 months, been marketed for lease to no avail by CBRE who manage the property.

Ben Orton and Luke Frecklington of Bayleys Wellington’s commercial leasing team negotiated a nine-year lease to legal firm Capital Chambers - a group of key Wellington QCs and barristers- who were attracted to the building via the Bayleys Greater Wellington Leasing magazine.

Director of Bayleys Wellington, Rohan Hill, says to have the 14th floor now fully leased for a nine year term is a significant result for the Bayleys leasing team.

“It was important to the owners of the building that a strong lease covenant was attained for this floor and through our marketing campaign we were able to attract a quality tenant committed to the premises,” says Mr Hill.

Other tenants in Novell House include Kensington Swan and the Ministry of Transport.

ENDS

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