Well-performing CBD building up for tender

A commercial property at the core of Wellington’s CBD is attracting wide interest from investors looking to add a multi-tenanted, well-performing city investment to their portfolio.

Formerly known as Borthwick House, 85 The Terrace was built in 1969 by Structon Group for the AMP Society. Marketing agents for the property Mark Hourigan and Grant Young of Bayleys Wellington say AMP are renowned for the quality of their buildings and knowledgeable investors understand the intrinsic value that a property of this scope – in this location – has.

“This is an immaculately presented freehold commercial offering with primary access off The Terrace and further access from Lambton Quay via lifts from Farmers Lane. It has always been a well-occupied building and has attracted private companies, smaller consultancy and legal firms, and other professional support services given the proximity to the ‘Golden Mile’ of Lambton Quay, the Beehive and the courts,” says Mr Hourigan.

“Because of its location, even in a tight rental market it has maintained occupancy levels and its target market of smaller support service-type tenants know the worth of basing their businesses in a strategically-positioned building close to all the inner city amenities.”

The 13-level office, retail and parking building has good natural light and a flexible floor plate allowing for multi-tenancies within floors encouraging maximum returns on the available space.

“The building has enjoyed good rental growth as it is positioned at the middle-lower competitive end of the market. It is surrounded by properties that command $400 per sq m rentals yet has all the benefits that the location offers up plus the ready catchment of like-minded clientele,” says Mr Hourigan.
With a total lettable area of 5198sq m plus leasable billboard space, the property has a net income of $1,256,551 per annum with rent reviews and term renewals staggered providing a spread of risk and potential rental growth.


The property is owned by Rapaki Group whose director Simon Henry is known for his portfolio of well-presented and positioned properties in key New Zealand cities. With his business now based in Auckland, Mr Henry is divesting his Wellington and Christchurch property assets and consolidating his activity and focus on the Auckland market.

The property at 85 The Terrace is being offered for sale by tender with a closing date of 9 December.