Portfolio overview

44 The Terrace

Well located within the Wellington Parliamentary sector, 44 The Terrace provides 10,000 sqm of efficient office space.  Ten floors are leased to Government tenants on long-term leases.

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Key features

Situated a stone's throw from New Zealand's parliament, 44 The Terrace has long been supported by government occupiers and their service providers. It offers 10,000 sqm of efficient office space over 12 levels.

A seat near parliament

In 2015, we struck three new 12-year lease agreements with Crown tenants over 80% of the building's office area, underpinning a $12.6 million progressive refurbishment of the building, which is due for completion in September 2016.

Energy efficient

44 The Terrace has been awarded a 4.5-star Excellent Energy rating by NABERSNZ.

Key facts

Building grade B-grade
Date acquired (constructed 1987) Sep-04
Last refurbished 2015-2016
Net lettable area (sqm) 10,330
Typical floorplate (sqm) 800
Carparks (no.) -
FY16 net rental income ($m)¹ 1.9
Occupancy (%) 92.7
Valuation ($m) 38.0
Weighted average lease term (years) 9.7
Capitalisation rate (%)¹ 7.25
10-year internal rate of return (%)¹ 7.98
¹ As at 31 March 2016

Statistics as at 30 September 2016 unless otherwise stated

Location

44 The Terrace

44 The Terrace
Thorndon Quay
Wellington 6011

Get directions

Who's at 44 The Terrace?

Located within easy walking distance to New Zealand’s parliament, 44 The Terrace has long been a mainstay for government tenants and its associated service providers including Commerce Commission, Tertiary Education Commission, Energy Efficiency and Conservation Authority.

95%

Government

5%

Other

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Our Asset Manager

To speak to our Asset Manager, please contact:

Kane Goulden
Commercial Asset Manager

+64 9 359 4039
+64 21 375 164

Lease with us

We're passionate about providing exceptional spaces for businesses to flourish. If you are looking for great office space at 44 The Terrace, contact our leasing team today.

Contact us