Thu, 12 May 2005
TOWER Limited has announced that it is seeking expressions of interest for its building at 50-64 Customhouse Quay, Wellington. It has appointed David Preston to assist with the process.
The building is held as an asset in the TOWER Life fund and the decision to consider the sale of the building reflects TOWER’s prudent management of its life fund assets and continued desire to maximise returns for policyholders. The building is not an ideal policyholder investment and investment of the funds released from the sale of the building into alternative assets would provide better diversification and improve the liquidity of the fund.
The nine storey building is on a prime site on Wellington’s waterfront and presents an outstanding opportunity for redevelopment. The building is on the Wellington City Council Heritage List, carrying a Historic Places Trust Category 2 historic building rating and the land is zoned “central area” which means it can be used for a wide variety of purposes. With a land area of 1,883 square metres the site offers a large floor plate opportunity with development permissible to a height of 60 metres. The Tower building is a prominent landmark with three street frontages and excellent views over Wellington waterfront and the harbour.
TOWER currently occupies space on just over 4 out of a total of 9 floors in the building and will consider its future accommodation options and needs as part of the sale process.
TOWER anticipates significant interest from both New Zealand and Australian investors and developers with some interest having already been expressed for hotel conversion.
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