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News Release


JLL sells Wellington’s Greenock House



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site

Greenock House.jpgCommercial property specialists JLL has sold Greenock House in Wellington central to Australasian property investors, The Ranchhod Group, whose head office is in Auckland.

The property had remained on offer for over five years, marketed by a number of alternative agencies, before JLL began sourcing buyers in 2015 and were able to locate The Ranchhod Group as a suitable investor. JLL’s Director of Investment Sales, John McKenzie, brokered the sale of the 14-storey commercial office tower at 102-112 Lambton Quay after he began seeking investors earlier this year. JLL are now in search for tenants for the remaining unoccupied floors within the building.

Built in 1980, the building stands in a superb location at the northern end of Lambton Quay, close to The Beehive Parliament, with dual access to 39 The Terrace and benefits from a substantial amount of foot traffic. Mason Lane is currently undergoing work which will significantly improve the pedestrian link between The Terrace and Lambton Quay and drive further value in the location of this asset.

McKenzie says, “The building offered a great investment opportunity to the Ranchhod Group as it is extremely well-presented and occupied by a strong profile of corporate and government tenants in the above office floors, as well as sound performing retail tenants at Terrace and Lambton Quay levels.” 

The 14-storey tower is leased to the Ministry of Business, Innovation and Employment, Asthma Foundation and Fashion Tech. On the Terrace and Lambton Quay Street fronts are a number of retail tenancies including Estee Lauder, Hutt Cameras and MOJO Coffee. A recent 9 year lease term has been taken out on level four.

Andrew Fullerton-Smith, office leasing agent at JLL says, “Tenants are being sought for the remaining available floors in the tower. Four 390sqm floorplates are available on levels 3, 6, 7 and 8 which are currently gaining strong interest and a ground level retail unit is also available for lease.”

“The retail space has a quality fit-out and is suitable for a variety of uses including a retail convenience service provider or a food and beverage operator” adds Fullerton-Smith.

The building provides 27 car parking spaces and has a 100% seismic rating to new building standards. The foyers and lifts are due to undergo a refurbishment in early 2016. ​