Skip Ribbon Commands
Skip to main content

News Release

Wellington

New office space for lease or sale in iconic NZMA building

JLL marketing 26 The Terrace, Wellington


 

 

East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease
Rare vacant land in Grey Lynn for sale/new-zealand/en-gb/news/861/rare-vacant-land-in-grey-lynn-for-saleAucklandRare vacant land in Grey Lynn for sale

​​​​​​​26-the-terrace.jpg

JLL is marketing brand-new office space for sale or lease on a unit title basis.  

Three floors are available in the New Zealand Medical Association building at 26 The Terrace. Levels 2 and 3 are both 194 s qm, and level 4 is 184 s qm. NZMA will occupy levels 5 and 6, while the ground floor will be home to popular French café, La Cloche.

The office space is being marketed by JLL agents Andrew Fullerton-Smith and John McKenzie.

The NZMA has owned the site at 26 The Terrace since the 1920s, occupying the original NZMA building once it was completed in 1938. However, the building was deconstructed after it was assessed at only 10-15% of earthquake standards.

Fullerton-Smith says the new, six-level building is strengthened to 100% plus NBS. It also retains the art-deco façade of the original, offering modern office facilities with a heritage touch.

"The sympathetic restoration of this building, combined with its high NBS rating and prime position on The Terrace, make this a very attractive opportunity for tenants," Fullerton-Smith says.  

The property is in the highly sought after professional services precinct on the Western side of The Terrace and is only a block away from the Beehive.

"New tenants will benefit from a number of high-quality services, including access to fibre optic cabling, air conditioning and security card access to all floors," says Fullerton-Smith. "The space would be attractive to professional services firms wanting to occupy a whole floor with structural integrity, in a prime CBD location."

JLL's National Research Manager Tom Barclay notes that office vacancy sat below 5 per cent at the end of 2016 – the lowest level since 2009.

"The three levels of office space in the NZMA building will add much-needed stock to Wellington's CBD," says Barclay. "With tenants prioritising a high NBS rating in the wake of the November 2016 earthquake, this building represents a fantastic opportunity for tenants."

The office space will be available from July 2017. ​