NZ Crown enters new long term lease at 33 Bowen Street
The NZ Crown (Ministry of Education) recently committed to a new lease for 33 Bowen Street, Wellington. Occupying the entire building, the 13,178 square metre lease was signed for fifteen years. Originally built by Fletchers in 1989, the building was acquired by Vinta (Talavera Property Group) approximately fifteen years ago and is undergoing a substantial $10 million refurbishment to maintain the market position of the building and meet Ministry requirements. The 12 level building has two underground levels of parking, plus natural light on all sides and good size floor plates of around 1,130sq metres.
The quality and length of the lease secured is a reflection of the standard of Vinta’s asset management capability and its ability to work directly with key tenants to meet their needs.
According to Vinta General Manager - Funds Management, Mathew Patfield who negotiated the deal, “We’re very pleased to be strengthening our relationship with such a high calibre tenant, securing a long term commitment and 100% occupancy of 33 Bowen St. This is an endorsement of the high quality of this building plus its prime location, just opposite the New Zealand Parliament and minutes from the Wellington CBD.”
The building is ideal for government tenants: located immediately to the west of the Reserve Bank and to the south of the Parliament buildings, with the New Zealand Parliament (The Beehive) just across the road.