Precinct Properties has an unconditional agreement to buy a site at 61 Molesworth Street in Wellington, together with a new 24,000-square-metre office development project to be built on the site.
The expected total project cost is around the $250 million mark, with the development expected to be completed in the third quarter of 2025, the company revealed today.
The property developer told the New Zealand stock exchange (NZX) that the commercial office space has been leased to the Ministry of Foreign Affairs and Trade (MFAT).
Chief executive Scott Pritchard said securing the “outstanding” opportunity reinforced the strong office occupier demand for high-quality buildings in strategic locations like the government precinct in Wellington.
“Having the commercial office leased to MFAT is a great result and we are very proud to have concluded this leasing arrangement,” Pritchard said.
Architects Jasmax said the site sits between the parliamentary and commercial precincts in Wellington’s city centre and forms a “gateway” between the two.
When the project's finished, 61 Molesworth Street would deliver a “seismically resilient, environmentally-focused” commercial office building, the company said.
The building will have 11 levels and ground-floor amenities including a lobby café, meeting suites and end-of-trip facilities.
Precinct Properties shares were up 0.8% to $1.22 in light trading this morning.
