DISCUSSION | WLG Projects

dmanww said:

Bank, shop intended for site - DomPost (07 May 2013)

"Jones Lang LaSalle property development agent Tony Jacques said the two old shops would be demolished around June and tenders would be called shortly for construction of two new single- storey shops on the same footprint."

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deepred said:

That sounds like a massive scaling down from previous ambitions for the site, which has among the highest height limits in town. Especially given the developer owns the whole block adjoining 80-84 Boulcott & 16-42 Willis Sts.

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dmanww said:

I think the basic idea is to provide retail space that's cheaper than bringing the old building up to earthquake standards. I doubt anyone will think twice to tear them down to build something bigger if there is a market for it.

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Wellington hairdresser Kristina Muollo has bought The Wellington Company's head office building on the corner of Manners and Victoria streets.

Muollo, who owns the Kristina Raffaele salon in Waring Taylor St, is understood to have paid more than $15 million for the iCentre building.

The sales contract, negotiated by CBRE managing director Ryan Johnson, is due to settle next month.

The iCentre building was sold by the family trust of The Wellington Company's managing director, Ian Cassels, who said he was raising funds for another big development he was planning in the next six to 12 months. His asking price for the fully leased property, which is returning a net annual income of $1,471,246 a year, was $16m.

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*astro* said:

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A new campus for up to 3000 WelTec and Whitireia polytech students and staff could be set up in the heart of Wellington.

One of two sites understood to have been shortlisted is at the bottom of Cuba St, where the quake- prone old Deka building is earmarked for a major redevelopment by Willis Bond.

Willis Bond managing director Mark McGuinness said work was being done on development plans for the site that would involve alternative uses but he could not comment on whether they might include a polytech campus.

"But anything that injects vitality into the heart of the city is a good thing and something to be applauded."

The Wellington Company managing director Ian Cassels said he was told his company was in contention and there were several sites on the Te Aro flat which he believed would be ideal.

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"[We] will continue to grow a portfolio of key development sites in Wellington," he said.

In May, The Wellington Company announced plans to sell its head office in Manners St, with an asking price of $16m, to help fund another major development in the city.

The company would not give details of its next potential project.

Earlier in the year, it sold the ANZ office complex in Tory St for $46.25m.

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A nine-storey hotel is set to be built on the Petone waterfront next year.

Hutt City Council has granted resource consent for a nine-storey 51-room ToeToe Hotel development at 125 The Esplanade, almost directly opposite the Petone Wharf.

Work on the $20 million hotel will start early next year and it should be open by the end of the year said designer Stephen White of Design Club Architecture.

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