Office Building - Character and Excellent Condition

Very well presented office building currently housing approximately 60 persons.

Well located in Wellington's commercial centre, just off Church Street which is the main retail and banking area. Reception, boardroom, additional meeting rooms, central atrium which serves as a conference venue. 5 open plan working areas with individual cubicles for approximately 40 persons. 16 private offices. Walk in safe, file room. and several further storage areas. Secure parking. 15 spaces under shade net on the premises. The current occupants currently rent a further 25 spaces (purchaser would need to separately renegotiate this contract if they wanted to continue this arrangement).

Sale and leaseback. The current owner will lease the property back for 24 months after the date of transfer, and is willing to pay R100k + Vat per month. This lease agreement should qualify the purchase as zero rated vat transaction. The purchaser will therefore recover over 30% of the purchase price back from the seller, and will have 24 months to source a replacement tenant if they do not intend to occupy the premises themselves.

Advertising selling price excludes Vat. If VAT is levied at 15% then the total selling price including VAT would be R8 625 000. Provided the buyers is Vat registered we would however anticipate a zero rated Vat transaction.