Chow Group Management Limited (CGML) has announced a multimillion-dollar investment into the refurbishment of their 89 Courtenay Place tower in Wellington
Upgrades will bring the new building standard rating to 88 per cent, making it one of the highest rated office towers in the area. The refurbishment will commence this month, with phased completion expected within as soon as three months.
“We are very excited about this multimillion-dollar investment and expect the interior upgrades to make 89 Courtenay Place an attractive and sought after commercial address in Wellington,” says CGML Director Michael Chow.
Expect sleek lines, modern design concepts and high technology to complement the already popular commercial office spaces. The nine-storey building features a large 950sqm floor plate on each level with some spaces accented with character ceilings.
The building is known for its expansive windows enabling natural light to flood work spaces and it is well located in convenient proximity to local dining, bars, entertainment and transportation. In addition, the building has 70 secure onsite car parking spaces, accessible from York Street.
The Chow brothers had planned to convert the commercial space into a 230-room, four star, deluxe hotel in 2016. That decision was changed in the wake of the November 2016 earthquakes, where retaining the commercial property was better aligned to the Chow Group’s business goals.
“An important consideration for businesses is the safety of buildings in the event of seismic activity,” Chow adds. “The structural integrity of 89 Courtenay Place was not affected by the November 2016 7.8 earthquake, meaning our existing tenants were undisturbed while much of the city came to an abrupt halt.
“As part of our refurbishment plans, we are taking steps to increase our NBS rating from 71 per cent to 88 per cent and we anticipate high demand for these spaces which have been offered for immediate lease.”
Tenants will have the choice to lease 7,000 square metres of space, whether that be full-, partial- or multiple- floors. The naming rights for 89 Courtenay Place are also available.
The Chow brothers made their first accidental foray into repurposing an undervalued commercial asset, before trying their hand at converting other unoccupied buildings into car parks, warehouses and offices.
Property and non-bank finance remains their core business, constituting 90 per cent of the brothers’ combined assets, with a 39 per cent capital growth in assets since 1999.
Prior to acquiring Stonewood Homes, their investment success has been derived from revamping unprofitable commercial buildings and turning them into properties with regular cash flow. John and Michael Chow have been on NBR’s Rich List for the last four years and have publicly declared their plans to grow to a $1 billion empire by 2020.
