Cassells selling Upper Hutt IRD building
Inland Revenue’s processing centre in Jepsen Grove, Upper Hutt is being strengthened to 100% of new building standard as an enticement to a potential new owner.
The building was built for the IRD in the late 1980s and it was last sold in December 20006 for $4.8 million by Bayleys to Jepsen Investments.
Wellington developer Ian Cassels and Patricia Taylor are the directors of the company, which is owned by a trustee company.
Mr Cassels wants to free up capital for projects associated with The Wellington Company, his property development arm.
A new nine-year lease term has just been negotiated with the IRD.
A small part of the property is also leased to the Rimutaka Kindergarten Association for its Matariki Kindergarten.
Grant Young and Mark Hourigan of Bayleys Wellington are marketing the property.
The refurbishment includes base building works and a fitout to the requirements of the IRD.
In addition to the seismic upgrade, works include new air conditioning vents and air filters, a fire safety upgrade, an entirely new suspended ceiling grid and lighting plan, and a new building management system.
The property returns a gross income of $1,142,716 a year.
The property is being sold by deadline private treaty with offers to be received by November 6.