CONTACT ENERGY BUILDING, 531 HIGH STREET, LOWER HUTT
Established in December 2005 to own the land and buildings at 531 High Street Lower Hutt, an office development fully leased to Contact Energy Limited. The property is located on an excellent corner site in the Lower Hutt commercial and retail area, attracting high traffic flow and exposure and providing two street frontages. The building which was originally constructed in the 1960’s underwent a major refurbishment and extension in 2004 to accommodate Contact Energy Limited. The lease term was 9 years from January 2005, with a right of renewal for a further 6 years. Approximately $4m was spent on the refurbishment and fitout for the current tenant. Investors acquired 110 interests in this proportionate ownership scheme at $50,000 each.