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Hospo’ opportunities in new waterfront development now on the table

Tags: Commercial

The new Willis Bond & Co.-initiated PwC Centre on Wellington’s waterfront is coming out of the ground with strong upfront commitment from corporate tenants signalling that the development is hitting the spot with the business community.

With the building almost fully-leased, Bayleys Wellington has been assigned as master agent for two ground floor hospitality offerings within the development at Site 10 in the Kumutoto Precinct and has begun a proactive campaign to identify tenants. 

Senior broker Jim Wana is spearheading the drive to find suitable businesses to occupy the two high-profile tenancies – one a 140 sq m café which opens into the main PwC Centre lobby and the other, a generous 355 sq m restaurant space.

Wana says the Wellington waterfront has a lot going for it and the PwC Centre offers hospitality tenants the chance to get in early to create bespoke environments for a ready-built client base.

“Globally, it’s the waterfront locations that have the pulling power in the hospitality sector and while Wellington isn’t Sydney, it has a spectacular harbour that draws people and which is ripe for additional dining options,” he says.

“In other parts of the city there’s evidence that hospitality outlets within corporate environments are thriving and a high-spec’ new build like this project has pulling power – particularly given its position. 

“The design credentials of the PwC Centre look set to attract visionary and bold operators who appreciate location and the opportunity to tap into the resident clientele within the building, passing pedestrians and a wider customer base.”

The development is just minutes from Lambton Quay and the railway station, close to where Wellington harbour ferries depart for Days Bay and on the pedestrian route to cruise ship terminals and Westpac Stadium.

Figures for prospective hospitality tenants to consider include around 1,000 workers based  in the PwC building, 3,700 workers based in nearby office buildings, and 11,000 people travelling in and out of Wellington railway station every weekday.

On-track for completion in mid-2018, Wana says the dedicated café and restaurant areas are “blank canvas” opportunities and can be customised to tenant requirements.

“This is the chance for a proven operator to imprint their brand and style on a space without the constraints of a former fitout,” says Wana.

The café, which is on the waterfront side of the development, is effectively part of the lobby area of the building and will suit a seasoned independent operator who wants to leverage off an in-house client base.

“Wellington’s coffee culture is legendary, and with around 1,000 people working in the building, the coffee machines will be humming,” says Wana.

“Add to the mix visiting clients, team meetings, casual lunches and corporate catering opportunities and a café proposition for a savvy operator stacks up very well.”

The larger restaurant tenancy has scope to become a destination dining opportunity and Wana says big name chefs and established local and national operators are on his list to approach.

“A fresh start in brand new premises is always enticing – particularly when a customised kitchen can be created from scratch,” he says.

“With 355 sq m to play with, there’s plenty of room to try out something new and innovative – or to stick with proven layouts and structures for those that have a winning formula.”

Wana says that prospective tenants could be pleasantly surprised at the rental rates proposed for the available hospitality spaces.

“Despite the enviable waterfront location, the projected rents are on par with those of inner city cafes and restaurants.”

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