A TINY shop in the heart of Lambton Quay, which has gone on the market for the first time in decades, offers a rare chance for investors looking to get a toehold on Wellington’s golden mile.
Colliers International agent Rosemary Bradford said the ground floor, 146-square metre shop at 254 Lambton Quay was formerly occupied by Line 7, which recently went into receivership.
There was a lot of interest from would-be tenants and the Australian-owned Just Group, which was planning to open it as a Peter Alexander nightwear store, has just signed a six-year lease. The store is scheduled to open late next month.
She said the building, which has a rating value of $4.6 million, had been owned for many years by the Sanitarium Group, and used to be a shop for all the company's products.
"The point about this is that if you want to buy something in Lambton Quay that’s in that price range, it’s non-existent. Besides, it's a modern building ... it's a really premium offering."
It was a tiny shop that was rebuilt when the area was redeveloped in the 1980s, and there was strong competition from a number of would-be tenants to secure the lease when it became available recently. The first floor was leased to AMP to maintain the walkway upstairs and it sub-leases it to a hairdresser and another retail tenant.
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