The historic Steamship Wharf building on Queen’s Wharf has been placed on the market for sale through Colliers International on behalf of Heritage Property Group.
Colliers brokers Rick Stace, Peter Wilkin and Sam McIlroy are seeking offers for the prominent two-level building, which houses the Foxglove restaurant and bar, via deadline private treaty closing on July 4.
Other tenants in the 2323m² property are One Red Dog, Cuckoo Bar, the Queens Wharf Ballroom and the offices of The Wharf Wellington Ltd. Annual net rental income amounts to around $760,000. The leasehold tenure (including a right of renewal) has a final expiry in 2050.
“The building was constructed by the Union Steamship Company in the late 19th century at Greta Point and originally served as a large marine warehouse adjacent to the wharf,” McIlroy said. “It was converted into the Greta Point Tavern in the early 1980s, with much of the original structure being kept intact, before being relocated to its current position between Shed 5 and the Meridian building.”
The character-filled building is historically significant as it is one of the few surviving examples of turn of the century marine warehouses on the harbour’s edge, said McIlroy.
It features extensive verandahs and full height dockways around the exterior, providing a range of sheltered overhangs and entry points for public access. The weatherboard exterior has recently been repainted.
Wilkin said the sale presents an opportunity to invest in Wellington’s thriving waterfront hospitality scene. “All the Steamship building’s hospitality tenants have proved extremely popular among Wellington’s residents, visitors and nearby office workers, with the bars and restaurants busy at lunchtimes, after work and at weekends.”
He said Wellington Waterfront’s key goals for Queen’s Wharf and the wider waterfront precinct mean the special character of the wharf area will be safeguarded into the future. “Wellington Waterfront has set out to ensure that the waterfront remains a thriving area which is recognised for its design, is readily accessible to the public and which draws Wellingtonians and visitors alike to the many restaurants, bars and other facilities,” he said. “Significant heritage buildings on the waterfront are also intended to be protected.”
The well-established and successful Queen’s Wharf precinct is home to a number of Wellington’s leading hospitality operations. “This means the Steamship Wharf building is well-positioned among a hub of high quality food and beverage operations which benefit from the waterfront environment and central city location,” Stace said.
The wharf area is also growing in popularity as an office location, with office tenants in the area including Z Energy, Meridian Energy and the New Zealand Olympic Committee.
The property’s close proximity to the TSB Bank Events Centre, Wellington’s major indoor events centre, provides a further draw to the restaurants and bars of Queens Wharf, according to Stace. “The events centre hosts many important cultural and sports events including the World of Wearable Arts (WOW), concerts, sporting events and exhibitions year-round.”
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