Barnardos' Wellington head office property is a development opportunity
A large redevelopment site in central Wellington has come on to the market with the sale of Barnardos’ head office at 85-89 Ghuznee St, Te Aro.
The 1408m2 freehold site has been owned and occupied by Barnardos for several years, and with the charity now planning to move on, the property is for sale with either vacant possession or on a short term leaseback basis.
Colliers International agents Michelle Spiers and Peter Wilkin are marketing the property, which consists of two interconnecting buildings completed in the mid-1960s. It is for sale by tender closing at 4pm on October 30.
A six-storey office building, with a penthouse office which was added in 1999, are located on the Ghuznee St frontage with a single-storey warehouse building to the rear. Both buildings make up a total floor area of 1368m². The property also has a frontage to Garrett St.
The property’s substantial size, along with its central Te Aro location, provide an excellent opportunity for additional development or a complete redevelopment which could also incorporate a change of use, says Spiers.
“The sale of this property opens up an outstanding development opportunity, with the site lending itself to a variety of uses including residential, retail or office developments,” she says.
“With double street frontages, 28 on site car parks, good proximity to the motorway and its potential for development, we expect to receive high levels of interest from developers who are keen to add value through strengthening and renovating the existing buildings or starting from scratch with a new project.”
The property also represents good value for a site of this size in the central city, with a rating valuation of $3.3 million, Spiers says.
The property is situated on the southern side of Ghuznee Street in the block bounded by Victoria Street to the west and Cuba Street to the east and is surrounded by office and retail properties and residential apartments.
It is located within the Wellington City District Plan’s central area zone, within which the council is encouraging “positive growth” by allowing a wide range of uses and activities and permitting owners to redevelop their properties to meet market needs, says Spiers.
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