Colliers International have been exclusively appointed to market for sale the car park building at 5 Gilmer Terrace, Wellington. The property is being sold by Tender, closing 4pm on Wednesday 3rd April 2019.
The car park building was originally constructed in 1984, then further redeveloped in 2004 when the residential apartments were built above it. The offering being presented to the market does not include these apartments.
Currently operated by Wilson Parking, there are 171 strategically located CBD car parks on site. Gilmer Terrace links between Boulcott Street and Lambton Quay. The motorway access is remarkably easy for commuters and the short walk to Plimmer Steps, Lambton Quay and The Terrace makes this the perfect location for any car park operator to be based.
The building had a Detailed Seismic Assessment carried out in December 2017 by New Zealand Consulting Engineers who indicate the building to be 70% NBS (report available via the online data room).
There is currently a lease in place to Wilson Parking but there is an opportunity for a new owner to renegotiate or buy the property with vacant possession.
It is very rare that a car park building of this size comes on the market. There are few such passive investments than car park buildings, and which are also in short supply in Wellington.
Offers are to be lodged at the offices of Colliers International, located at Level 10, 36 Customhouse Quay, Wellington.
For further information please contact one of the exclusive brokers below or click on the online data room button to request access to the Due Diligence documents.