MUCH ADMIRED - MORRISONS' BUILDING

13-15 Garrett Street, Wellington

Holding income with upside

Commercial & residential mix

Prime location Cuba Quarter

Character Space / Residential / Retail For Sale

Tender closing Wednesday 20 Nov 2019 at 2.00pm     Tenanted Investment
Land Area: 291.00 m2.    Floor Area: 807.00 m2.    

Description

The Morrisons’ Building is a much-admired property located in one of Wellington’s most desirable locations. The building has many attributes including a north facing perspective, overlooking Glover Park, a rare free standing commercial and residential mix with real street presence.

Originally built to house a printing business the structure is regular in shape and will respond well to future strengthening and refurbishment. The property is a blank canvas and the flexibility of the current leases will provide time for planning the next phase.

Currently The Fabric Store occupies the ground floor retail space with a separate coffee bar in the dock way. The two upper floors are leased on residential tenancies and there is a flat, sunny roof terrace. The current net income is approximately $162,000 but with strengthening and refurbishment there is significant upside.

The building is surrounded by some of Wellington's best cafes, bars, retail and restaurants including Floriditas, Best Ugly Bagels, Noble Rot, Scopa and Rogue & Vagabond to name a few. The Morrisons’ Building overlooks Glover Park and the northern aspect is protected for future light and outlook. There is scope to use the 27 metre height limit and build additional floors on top as part of the future repositioning. 13-15 Garrett Street is a genuine add-value opportunity in a fast changing location. 

The property is for sale by Tender closing 2pm, Tuesday 19th November 2019. Offers are to be submitted to Colliers International at Level 10, 36 Customhouse Quay.

For more information or to arrange an inspection contact Sam McIlroy on 021 730 100 or email sam.mcilroy@colliers.com

Features

  • Future redevelopment potential
  • Northerly aspect protected by Glover Park
  • Commercial and residential mix
  • Strengthen and build on top, 27 metre height limit
  • Holding income with upside in the future
  • Cuba location - Surrounded by retail, cafes, restaurants

Sale Areas

Area Size
Whole Building 807m² (more or less)

Map

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