Mixed use property at 6 College Street offers potential for rental growth
A three-storey commercial building with potential for rental growth is on the market in the fast-changing suburb of Te Aro in Wellington’s CBD.
Built in 1973-4, 6 College Street enjoys a prominent south facing position and has a net income of $78,187 per annum, says commercial broker Sam McIlroy of Colliers International.
McIlroy says College Street was well known for Moore Wilsons, a Wellington institution, and the Café L’Affare flagship.
“Over recent years residential developments and high-end retail has replaced the industrial workshops with more people choosing to live in the CBD to take advantage of the compact easy to walk city.
"The great thing about College Street is that it can be accessed off Tory Street from Vivian Street and also from Cambridge Terrace. It’s a really busy hive of activity and attracts quality businesses to the surrounding area such as Citta Design, Nood and Prefab Eatery."
A short walk away is the nightlife and restaurants in Courtenay Place and Cuba Street.
A Pit Stop vehicle servicing workshop is on the ground floor, a musical instrument practice studio and separate low level storage is on the first level and a Thai Boxing Dojo on the second. Various demolition clauses are in place.
The property, which is not classified as earthquake prone by the Wellington City Council, is being offered for sale by deadline private treaty, closing July 12.
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