Multi-tenanted Te Aro property on a prime Vivian Street corner site
Three buildings on one freehold title in Te Aro, Wellington, are on the market, offering investment and development options.
Colliers International broker Sam McIlroy is marketing the property, at 175-179 Vivian Street, for sale by deadline private treaty closing on March 22.
With four commercial tenants and four residential apartments, the property offers the buyer a strong and diversified cash flow as well as opportunities to add value, says McIlroy.
“It’s unusual to see a large property like this on the market in central Wellington, with such a diverse range of tenancies across three separate buildings. There are lots of options for the buyer to potentially increase the income and add value,” he says.
An income uplift could be achieved through refurbishing the tenancies and renegotiating the leases, while there is also the potential for a larger-scale redevelopment of the property, McIlroy says.
“The property is ripe for redevelopment, given its high-profile corner location on one of the main arterial routes through central Wellington. Buildings on the site can be up to a maximum height of 27m, which opens up lots of possibilities for office, residential or mixed-use developments.”
The most distinctive building on the property, on the corner of Vivian and Walter streets, is a Moderne-style three-level structure built in 1955 with a curved corner facade featuring extensive use of glass blocks. The facade has a heritage classification from Wellington City Council.
The building houses a ground floor commercial tenancy occupied by About Print, a vacant first floor, and a second floor apartment with flat accessable rooftop.
The vacant floor opens up an opportunity for owner occupiers to purchase the property and move in themselves, says McIlroy. “The vacant space on level one is classic ‘character space’ which would suit commercial occupiers and could also potentially be converted to an apartment.”
Next door to the south is a building constructed in 1979, containing two small apartments accessed from Walter Street. There are also 12 car parks on the site.
On the Vivian Street side, the third building on the property, built in 1986, has two levels housing four commercial tenancies; occupied by Mr Rentals, About Print, Apex Electronics and the Loki Lounge.
With a land area of 1,087sq m and 30m frontages to Vivian Street (State Highway 1) and Walter Street, one of the main strengths of the property is its location, says McIlroy.
“The Vivian Street location is highly prominent and offers easy access to the motorway and Wellington International Airport. Cuba Street and Courtenay Place are just a short walk away and the immediate area is also home to some of Wellington’s best bars and restaurants.”
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