Four more properties from the Crown’ s portfolio of land and buildings acquired or associated with the construction of Wellington’ s inner city bypass have come to the market for tender.
Four more properties from the Crown’s portfolio of land and buildings acquired or associated with the construction of Wellington’s inner city bypass have come to the market for tender. Having sold 19 buildings and three bare land sites for the New Zealand Transport Authority since the bypass project was completed, James Higgie of Bayleys Wellington says he expects robust interest in the two storey heritage-protected Victorian villa and three vacant land offerings that are now up for tender closing 4 March.
The properties are in Abel Smith Street and Willis Street in high profile locations and will be sold separately.
“The Abel Smith/Willis Street area has metamorphosed in the wake of the inner city roading restructure with investors and private owners embracing the concept of heritage properties with protected exteriors,” says Higgie.
“Buyers have definitely seen value in the heritage concept and we have seen some really innovative uses for properties which have links back to early-settler Wellington and the city’s trading past.”
Two vacant triangular land sites at 83 and 126 Abel Smith Street – 248sq m and 169sq m respectively - are rare undeveloped plots which will allow owner/occupiers to have a bite of the development cherry.
“It is not often that modest, highly-visible vacant sites become available in the inner city,” says Higgie.
“When land does come to the market it is often priced beyond the reach of owner/occupiers and end up falling in the hands of larger-scale developers with deeper pockets. These sites will have broad appeal.”
83 Abel Smith Street is zoned central area and 126 Abel Smith Street has inner residential zoning.
“This paves the way for residential/commercial developments with a new owner needing to comply with the Central Area Urban Design Guide for the Te Aro corridor,” says Higgie.
“This is to ensure that any new building work integrates well with the surrounding architecture and becomes part of the new urban fabric of this vibrant area.”
Also for sale is a vacant two-storey villa circa-1900 sitting on its original site at 325 Willis Street and typical of the style of house which once defined this part of Willis Street.
The land size is 374 sq m. “The exterior of the property is protected via an encumbrance with the Wellington City Council which also details special features of the property,” explains Higgie“Essentially this requires a new owner to maintain and preserve the exterior and excludes demolition or relocation.
“The interior of the property is able to be refurbished to the purchaser’s requirements and its central area zoning allows a wide range of commercial and residential uses.”
At 323 Willis Street and adjoining the above property on its northern boundary with frontage to Karo Drive is a separate 243sq m bare land site which is subject to a drainage easement.
“This will ultimately determine any further usage of the land which has previously been used for off-street parking for 325 Willis Street,” says Higgie.
In 2006, a two-storey timber building known as “Allandale” which had fallen into disrepair and was deemed unworthy of relocation was demolished from the site to make way for the new motorway.
“These two properties are being sold individually, but it would be logical for them to be bought together,” says Higgie.
For further information contact: James Higgie Bayleys Wellington 027 444 7656.