Unit 1/148 Cuba Street which fronts Garrett Street is home to supplements business NZ Healthy Care, while Unit 2 is divided into two tenancies and occupied by long-standing tenants Comrades army surplus store, and R&S Satay Noodle House restaurant.

The units are being sold together, with agent Mark Sherlock saying the well-performing commercial asset will have appeal for passive investors looking to secure a spot in the sought-after precinct which is undergoing a significant streetscape upgrade to enhance walkability and aesthetics.

The units which are within metres of Ghuznee Street and Cuba Mall, return a combined net income of circa-$187,000 plus GST per annum, with tenants on new leases of three to 10 years’ duration with additional rights of renewal.

Comrades was established in 1990 and has carved out an avid following with its range of army surplus gear and memorabilia. It located to the Cuba Street site from its former store within the since-closed James Smith building in 2010.

Offering affordable Malaysian cuisine, R&S Satay Noodle House has traded for more than 20 years and is a popular fixture on the eclectic dining scene in the Cuba precinct.

The Central Area-zoned units have a combined footprint of around 408sqm and there are three associated car parks on level one of the building.

Sherlock, of Bayleys Wellington Commercial is marketing the retail offering via tender closing 4:00pm, Wednesday 7th December.

“These two units comprise the entire ground floor of a modern seven- level 1980s office/retail building on a prominent corner, with the Comrades shop having a highly-visible wide angled entrance way looking straight down Cuba Street to Cuba Mall.

“The Cuba precinct has endured as a retail destination thanks to its bohemian nature, with independent operators and some of the city’s best-loved restaurants and cafes providing a tangible point of difference in the marketplace.

“It provides a counterpoint to high street shopping with its big name and multinational brands and has traded well throughout pandemic times.”

The Cuba Street area enjoys a high volume of pedestrian traffic day and night, with vehicular traffic traveling in a south-north direction past the subject property.

There is on-street parking on both sides of Cuba Street, and in Garrett Street.

While the broader area was developed at the turn of the 20th century, with surrounding buildings typically relatively low rise, and often heritage-classified, Sherlock said the subject building benefits from the precinct’s character-filled vibe, without any protective overlays.

“While heritage buildings give the precinct personality, a more-modern building with optimal exposure to the street and lower maintenance demands has appeal for passive investors and these retail units have served the retiring owner extremely well during their tenure.”

Wellington City Council is progressing with upgrade projects in the immediate area. Streetscape beautification and underground services renewal works are underway with Garrett Street and nearby Swan Lane laneway upgrades due for completion by the end of this year.

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