Owners in a heritage-grade commercial premises in Wellington’s central Courtenay Precinct have come together to offer their entire interest in the building for sale.
The owners of a heritage building in central Wellington have decided to sell their assets collectively, offering an add-value investor or developer a unique opportunity to acquire the entire interest in a prime mixed-use premises.
The attractive three level building on 311sqm of freehold land at 272 Wakefield Street straddles the border between Courtenay Place and the northern edge of the Blair/Allen warehouse precinct.
Bayleys salesperson Mark Sherlock says the large Edwardian warehouse presents an add value opportunity, given its sought-after location and genuine character.
“An enduring heritage aesthetic and its location near a high-visibility corner mean 272 Wakefield Street presents an extraordinary opportunity for a developer or investors with vision to add value and enjoy a decent holding income while planning works are completed.
“I expect the purchaser will look to optimise their return on investment by focusing on seismic compliance, ensuring the premises exceeds the seismic thresholds.”
Sherlock is marketing the property for sale by tender, closing at 4:00 pm on Wednesday, 25th October 2023 (unless sold prior).
Bayleys is looking to sell the property with vacant possession and a settlement scheduled for the second quarter of 2024.
Initially constructed in 1907 as a bond store, the property’s current configuration supports three warehouse-style apartments and a high-stud retail/showroom at street level.
The first floor has been converted into two residences, the rear of which features two bedrooms and a single bathroom.
To the street frontage is a large three bedroom dwelling with an expansive open-plan living area.
Above this, there is a prominent New York-style penthouse featuring four bedrooms and three bathrooms, with an internal courtyard and mezzanine.
“The apartments are presented tidily, with a modern standard of amenity in appealing industrial style, high ceilings and exposed brickwork, which underpins the value proposition as performing rental assets.
“Provisional estimates forecast a potential rental income of circa $158,302 net per annum plus GST and outgoings.
“The vendors acknowledge the property is listed on MBIE’s register of earthquake-prone buildings, with a deadline to strengthen to more than 34 per cent of New Building Standard within seven and a half years,” Sherlock says.
The structure has concrete foundations, brick load-bearing walls and timber floors supported on cast iron columns, with the addition of steel framing completed when the building was strengthened in the 1990s.
“Painted in a distinctive green, 272 Wakefield Street forms part of a group of similar structures which contribute significantly to the aesthetic value of the immediate precinct in a tightly held location.
“The ground floor showroom space is versatile and would suit a variety of retailers, hospitality purveyors, and professional service providers. Whereas the upper levels are well developed and retaining the existing use as residential appears like the highest and best use.”
Sherlock says one of the location’s biggest attractions is its high-profile location on Wakefield Street and its proximity to amenities, being within walking distance of the waterfront and the Central Business District.
“The property is an uncommon opportunity to secure a slice of Wellington’s commercial past, with the potential to capture value through meaningful improvements,” Sherlock says.