Courtenay Place asset set to turn a corner

The sale of a property along the capital’s main entertainment strip comes at a pivotal moment for Wellington’s inner city, with renewed confidence flowing back into the Courtenay precinct following the Council’s reset of the Golden Mile project.

As the future of Courtenay Place becomes clearer, the prominent multi‑level commercial building at the corner of Courtenay Place and Tory Street stands out as one of the most strategically-positioned commercial opportunities currently on the market.

57 Courtenay Place in Te Aro offers a diversified income profile across both retail and office accommodation, anchored by three established ground floor retail tenants, Night ‘n Day, Zambrero and Juice Up, alongside a longstanding corporate office occupier. The property also benefits from additional revenue generated by on-site parking, with a dedicated parking level with 25 car parks.

Above this are six upper office floors, with The Colonial Motor Company occupying the top level and the remaining five floors, each with efficient 586sqm floor plates and suitable for single or multi-tenant occupation, vacant and ready for lease or conversion, providing substantial upside for future owners.

With an 80 percent NBS seismic rating, north-facing harbour views, floor-to-ceiling glazing and circa-4,784sqm of floor area, the building provides scale, strong visibility and profile, and genuine pathways for adding value.

The property currently generates a net annual income of $131,078 plus GST and offers substantial income growth through the backfilling of the vacant space. Independent market assessments indicate potential rental of approximately $1,082,960 plus GST across the vacant areas, lifting the total net potential income to around $1,214,038 per annum when fully leased.

Alternatively, the upper levels have scope for conversion to residential, serviced apartment or hotel accommodation, leveraging the precinct’s improving outlook, strong amenity base, and proximity to the waterfront and Wellington’s entertainment and cultural destinations.

The property is being marketed by Mark Walker, Sarah Lyford and Mark Hourigan of Bayleys Wellington Commercial with tenders closing Wednesday 29 July.

Walker says the timing of the sale is significant, with investor sentiment shifting as momentum returns to Courtenay Place.

“Buyers who understand the long‑term potential of Courtenay Place can see what’s happening here,” he says.

“The Reading Cinema complex’s rebirth as The Court marks a decisive injection of capital and confidence into the precinct, and this is the time for savvy investors to act, not when the next wave of competition arrives.”

Renewed optimism follows Wellington City Council’s decision to reset the Golden Mile project and adopt a more pragmatic, staged programme of improvements. A full business case for the revised programme will be completed by December, with construction expected to begin in 2027 once councillors select a preferred option.

“The revised approach replaces an overly ambitious scheme that had simply become too costly and too risky to deliver,” Walker says. “The reset focuses on improvements that are actually achievable such as targeted upgrades, better amenity, and immediate operational enhancements like increased cleaning and measures to lift safety.”

He says fresh advisory input at Council has helped shift the tone, with a genuine sense that Wellington is finally moving forward again.

“That’s now flowing directly into investor behaviour, with confidence lifting across the precinct.”