Smart place to park capital

A substantial Wellington CBD carparking asset is now for sale, appealing to investors who are seeking steady, income‑focused commercial opportunities in a sector where demand remains consistent.

Located at 4 Gilmer Terrace, Plimmer Carpark is a ten‑level, purpose‑built facility delivering a current net income of $1.885 million. The majority of this revenue comes from long‑term operator Wilson Parking NZ Ltd, who lease 634 of the building’s 660 carparks under a 12‑year agreement expiring 30 June 2028. Additional income is generated from billboards, the longstanding automotive servicing business Car Therapy, a Vector substation, and multiple carparks leased to the adjoining Travelodge Hotel.

Constructed circa-1967 as part of the original Williams Centre development, the structure sits on a 1,555sqm freehold site and is zoned Central Area. It was seismically strengthened in 2021 to 67 percent NBS (IL2), confirmed by Silvester Clark engineers. The building is open on three sides, providing natural ventilation, and features reinforced concrete foundations, columns, and beams.

Vehicle access is off Gilmer Terrace, which also serves the Travelodge reception, with the design incorporating a double‑ramp system, wide manoeuvring areas, and spacious carparks. Pedestrian access is via two lifts and a protected lobby, with an additional external stairway. The main lift lobby connects directly to Plimmer Steps, creating a simple pedestrian link to the Lambton Quay retail strip and providing direct, high‑foot‑traffic connectivity.

The property will be sold by tender closing Thursday 30th July, through Mark Sherlock of Bayleys Wellington Commercial.

The offering’s appeal lies in its simplicity, the location, and the ongoing need for parking in the city’s commercial core, says Sherlock.

“Parking as an asset class is in‑demand, straightforward, and low maintenance,” he says. “Investors who want predictable cashflow often look to carparks because the operating model is proven, and it’s defensive across market cycles.

“This particular asset’s long‑term relevance is further strengthened by being at the busy Willis Street end of Lambton Quay, right in the middle of Wellington’s corporate and government precinct.

“There’s a permanent flow of workers, visitors, and hotel guests who rely on parking in this part of the city, particularly as metered parking spaces on the street have been reduced.”

He notes that the building’s scale and configuration also create scope for future operational improvements.

“There are lots of ways of doing carparking today,” he says. “An investor could look at more modern systems to improve efficiency, or adding electric vehicle charging which would be a practical way to future‑proof the building and respond to changing transport habits.”

One corner of a mid‑level floor is leased to Car Therapy, an automotive workshop offering WOFs and repairs which is convenient for CBD workers who want to leave their vehicle for the day, adding a layer of convenience for people who park here regularly and underscoring the building’s function as a daily base for CBD commuters.

The Gilmer Terrace position is strategic for a carparking asset, with quick access through nearby Boulcott Street. From here, vehicles can move north or south with ease, using either the motorway system or the harbour quays.