Business owners invest in their future in Te Aro
4 Tennyson Street, Te Aro, Wellington
- Two-level unit-titled property located in popular Te Aro, just off Cambridge Terrace
- Floor area of 520m²
- One of four units, with land stratum in freehold
- Property has been strengthened to 70% NBS and fully-refurbished
- Ground floor office/service area with dock way and first floor offices
- Up to 8 car parks available – 4 on the title and 4 on Council lease
- National Total Property marketing campaign with tender method of sale
- SOLD for $1,850,000 with vacant possession
- More than 40 direct enquiries received from predominantly owner-occupiers and mainly from the Wellington region
- Seven tenders were received by close day
- Purchased by locals as a base for their electrical contracting business.
This modern and well-presented unit-titled property is strategically-located between Cambridge Terrace and Tory Street in central Te Aro, and was most recently occupied by Sky TV.
Mark Sherlock, Mark Walker and Bhakti Mistry of Bayleys Wellington took the property to market and, with very little available in this popular area, enquiry levels were high.
“Property suitable for owner-occupiers seldom comes to the market for sale in the precinct between the city centre and the Basin Reserve,” says Sherlock.
“Investment stock is also tenanted quickly and rental values more than hold their own in this hotly-contested location.”
Sherlock says the Tennyson Street property held appeal for a wide range of buyers given that it could be occupied by two separate, self-contained businesses for efficiencies, and yet was a versatile size for just one business.
“Because of the underlying fundamentals of the area, the unit-titled status of the property was not an issue with prospective purchasers,” he says.
“This is central Te Aro and those in the know, realise the inherent value of any property in the vicinity.”
Purchasers Omri Ash and Tony Giannotti, directors of Millars Electrical Contractors, say the planets were aligned the day their tender was accepted.
Millars Electrical Contractors (previously Frank Millar & Co. Wellington) has been around for more than 50 years, with the current directors taking over the reins in 2002.
Omri Ash says their search for a suitable business premises was reverse-engineered.
“We had an offer we couldn’t refuse made on our former business premises in Barker Street and the pressure was really on to find a new base quickly – preferably close to the city,” he explains.
“We hunted between the Basin Reserve and Ngauranga, putting feelers out to everyone and starting to get anxious when we realised there was very little available.”
Ash says they originally looked at the Tennyson Street property as a possible lease option, but then found it was going to be up for sale.
“We decided that it had everything we wanted – location, parking, storage and capacity for our business to really operate well,” he says.
“We knew we had to put our best foot forward in the tender process, but found it quite hard to put a value on the place because of its unit-title status.
“We did our research, sought advice from Mark Sherlock at Bayleys about the trends in the market and submitted a clean, unconditional offer – then nervously awaited the outcome.”
Successful in the end, Ash says they streamlined their relocation process and the move 400 metres down the road from their old site, went like clockwork.
“This is an investment in our business future and we really feel we’ve bought well.”
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