Newtown Wellington property has solid options
The single-level retail building at 16 Riddiford St, Newtown, accommodates a restaurant and bar. Photo / Supplied
A mixed use hospitality and residential property is for sale in the Wellington suburb of Newtown, offering purchasers a range options from passive investment to complete redevelopment.
The freehold property, at the corner of 16 Riddiford St and 205 Adelaide Rd, is featured in the latest Colliers Portfolio publication and is being marketed for sale by Colliers International brokers Michelle Chadwick and Sam McIlroy via deadline private treaty, closing on April 12.
Chadwick says the sale offers, “a rare opportunity to secure land in the up and coming suburb of Newtown.
“This property is in a great location opposite Wellington Hospital and surrounded by an impressive array of cafes and restaurants. With big changes underway in Newtown, this is a great chance to buy property and take advantage of expected rent and value increases,” she says.
“The property makes a strong multi-tenanted investment, with an excellent location, popular ground floor restaurant tenant and the two residential leases which diversify the income stream.
An investment buyer could also refurbish and upgrade the property with a view to increasing the rental income and capital value, McIlroy says.
Given the flurry of re-development activity happening around Newtown in recent years, a change of use or redevelopment of the property will also be considered a compelling option for buyers, says Chadwick.
“The property is zoned Newtown Centre which permits a maximum height of 12m, meaning the site can be built up to four storeys high. A modern, mixed-use retail, hospitality and apartment development could be a viable proposition, given the site’s location in Newtown’s commercial centre and opposite the hospital.”
There has been significant development in Newtown in recent years, with many small multi-unit residential developments being completed and more underway, she says.
“The location opposite Wellington Hospital means the site receives significant passing traffic, giving opportunities for highly-visible signage and providing increased demand for commercial and residential opportunities.”
The 293sq m site contains two adjoining buildings and dual street frontages. A single-level retail building at 16 Riddiford St accommodates the restaurant and bar while a two-storey art-deco building at 205 Adelaide Rd is split into two, single-level, self-contained apartments, having a shared laundry in the basement.
Originally a working class suburb, Newtown, like many suburbs surrounding inner Wellington, has undergone gentrification in recent years, resulting in increasing residential property values.
In addition to a large residential catchment and busy commercial centre, Newtown is home to Wellington Hospital, Wellington Zoo, Massey University, Wakefield Hospital and Government House.
The suburb is served by multiple bus routes and is a short drive to State Highway 1 and Wellington International Airport.