Three buildings in Wellington’s Te Aro
The most distinctive building, of the three, has a curved corner facade, featuring the extensive use of glass blocks. Photo / Supplied
Three buildings, with four commercial tenants and four apartments on one freehold title are for sale in Te Aro, Wellington, promising the purchaser a strong and diversified cash flow with opportunities to add value.
“This property is ripe for redevelopment,” says Sam McIlroy of Colliers International, who is marketing 175-179 Vivian St for sale by deadline private treaty closing at 3pm on Tuesday, March 27.
“It’s unusual to see a large property like this on the market in central Wellington, with such a diverse range of tenancies across three separate buildings. There’s lots of prospective options for the buyer to increase the income and add value,” McIlroy says.
The three buildings, which have a combined commercial floor space of 993sq m and total residential space of 543sqm, generate a net annual income of about $200,000.
The building at 175 Vivian St has a floor area of 978sq; 179 Vivian St is 630sq m; and 1 Walter St is 127sq m.
McIlroy says an income uplift could be achieved through refurbishing the tenancies and renegotiating the leases. There’s also the potential for a larger-scale redevelopment given its high-profile corner location on a main arterial route through central Wellington.
“Buildings on the site can be up to a maximum height of 27 metres, which opens up lots of possibilities for office, residential or mixed-use developments,” says McIlroy.
The most distinctive building on the property, on the corner of Vivian and Walter Sts, is a Moderne-styled, three-level structure built in 1955. It has a curved corner facade, with a heritage classification from Wellington City Council, and features the extensive use of glass blocks.
The building houses a ground floor commercial tenancy occupied by About Print; along with a vacant first floor, and second floor apartment with a flat accessible roof top.
The vacant floor gives an owner-occupier a chance to purchase the property and move in themselves, says McIlroy says. “The vacant space on level one is classic ‘character space’ that would suit commercial operators; but which could also be converted into an apartment.”
Next door, to the south, is a building constructed in 1979, containing two small apartments that are accessed from Walter St. There are also 12 car parks on the site.
On the Vivian St side, the third building on the property, built in 1986, has two levels housing four commercial tenancies occupied by: Mr Rentals, About Print, Apex Electronics and Loki Lounge.
With a land area of 1087sq m and 30-metre frontages to Vivian St (State Highway One) and Walter St, one of the main strengths of the property is its location, says McIlroy.
“The Vivian St location is highly prominent and has easy access to the motorway and Wellington International Airport. Cuba St and Courtenay Place are just a short walk away and the immediate area is also home to some of Wellington’s best bars and restaurants.”
Sam McIlroy of Colliers International