Wellington Golden Mile building ‘rare as hen’s teeth’
The 1890s three-level Willis Street building – identified by a red border.
A three-level character building is for sale in Willis Street on Wellington city’s Golden Mile retail strip.
Grant Young of Bayleys Wellington says tenants in the late 1890s’ building at 76 Willis St include Munns menswear at street level and Ti Kouka Café on the first floor. The second floor is configured as a five to six bedroom apartment.
“Commercial property seldom comes on the open market here so it’s no surprise we have already received exceptionally good inquiry about it,” Young says.
The building was substantially strengthened and upgraded in the 1980s and has a current seismic rating of 60 per cent of new building standard (NBS).
The total lettable floor area is 655 sq m with the rental risk spread across three tenants.
Young says the building is “an affordable investment” and one that is generating plenty of talk among seasoned investors who know the value of its strategic location.
He is calling for offers on the property to be received by Bayleys Wellington on August 12.
“This property would have to be one of the cheapest standalone investments in the Golden Mile area which features some of the city’s finest retail rentals,” he says.
The Te Kouka Café occupies the first floor.
“The current net income is sitting at $248,324 per annum plus GST with the existing leases on varying terms.
“Investors will do the sums and quickly see that opportunities like this do not come around often – in fact, they are as rare as proverbial hen’s teeth.
“This is a small, accessible investment property sitting among very good company including New World Metro and on the preferred western side of Willis Street, which commands a higher pedestrian count and therefore higher rentals.”
The building’s exterior walls and interior are constructed of brick interior with timber floors on steel beams. A veranda spans the width of the street frontage of the building and the roof is corrugated iron.
Access to the upper levels is via stairs on the southern boundary.
The first floor café is largely open plan with a kitchen to the rear and windows that overlook Willis St providing good natural light.
The third level residential apartment is on a fixed term tenancy until February 2017. Young says it lends itself to a complete refurbishment to transform it into a smart inner city residence.
“This property will resonate with forward-thinking investors prepared to think big and maybe, with time, capitalise on the significant airspace potential given the 95 metre height limit of over 20 levels which is allowable on the site,” he says.
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