Wellington property has redevelopment potential
This property currently leased by a childcare centre is for sale at 298 and 300 Evans Bay Parade, Wellington.
Two adjoining former residential properties along Evans Bay Parade that have been converted to a childcare facility are now for sale.
Mark Walker and James Higgie of Bayleys Wellington are marketing the land and buildings at 298 and 300 Evans Bay Parade by way of tender closing August 12 on behalf of a former Wellington investor owner who is now Australian based.
The prime site with a total area of 2918 sq m is located directly opposite the NIWA (National Institute of Water and Atmospheric Research) premises at Greta Point on the western side of Evans Bay Parade.
The tenant, High Five early education centre, is on a monthly tenancy with an annual rental of $60,000.
“An assessment puts the potential net rental closer to $90,000 per annum,” Walker says.
“The titles of the two properties were amalgamated some years ago and the current owner is in the process of subdividing the property back into individual titles. Hence the properties will be available on an individual basis or together,” he says.
The two freestanding buildings are typical of the 1960s’ era in which they were constructed with a new building standard (NBS) rating of between 97 to 100 per cent. Combined, they have a total floor area of 479 sq m.
The more northern of the buildings, Awhina House at 298 Evans Bay Parade, has a 293 sq m floor area over two levels. Originally, the property had four ground floor garages but remodelling was undertaken to provide dedicated childcare facilities including indoor play areas with access to an outdoor play area; sleeping areas and bathroom facilities. Two of the former garages have been converted to include a manager’s office and staff room.
A rear view of the Evans Bay Parade property.
Manaaki House at 300 Evans Bay Parade is the smaller of the two original dwellings and is also across two levels with the interior remodelled to provide child care facilities encompassing sleeping areas, bathrooms, play areas and access to the outdoor play areas which are tucked into the hillside to the rear.
Walker says development or investment opportunities along Evans Bay Parade are few and far between and some creative thinking could reward a new owner.
“The property could easily stay in its present configuration and remain a childcare facility given its location near to the suburbs of Hataitai and Kilbirnie, and also being on a main arterial route to the city,” says Walker.
“Alternatively, the site is zoned Business 1 and as a redevelopment opportunity, there are many options for a prospective buyer to consider – particularly as there is a 12 metre building height limit.
“There is a lot of residential activity in the general area with a 13-unit townhouse development underway just two properties along from this one on the site of the former Sheepskin Warehouse,” Walker says.