Wellington’s Brooksbank House would suit ‘techie’ owner occupier

9:30 AM Thursday May 7, 2015 Colin Taylor

The three-level 1950s building has been refurbished internally.

A three-level 1950s Wellington building that has been refurbished internally to provide three, well-appointed tenancies is for sale and would particularly appeal to an owner-occupier seeking “a techie type” office environment, says James Higgie of Bayleys Wellington.

Higgie is marketing Brooksbank House at 45 Haining Street, Te Aro, for sale by tender closing at 4 pm on Wednesday May 20.

The 450 sq m building on a 157 sq m freehold site was named after wool brokers J.S. Brooksbank Co Australasia Ltd and occupies a position on the sunny side of Haining St.

The first floor includes a raised dockway and an enclosed car park and is leased to funeral directors Broadbent & May. Their lease is up for renewal and rent review on August 31.  

“The second floor is subdivided into five offices with shared meeting room and kitchen areaand is leased on a monthly basis to Leisure Days Limited, which would enter into a long term lease if required,” Higgie says.

The third floor has one large open-plan space with a high stud and skylights, together with three smaller corner rooms each with good natural light and storage. This level is currently used by the vendor and offered with vacant possession.

“Brooksbank House has potential for a part owner-occupiers or investors wishing to be in an affordable part of town with good underlying fundamentals,” Higgie says.

“A part-owner occupier who did not necessarily require a street level presence could buy well and benefit from the current income while using the balance of the property for their needs.

“There are some good options for a new owner to consider and a pure investor will also see merit in the location,” he says.

“This is a productive and well-thought of commercial niche within Te Aro. With a capital value of $925,000, we are expecting strong interest from astute buyers.”

Higgie says the area has an interesting history as Wellington’s former Chinatown precinct with Haining Street, once known locally as Chinese People’s Street.

More than one hundred years ago Haining Street and to a lesser extent neighbouring Frederick Street, were reputed to have been Te Aro’s centre of opium and gambling dens, home to the city’s earliest Chinese restaurants, political and religious groups, and the place where new Chinese immigrants gravitated.

In the late 19th and early 20th centuries when gold prospecting in Otago and on the West Coast dried up, Chinese miners and their families drifted northwards. In the capital,

Haining Street was a central gathering point for the Chinese community with the street typified by humble wooden cottages.

“There is little left to mark this period of Te Aro’s history but tales tall and true abound,” Higgie says.

“The stories of early Chinatown just add to the colour of the area and provide a talking point,” he says

Today, Haining Street is characterised by workshops, commercial buildings, boutique office spaces and apartment conversions.