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College Street property ripe for future development College Street property ripe for future development CREDIT: Bayleys

College Street property ripe for future development up for tender

Thursday 21 October 2010, 7:03PM
By Bayleys
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WELLINGTON CITY

Commercial investors with a finger on the pulse of the Wellington market will recognise the inherent value of a three-level property in College Street, Te Aro that is up for tender with a close date of 3 November.

Mark Hourigan and Mark Walker of Bayleys Wellington say enquiry has been flooding in on the fully-tenanted investment property whose popular neighbours include Moore Wilsons, Café L’Affare, Miss Wongs and the Brooklyn Bakery.

“The former commercial/service function of College Street is rapidly giving way to boutique retail and residential usage with it now being a preferred precinct for apartment developers. This property is certainly one to snap up now and hold for future development as the location has a popularity stamp of approval and it is evolving rapidly,” says Mr Hourigan.

Located at the Cambridge Terrace end of College Street, the 1970s property is of concrete construction and currently configured as a 352sq m ground floor warehouse and workshop accessed by a double height roller door with office space on the upper two levels.

Car detailers and groomers Tenant Celebrity Car Valet (2006) Ltd has a three-year lease on the ground floor premises until May 2011 with a further one, three-year right of renewal.

On the first level, is 212.5sq m of office space currently occupied by an art dealer with part of the area used as gallery area, while the top storey with 352sq m of space is currently used as a martial arts facility by the Wellington Judo and Ju-Jitsu Academy.

The net income on the property is $87,000 per annum – a handy holding income for a buyer with bigger plans down the track.

“College Street is one of those locations that we receive huge enquiry on and given the scope of potential for the area, it’s a sturdy investment opportunity for an investor or developer with intent to capitalise on the location’s obvious and proven strengths,” says Mr Hourigan.