Capital’s Cuba quarter character

3:00 PM Tuesday September 22, 2015 Colin Taylor

The three storey building for sale at 1 Marion St Wellington.

A landmark 1920s three-storey character building, likely to appeal to both owner occupiers and investors, is for sale in Wellington’s chic Cuba quarter.

“It’s the first time this building at 1 Marion Street has come onto the market in nearly 30 years,” says Sam McIlroy of Colliers International who, with colleague Peter Wilkin, is marketing it for sale by tenders closing at 4 pm on October 8.

“This is an exceptionally rare chance to buy a standalone building on a prominent corner site close to Cuba Street,” says McIlroy. “The Cuba Precinct is popular with owner-occupiers and investors alike because of its heritage buildings and closeness to Cuba Street with its many bars, restaurants and cafes.”

The building contains 400 square metres of floor space on a freehold, 155 sq m corner which faces northwest for maximum sun and natural light.

McIlroy says the ground floor would suit an owner occupier and lends itself to a wide range of uses ranging from retail premises to boutique studios.

“The first and second floors are classic character spaces. They’re tenanted by a yoga studio and a long-standing graphic design practice.”

Wilkin says the sale of the property, with a 2012 rateable value of $980,000, gives a new owner the chance to add value to the building in a prime, sought-after location.

“Marion Street has a bright future as the capital’s creative hub, where IT, advertising, communications and design firms are starting to cluster,” he says.