Central Wellington add-value building trio

4:39 PM Saturday May 5, 2018 True Commercial

Adjoining buildings, at 2-4 and 6 Roxburgh St, and 17-19 Majoribanks St are identified by a blue border. Photo / Supplied

Three freehold properties are for sale at the edge of the Wellington central business district on the lower slopes of Mt Victoria.

The adjoining buildings, at 2-4 Roxburgh St, 6 Roxburgh St and 17-19 Majoribanks St, are for sale individually or together by deadline private treaty closing at 2pm on Thursday May 31.

Colliers International broker Sam McIlroy, who is marketing the properties for sale with colleague Tim Bowden, says the buildings offer buyers several options in a popular locality.

“These properties are in a very tightly-held location just off the Courtenay Place entertainment precinct. We’re expecting them to appeal to a range of buyers, including individuals looking for one small investment property; through to buyers who want all three properties who may be looking at ways to redevelop the entire site and add value,” says McIlroy.

Bowden says redevelopment options could include refurbishing and re-leasing the vacant single-storey, corner building at 2-4 Roxburgh St, which was constructed around 1920.

“This building has great potential for commercial use given its high-profile corner position. It was previously occupied by a restaurant and we believe it’s still ideally suited to a hospitality business. There’s a great opportunity here for a new owner to meet the market and establish a highly desirable operation in a busy location,” says Bowden.

The property at 2-4 Roxburgh St has floor area of 140sq m on a 152sq msite, which also includes a small courtyard and parking area. The building has a 25m frontage to Roxburgh and Majoribanks Sts.

The two-level building at 6 Roxburgh St was built in the 1960s and contains ground floor workshop and office space with a studio and office on level one. Vehicle access is provided to the workshop area. A commercial tenant leases the ground floor on a month-to-month basis, with an office tenant upstairs, says McIlroy.

“The short-term nature of the leases means this property provides a good opportunity for an owner occupier, for either commercial or residential use or a combination.”

The building is on a 202sq m site with 363sq m of floor area and an 11m frontage to Roxburgh St.

Constructed around 1910, the building at 7-19 Majoribanks St was built around 1910 and contains ground floor commercial space with a tenanted three-bedroom apartment on level one. Vietnamese restaurant Saigon Taste leases the ground floor. The 142sq m building sits on a 119sq msite with a 9m frontage to Majoribanks St.

The three properties generate total annual gross rent of around $100,000, with the vacant space providing a strong add value opportunity, Bowden says.

The land is zoned as Central Area, which could accommodate a multi-level mixed use development, he adds.

Sam McIlroy.jpg Tim Bowden.jpg

Sam McIlroy and Tim Bowden of Colliers International