Significant Residential Parcel With Upside

38 & 42, Webb Street, Te Aro, Wellington

By Negotiation

Proposed Usage
Development Site
Description:
Property ID
1c4z49l

CBRE New Zealand is proud to offer 38 and 42 Webb street, Te Aro, Wellington for Sale by Private Treaty.

The properties comprise two recently refurbished, well located, income generating assets with add value/future development potential (27 metres above ground level) available for sale either separately or as one parcel.

38 Webb Street comprises a recently earthquake strengthened 1960s residential investment property providing a total of four four-bedroom apartments. The property is presented in a tidy condition with the earthquake strengthening now completed, along with a substantial refurbishment/upgrade to three of the four apartments. The property offers an attractive residential investment capable of generating excellent rentals and likely to suffer very low vacancy rates.

42 Webb Street comprises a recently earthquake strengthened two-level building constructed in the 1950s, providing ground floor workshop, and first floor residential accommodation which has recently been upgraded and converted to provide a five-bedroom apartment.

The total freehold land parcel is 444sqm (more or less) with some 844sqm (approx.) Gross Floor Area (GFA) currently generating a gross income of approximately $285,760 per annum, making this an excellent proposition for an investor looking to secure a property with a diverse income stream in the sought-after Wellington location of Te Aro.

38 Webb Street Investment highlights include:

- Four x four bedroom apartments
- Residential rental upside
- Land area: 232sqm (more or less)
- Recently strengthened to 67% NBS
- Gross income (residential) $175,760pa
- Recently refurbished (three of the four apartments)

42 Webb Street Investment highlights include:

- One x commercial tenancy
- One x five bedroom apartment
- Land area: 212sqm (more or less)
- Recently strengthened to 50% NBS
- Gross income (commercial) $45,000pa plus GST
- Gross income (residential) $65,000pa

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Te Aro Area