An immaculately presented, multi-level commercial office building in Wellington is being offered to the market for sale and presents buyers with the opportunity to acquire a highly visible asset with a steady rental stream.
Located at 57 Vivian Street in Te Aro, the property has 5,694sq m of net lettable area on a 2,628sq m landholding.
Real estate firm Harcourts is the anchor tenant, alongside government-backed health services provider Pathways Health Limited. There is a weighted average lease term of 5.43 years and the passing net income is $1,577,842 plus GST per annum.
Having undergone a recent refurbishment and earthquake strengthening, the property has been seismically strengthened to 90 per cent NBS, including the C5 assessment guidelines.
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It also benefits from significant road frontage to Vivian Street and Frederick Street with more than 25,000 cars passing per day.
The suburb of Te Aro is rapidly changing with numerous apartment developments under construction. The wider area boasts a vibrant community atmosphere with a mix of retail, dining, and entertainment options.
This blend of amenities makes it an attractive destination for both businesses and residents. The ongoing development projects are set to further enhance the area s appeal, making it a key hub for future growth and investment.
There are numerous public transport options nearby, while key arterial routes also provide access to the motorway network and Wellington s international airport.
Colliers Wellington Brokers Richard Findlay and Hamish Templeton have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 25 February, unless sold prior.
Originally built in the 1980s, the recent refurbishment has added to the quality of the building and positioned it as a low-maintenance asset. Additionally, the property includes a ground floor gym and rooftop deck area.
There are also 12 car parks at the property offering convenience for tenants and visitors.
Findlay, Managing Director at Colliers Wellington, says this purchasing opportunity is one that is not to be missed given it is underpinned by a strong tenant covenant through the existing occupants.
"The seismic work completed on the property is something that will be keenly welcomed by prospective purchasers," Findlay says.
"The building benefits from spacious floorplates that will be appealing to a broad array of tenants meaning buyers with a long-term view for the property will have options available to them in the future."
Templeton, Investment Sales Broker at Colliers Wellington, says the property enjoys a convenient location surrounded by many well-known local hospitality options such as Prefab cafe and Cafe L'affare.
"Wellington is known for its outstanding coffee and excellent selection of bars and eateries and the occupants of this building are a short walk away from Courtenay Place or Cuba Street and all that those hot spots have to offer," Templeton says.
"Civic Square, Te Papa, and the city's waterfront are all nearby, as well as Victoria University and Massey University.
"The combination of a refurbished building with established tenants in a highly sought-after location makes this a property that is worth serious consideration for discerning investors."
- Supplied by Colliers
