A large and immaculate office floor in a high-profile location in the heart of Wellington is ripe with options for new owners.
The freehold unit title is located on the top storey of 11 Vivian Street, leased to well-known brands Strategy Creative and landscape architecture practice Local Collective.
The 544sq m floor is being jointly marketed by Sam McIlroy, Associate Director at Colliers Wellington, and Jim Wana of JLL. It is for sale by deadline private treaty, closing 20 July, unless sold prior.
The airy level three unit currently comprises four commercial tenancies, three of which Strategy Creative leases, while Local Collective occupies the mezzanine.
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“This is a hugely attractive offering and will appeal to investors, developers, and owner-occupiers. The vendor has owned the floor for 10 years and refurbished it to a very high standard. It’s been fully leased throughout that time,” McIlroy says.
“We think there’s scope for an owner-occupier to convert the floor into residential apartments or further develop the office space. The floor plan and layout are really flexible, providing great options for leasing.”
The office space is modern and stylishly presented with a common kitchen and meeting area, bathrooms, polished concrete floors, great layout, and natural light.
The current net income is $109,055 plus GST per year. The offering includes three car parks at the rear of the building, which comprises a mix of retail, residential, and office.
“Buying this unit would give an investor a 25 per cent foothold in the building and there’s the opportunity to increase that to 50 per cent ownership, with the ground floor also being offered for sale by a different vendor,” McIlroy says.
“The land area is 2,170sq m, which is massive for this part of town – the overall potential is huge for an owner who’s prepared to bide their time.”
The building is close to the best cafes and supermarkets in Te Aro. Nearby amenities include Moore Wilsons, Prefab, Cafe L’Affare, Courtenay Place, and Cuba Street.
McIlroy says the surrounding area has undergone a rapid transformation in recent years and there’s significant development planned that will redefine Te Aro.
“There are numerous apartment developments under construction and a growing demand for accommodation, both commercial and residential.”
- Article supplied by Colliers
