As Exclusive Agents, CBRE New Zealand is pleased to present 126 Featherston Street, Wellington Central, Wellington for sale by Deadline Private Treaty, closing Tuesday 31st March 2026 at 4pm (unless sold prior).
The property comprises a prominent 11-level commercial building plus basement, incorporating ground floor retail, eight office/mixed use levels, and a penthouse residential floor, together providing a net lettable area of approximately 3,982sqm. The building is situated on a 524sqm (more or less) landholding and includes 12 secure basement car parks. Recent seismic strengthening works have brought the asset to 80% of New Building Standard.
A key enhancement to this opportunity is the vendor’s successful agreement with Wellington City Council to acquire the underlying leasehold land, with a delayed settlement (December 2026). This positions the incoming purchaser to transition the property to full fee simple ownership.
The building currently generates a holding income, providing cashflow while purchasers assess long-term repositioning strategies. The asset requires some additional capital expenditure beyond cosmetic works, with several floors available as adaptable shell space suitable for office refurbishment, owner occupation, or conversion options such as residential or hotel/short-term accommodation.
126 Featherston Street occupies a prime location within Wellington’s CBD, in close proximity to the Government precinct, public transport links, retail and hospitality amenity, and the waterfront. The combination of strengthening, freehold status, fee simple pathway, holding income, and multiple value-add options position the asset as one of the more compelling opportunities currently available in the central city.
Key investment highlights:
- NLA of approximately 3,982sqm
- Strengthened to 80% NBS
- Land area: 524sqm (more or less)
- Freehold secured with WCC, with a delayed settlement (December 2026)
- Holding income
- Add-value options - refurbish or convert
- Prime Wellington CBD location
- 12 basement car parks
- Penthouse currently configured into 3 residential apartments
CBRE strongly recommends early consideration of this outstanding CBD opportunity and invites interested parties to contact Dharmendra or Rick without delay.
