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Former gentleman’s residence with award-winning tenant
Former gentleman’s residence with award-winning tenant is for sale
The land and buildings housing one of the capital’s most-lauded restaurants, and one of the last surviving examples of a modest ‘gentleman’s residence’ in central Wellington, have been placed on the market for sale by auction.
Known as Plimmer House, and home to the award-winning Boulcott Street Bistro, the gothic revival-style property at 99 Boulcott Street sits on a pocket handkerchief-sized site and is dwarfed by adjacent high-rise buildings close to the CBD.
The Heritage New Zealand category 1-listed building which dates back to the early 1870s was built for Henry Eustace de Bathe Brandon – chief clerk and accountant in the Stamp Department – and was believed to have been a wedding gift from him to his bride-to-be.
In 1911, the property came into the possession of descendants of John Plimmer, the notable Wellingtonian who was bestowed the title ‘Father of Wellington’ and who is immortalised by a statue on Lambton Quay.
The 165 square metre one and a half-storey timber cottage with its steeply pitched roof and tower with decorative finials and fretwork, was constructed by Scoular and Archibald, builders of Wellington’s Government Buildings. The site it occupies is just 282 square metres defined by a traditional white picket fence at its street edge.
The building has been meticulously maintained and is not earthquake prone having been assessed by a registered engineer as having a NBS rating of 60 percent.
Fraser Press of Bayleys Wellington is marketing Plimmer House and says the property is only two minutes’ walk from Lambton Quay via the Plimmer Steps where, at the base, the bronze statue of Plimmer and his faithful terrier, Fritz, stands.
“Plimmer House has a sentimental place in many Wellingtonians’ hearts – even more so now as the city continues to develop and evolve around it,” says Press.
“There’s something quite special about the way this beautifully-preserved relic of Wellington’s late 19th century architecture is juxtaposed against the high-rise skyline of the city.
“Given the advances made around it, this property is a treasured piece of Wellington’s history and one which has not been presented to the market in almost 20 years.”
Press says the fact that one of Wellington’s favourite restaurants has been based in the building for close to 25 years and has further committed to the site for the long-term future, would give confidence to an investor looking for a passive addition to their investment portfolio.
Boulcott Street Bistro, now headed by chef Rex Morgan, has occupied the building since 1991 and has a new 10-year lease in place from December with two, five-year renewals beyond.
The property has a net income of $128,000 + GST per annum with rent reviews against CPI, two-yearly.
The main restaurant dining room seats 44 people and a further 16 can be seated upstairs in the private dining room.
The commercial kitchen was last upgraded in 2005 and a further upgrade is planned for January 2016 when it will be painted and new resin flooring installed.
“There is an external maintenance contract in place with Programmed Maintenance Services and the building is in great condition for its age,” says Press.
“The Boulcott Street Bistro has found that the character of this landmark building – along with its location close to major hotels, the CBD and affluent fringe city residential areas such as Kelburn, Thorndon and Wadestown – has very much worked in its favour.”
Plimmer House will be sold by auction at Bayleys Wellington on 3rd December.
ENDS
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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