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High-rise apartment block mooted to replace car park
Media Release
6.9.2016
High-rise apartment block
mooted to replace inner-city car park
An
inner-city Wellington car park with resource consent for the
construction of a new 15-level apartment block has been
placed on the market for sale.
The 930 square metre rectangular site at 10 Alpha Street in Te Aro is currently operating as a tarsealed Wilson car park with spaces for 32 vehicles. The property has additional pedestrian access off Courtenay Place
Resource consent in place allows for the
construction of a 43 metre high apartment block –
consisting of 69 apartments, configured as:
• 41
one-bedroom apartments
• 21 two-bedroom apartments
• five three-bedroom apartments
• five further
three-bedroom apartments with a study
• and
• 44
car parks.
The site is being marketed by Bayleys Wellington salespeople Grant Young and Mark Walker through a tender process closing on September 14.
Mr Young said the undeveloped inner-city site was bordered by a combination of low to medium-rise commercial buildings - with ground floor retail tenancies, and a mix of offices and apartments above.
“Plans have been drawn up to maximise returns from the Alpha Street site – hence the configuration of purely residential dwellings and associated car parks rather than diluting the mix with any retail or office space,” Mr Young said.
“This would allow a higher quality apartment block to be developed with an atrium-style entrance lobby. The Wellington City Council consented plans are part of the sale offering, but of course any potential purchaser/developer would be free to resubmit their own set of blueprints.
“Any development is protected to the north by a height restriction over the adjoining property.”
Wilson Parking currently has a three year
lease on the Alphas Street site – generating annual rental
of $75,000 + GST. However, there is a 45 day demolition
clause in the lease contract which would allow any potential
buyer to begin building work almost immediately.
The
freehold land has a 2015 council rating valuation of $2.25
million – made up entirely of land value with no building
improvements on the site.
Mr Walker said that as
corporate tenants relocated out of older mixed use office
and retail blocks in the Te Aro precinct, a growing number
of commercial real estate owners were reconfiguring their
properties into apartments before strata-titling the units
and selling them off individually.
“Demand for inner-city residential units is higher than for the same space in a commercial use model. So owners of such real estate can now derive better returns from modernising their older space in a different use rather than refurbishing the office fit-out with the hope of attracting in a new corporate tenant,” Mr Walker said.
“Seeing this trend evolving for several years now, the owners of the land at 10 Alpha Street set about acquiring the necessary planning consents for a purely residential development. However, with a change in their property investment focus outside of Wellington, they are now looking to sell the asset with all the initial hard work done for taking this site to a new future.”
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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