A character commercial property in an evolving part of Taranaki Street in central Wellington, has been placed on the market for sale, providing real opportunity for a new owner to optimise the potential of the already-strengthened building.
Well-positioned on Taranaki Street between Jessie and Vivian Streets, the property comprises one vertical half of the building affectionately known as the Gruars Building, so-named after the former auto electrical business that occupied the site for many years.
The freehold property will be sold with vacant possession and offers 348sqm of space over three levels with balconies and a courtyard, on 143sqm of land.
Mark Walker and James Higgie of Bayleys Wellington Commercial are marketing the property for sale and it will be auctioned at 11am 3rd December at Bayleys’ Brandon Street premises.
Walker said an owner-occupier or add-value investor will recognise the hens-teeth nature of a character building strengthened to 80 percent of new building standard in this location – and the options that it presents.
“It’s a very cool building with Georgian overtones, interesting windows, high-stud components and all the charm of a late-19th century property.
“For many people, preserving these character-filled properties is important to maintain a sense of cultural integrity for the city and the current owners have done just this.
“They’ve honoured the bones of the building while creating a light-filled, neutral and tasteful blank canvas for a new owner to take in their own direction.
“It has a good feeling about it with polished wooden floors and great natural light and would make an interesting and functional live/work space with some combination of ground floor showroom/studio with upper level office or residential apartment use.”
Higgie said the property could be further divided into separate tenancies which would appeal to an add-value investor.
“There’s a potential net income of around $79,000 per annum based on a showroom/office usage, however, with inner-city living on the rise as reflected in neighbouring developments, the potential for a cosmopolitan-style city apartment could be appealing, too.
“The property’s Central Area zoning is flexible and allows for development that would progress the Council’s liveable city ideals.”
A few doors down, at 97 Taranaki Street, The Paddington low-rise terraced homes development on the former Capital City Motors’ site will deliver 150-plus new residences, while on the corner of Taranaki and Vivian streets, a new Ramada Hotel and Suites will offer 93 serviced apartments.
“It’s a vibrant part of town and with Jessie, Cuba and College Streets nearby, this is coffee central,” said Walker.
“Our feeling is that an astute owner-operator wishing to consolidate work and home into one easily-accessible site will see the intrinsic value that this site offers.
“It would be an enterprising initiative in a part of the city that is reinventing itself.”