Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fully-leased Willis Street Building With Standout Street Art For Sale

A fully-leased character building in Willis Street, Wellington which has been home to some of the capital’s most memorable restaurants has been placed on the market for sale.

The striking blue two-level building, located close to where Willis Street intersects with Manners Street, dates back to the early-1900s. The ground floor has been occupied by successful casual eatery Burger Liquor since 2014, while upstairs, co-working space provider Digital Nomad, occupies the entire floor.

Long-time Wellington residents will remember the days when the building housed Casablanca Restaurant, then the cowboy-themed establishment Armadillo’s, followed by a couple of incarnations of the Crazy Horse Steakhouse.

The 580sqm building which includes a basement and additional storage area with roller door, sits on a compact 214sqm site which has one boundary to Ellers Avenue.

The Central Area-zoned property at 129-131 Willis Street has a net income of around $170,000 per annum plus GST. Burger Liquor’s lease runs until the end of 2030, while Digital Nomad’s has an expiry of 2026 with a further one, 6-year right of renewal.

The property will be auctioned at 11am Thursday, 8th July and is being marketed by Fraser Press and Mark Walker of Bayleys Wellington Commercial

Press said Burger Liquor is part of a respected stable of hospitality operations including Monsoon Poon and Boulcott Street Bistro and has continued to trade strongly despite the disruptors of 2020.

“Burger Liquor has stamped its mark on the capital’s dining and bar scene in more ways than one – with attention-attracting street murals painted on the Manners Street side of the landmark building.

“America muralist Steiner painted two works in 2015 – a five-eyed cheetah and a shark – while Wellington street artist Chimp, is behind the two portraits on the same wall.”

Press explained that the building was fully-refurbished and seismically-upgraded to 80 percent new building standard in 2019-2020, with strengthening carried out by structural engineers Silvester Clark.

“At this time the building was re-roofed – including insulation – had new double glazed windows fitted, a new fire protection system, and new wiring and plumbing installed,” he said,

“The restaurant interiors were designed by local company esdesign when Burger Liquor first opened, while the first floor office fitout is by First Light Studio.”

With co-working and a more distributed model of office working being seen post-COVID, Walker describes Digital Nomad’s office component of the property as “some of the coolest office space in Wellington”.

“It’s got that New York loft vibe with exposed brick walls, open ceiling truss system, polished floors and deck area – it’s really a good looking working environment and has its own separate access.”

There are a number of new intensified residential developments under construction in the immediate catchment, and this end of Willis Street is now very much part of the city’s core.

“This offering would suit a passive long-term investor who recognises the strength of the existing tenant covenant, but also appreciates the underlying value of land in this fast-evolving part of the CBD,” said Walker.

Click here for more information on the listing.

© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>