Character building in desirable Cuba precinct a magnet for developers

25 November 2021

A much-admired character building in the heart of Wellington’s Cuba precinct is ripe for redevelopment and already has Resource Consent for the addition of four more floors. Overlooking Glover Park at 13-15 Garrett Street, the north facing building is being jointly marketed by Sam McIlroy, Associate Director of Colliers International, Rick Stace and Dharmendra Mistry, Directors of CBRE. The property is for sale by deadline private treaty, closing Wednesday December 15 at 2pm. McIlroy says the two-level building has Resource Consent to add a further four floors and convert to a 47-room student accommodation facility, together with four apartments and 213sqm of ground floor retail. Alternatively, there’s potential for 26 apartments and two ground floor retail tenancies.

“We think this is likely to attract keen interest from owner occupiers, residential developers, and add-value investors. It’s a blank canvas and the flexibility of the current leases provide an income stream and time for planning the next phase.”

“The building is fully leased, providing a good holding income for the foreseeable future. Much of the groundwork has already been done, paving the way for the successful buyer to breathe new life into the building. Extensive redevelopment plans are available to qualified buyers, together with a seismic strengthening scheme, costings, a Geotech report, and the Resource Consent.” McIlroy says the area is changing rapidly, fuelled by strong demand for residential accommodation in the inner city.

“The location is fantastic, just off Cuba Street, and surrounded by quality hospitality offerings including Floriditas, Best Ugly Bagels, Noble Rot, Scopa, and Rogue & Vagabond. There’s a lot going on around Glover Park at the moment.” The Albemarle Hotel overlooking the park is being redeveloped into an upmarket bar/ restaurant and there’s also the new boutique Intrepid Hotel at 60 Ghuznee Street.

For further information please contact: Sam McIlroy

Associate Director | Wellington

Dir +64 470 4043 | Mob +64 21 730 100

Email sam.mcilroy@colliers.com

Cornerston House, Level 10, 36 Customhouse Quay | Wellington New Zealand PO Box 2747 | Wellington, 6140 | New Zealand

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