Dual sites in key development corridor

A duo of properties with holding income from a tyre centre tenant and major long-term redevelopment potential are up for sale in a key Wellington mixed-use corridor.

The adjoining sites on Adelaide Road, in Mt Cook, offer a combined freehold landholding of some 1,238 square metres with some 980 square metres of improvements.

The larger northern site, at 146-148 Adelaide Road, is partially tenanted as an Advantage Tyre Solutions workshop on a lease that runs to 2027. This generates a gross annual rental of $108,947. The southern site, formerly home to Wellington Combined Taxis offices and control centre, is now vacant.

If both are re-leased, the properties have an appraised potential to earn a total net rent of over $136,000.

Bayleys salesperson Mark Walker said City Centre zoning under Wellington’s draft district plan underpinned long-term potential for intensive residential or mixed-use development.

“Positioned close to Wellington Hospital and Woolworths supermarket, with excellent exposure and access from both Adelaide Road and Hanson Lane, these properties deliver holding income from an established tenant along with genuine redevelopment potential.

“With flexible zoning and a proposed height allowance of up to 42.5 metres supporting large-scale intensification, this is a rare opportunity to secure scale and location now – and unlock value when the timing is right,” Walker said.

The properties at 146-148 and 150-152 Adelaide Road, Mt Cook, Wellington, are being marketed for sale by Walker and colleague Luke Kershaw of Bayleys Wellington Commercial.

They will be sold by way of a tender closing on Wednesday 10 December.

The approximately 822-square-metre site at 146-148 Adelaide Road contains a well-presented commercial complex whose flexible configuration could suit a range of commercial uses.

The front portion provides a modern tyre and service workshop with multiple roller-door bays, reception and customer lounge. The rear section contains good quality ground and first-floor offices.

Sealed front and rear yards allow for parking, loading and easy dual access.

The site next-door at 150-152 Adelaide Road comprises a two-storey commercial office and administration block on 416 square metres of land.

This encompasses a mix of open-plan and partitioned offices, meeting rooms, kitchen and staff amenities. The ground floor includes a reception area and onsite parking for around eight vehicles, with a secure yard and secondary access to the rear.

Both sites enjoy excellent visibility and high daily traffic volumes, providing strong exposure and signage opportunities along one of the city’s busiest arterial routes.

Kershaw said commercial occupiers, and any future development, would reap benefits from being on a key route linking Wellington’s central business district with the southern suburbs of Newtown, Berhampore, and Island Bay.

“Adelaide Road is regarded as one of Wellington’s most strategic inner-city corridors, providing both convenient access for businesses seeking proximity to the central city and long-term development potential.

“The surrounding area is a well-established mixed-use environment anchored by Wellington Hospital, a short distance to the south. The precinct also includes a wide range of trade retail, automotive, medical and light commercial uses, together with a growing crop of medium-density residential developments, reflecting ongoing urban renewal in the southern fringe of the city,” Kershaw said.