Wellington, 25 October 2014 – An opportunity to purchase highly visible sites located on a major arterial route have come up for sale at 205-219 and 221 Wakefield Street.
Marketed by Ryan Johnson and John McKenzie from CBRE Wellington on behalf of Foodstuffs, the properties are for sale by Tender closing Tuesday 11 November 2014 at 4pm and are available together or separately.
Ryan Johnson, Managing Director of CBRE Wellington, says “The properties are Wellington’s best development site and offer a rare opportunity for astute investors. This part of the city, The Taranaki Wharf area, is currently the busiest in terms of development. 205-219 Wakefield Street has add-value opportunity of 646sqm of land including a 500sqm building consisting of showrooms and offices as well as five car parks. Centrally located, it is a short stroll to Courtney Place's cafés and restaurants as well as Wellington waterfront.
"221 Wakefield Street is an 813sqm parcel of land and a high profile site with 25 car parks. As well as being close to the already mentioned amenities it is adjacent to the proposed Convention Centre/Hilton Hotel development, which is set down for final council approval on the 5th November 2014.”
John McKenzie, Senior Negotiator at CBRE, says “The property has excellent development opportunity and is one of the last remaining sites through the Cable/Wakefield Streets corridor. The potential options for this property are endless.”
"By purchasing the properties together, this would give the purchaser approximately 1,450sqm within a highly sought after area, which is rarely available and could be a developer’s dream. The potential options for this property are significant with the surrounding development of a proposed Countdown, Hilton and Convention Centre and more so the range of property use has a great range of possibilities.
"The properties are situated on the northern side of Wakefield Street. This is a major arterial route that brings traffic from Cambridge Terrace, Oriental Bay and the Courtenay Precinct to the CBD fringe and then on to other major arterial routes that service Te Aro, the City Centre, and SH1 to the North."
In CBRE’s latest New Zealand Investment MarketView report, one of the main highlights is the increased activity in the development market. Zoltan Moricz, Senior Director of Research for CBRE New Zealand says “From virtually nothing a few years back, development land has become the second most actively traded property type in the first half of the year, at 18.3% of the total and valued at $195 million. The demand for development land has been wide spread from overseas developers/land bankers to New Zealand private and corporate institutional entities.”
Johnson adds that “with the property just a short stroll from Wellington's cultural and retail precinct and the waterfront that this opportunity has genuine investor appeal due to its fantastic location. Close to transport routes the two properties occupy a high profile site and we are expecting strong interest.”
About CBRE
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
