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News Release

Wellington

JLL marketing mixed use opportunity on Thorndon Quay

Chance to own commercial and residential in one


 

 

Significant piece of industrial land for sale /new-zealand/en-gb/news/848/significant-piece-of-industrial-land-for-saleChristchurchSignificant piece of industrial land for sale
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​​​188 Thorndon Quay small-min.jpgA two-level retail and residential property in Thorndon is for sale by tender through JLL. 

The property is fully tenanted with furniture retailer Bedstop occupying the 306 sqm ground floor, and two loft-style apartments above. A courtyard separates the two apartments, which have a combined area of 294 sqm.

JLL agent Ulf Führer says a mixed use property is a good option for first-time investors.

“With both commercial and residential use within one building, this property is the perfect entry for someone looking to get into the commercial property market. It allows an investor to have a foot firmly in both camps, which limits the risk of investment within an ever-changing property market.

“The property’s location on Thorndon Quay, a primary arterial route, contributes to the high profile of the ground floor retail, meaning that the property is not only a sound commercial investment, but also enjoys additional residential income from the two quality New York-style apartments above.”

The property is located three minutes from the Railway Station in front of the Westpac Stadium and benefits from a high volume of passing traffic moving in and out of the CBD. 

Given its ease of on-street parking and proximity to the CBD, Thorndon Quay is well-regarded as Wellington’s premium bulk retail location. The area is characterised by the prevalence of home décor and furniture retailers, with notable tenants including Beds R Us, Dobbins Office Furniture, Beaurepaires and Silvester Clark Consulting Engineers. Surrounding properties are typically low to medium-rise buildings, with bulk retail on the ground floor and offices or apartments above. ​

Führer says market conditions are favourable for residential landlords, so now is the time to buy.

“At the moment, there is the least number of residential properties on the market that we’ve seen for 30 years – this time last year there were almost a thousand more properties on the market. With such a low supply of residential properties, residential landlords are in the midst of an Indian summer, benefiting from increasing rentals and rental rates.

“With favourable market conditions, there is no better place than Thorndon Quay to invest, which is a well-regarded investment destination, and popular with both investors and tenants.”

The property is for sale by tender, closing Wednesday 16 November 2016 at 3pm.