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Wellington

JLL marketing 190 Thorndon Quay for sale

Fully tenanted with ground floor retail and four levels of office space above


 

 

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​​190 Thorndon Quay high res small.jpgA mixed use office and retail building is being marketed for sale by tender through JLL, and comes fully tenanted.

Located at 190 Thorndon Quay in Wellington, the property consists of ground floor retail, with four levels of offices above. 

The 404 sqm retail space on the ground floor is tenanted by Beds R Us, while the 2,820 sqm office space is occupied by a core government agency.

The property is bringing in a net income of $472,000 and has been earthquake strengthened to 67 percent NBS. 

It is being marketed by JLL Wellington commercial property specialists John McKenzie and Ulf Führer.

“The property is tenanted by two stable occupiers, which secures a reliable income for the investor. The core government agency tenanting the top floors has not been affected by the government’s contraction of office space,” says Führer. “So essentially, all the hard work has been done. The property is now ready for the new owner to reap the rewards.”

Thorndon Quay is characterised by the prevalence of home décor and furniture retailers. The surrounding properties are typically low to medium rise buildings, with ground floor retail and offices or residential apartments above. 

Thorndon Quay is a key route in and out of Wellington and so the property is easy to access and benefits from exposure to passing traffic. 


The latest REIS report by JLL’s research team shows that Thorndon has an extremely low level of office vacancy compared with other Wellington areas. While the office vacancy rates of the CBD and Te Aro sat at 9.1 percent and 17.3 percent respectively, only 0.8 percent of office space went unfilled in Thorndon. Given that demand for office space in Wellington is generally government-driven, the low vacancy rate is reflective of Thorndon being the favoured location for government agencies. 

“Thorndon’s low office vacancy rate is another reason why the area is so popular with investors, as they know that there is almost always demand for space so there is little worry of being stuck with empty space on your hands,” McKenzie says.

“Not only that, but with bank deposit rates sitting at a low point, the commercial property market has become an attractive option for investment. Given its location and the stable nature of its tenancies, 190 Thorndon Quay presents itself as a viable investment opportunity within the current market.”

JLL agents John McKenzie and Ulf Fuhrer are also marketing the property next door at 188 Thorndon Quay. It is also tenanted by a bed retailer on the ground floor, with two loft-style apartments above.