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News Release

Nelson

Prime character property for sale in central Nelson

JLL is marketing a freehold character building on Achilles Avenue


 

 

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JLL is marketing 22 Achilles Avenue, a two-storey character building in the heart of Nelson’s CBD. 

The property was designed and constructed in 1947 by the Ministry of Works as the Nelson Telephone Exchange building. Following the construction of the current Nelson Exchange in 1978, the property was converted into office accommodation for employees of the New Zealand Post Office, and latterly Telecom and Spark. 

JLL agents Nick Hargreaves and John McKenzie are marketing the property, which is being sold via an expressions of interest campaign, closing 24 May. 

Hargreaves says the vacant property, which is zoned as ‘Inner City-Centre’ under the Nelson Resource Management Plan, is ripe for repositioning or redevelopment. 

“The Achilles building has immense add-value potential for any prospective buyer. It is in a fantastic location set among offices, large retailers and food providers in one of Nelson’s busiest streets,” he says. 

Neighbouring tenants include Nelson City Council, Nelson Building Society and outdoor clothing retailer Kathmandu. 

“The property includes 597 sqm of land area, with 517 sqm of office space on the ground floor and 482 sqm on the first floor. It also benefits from rooftop access via both floors, a street frontage onto Achilles Avenue and a carpark in the adjacent Wakatu Square Carpark,” McKenzie says. 

McKenzie notes that the concrete building currently shares a title with the neighbouring building fronting Halifax Street, but a subdivision is in progress. 

“The subdivision will mean that each building will stand on its own freehold title,” he says.

Hargreaves adds that recent inspections of the building found that its %NBS seismic performance is rated 92% (IL2) and that there are no signs of asbestos.

“The Achilles building offers great scope for prospective tenants or investors looking to leverage Nelson’s growing economy and booming tourism industry,” Hargreaves says. “Nelson is growing fast and commercial real estate opportunities in the city centre do not come up often.” 

A report released by Infometrics economic consultancy in 2016 found that the Nelson-Tasman economy grew by 4.4 per cent in the first half of 2016, compared with an estimated 2.6 per cent growth nationally. The report also found that tourism accounts for 10 per cent of all employment across the region and guest nights increased by 8 per cent in 12 months up to June 2016. 

With a winning combination of beautiful surroundings, warm climate, and vibrant art and culinary scenes, Nelson is hailed as one of the country’s most ‘liveable’ cities. 

The city serves as the urban centre and hub for primary production in the Tasman and Marlborough region, and its location at the top of the South Island makes it very accessible from all points around New Zealand, whether arriving by air, by sea or by road.​