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News Release

Wellington

Outstanding Opportunity on Eva Street

JLL are marketing 3 Eva Street, Te Aro, Wellington


 

 

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​​IMG_0305 small.jpgA rare find in a sought after location is available for sale through JLL.

The property is located on central Eva Street, in the heart of Te Aro, the home for a substantial proportion of Wellington’s tertiary students. Eva Street is also one of the major urban space re-developments that form the Wellington ‘Laneway’s Project.’

The two buildings have a combined floor area of 1,360sqm and sit on a site of 767sqm as well as a 1/3 share in a 220sqm right of way. The first building is four storeys and comprises of five apartments with additional parking for two cars down the side of the building. The second building has two levels with a large, nine car garage on the ground floor and a large apartment on the second level.

JLL agent’s John McKenzie and Jarrod Strong are marketing the property. Strong says that most of the tenants are students. “Students are attracted to the Te Aro area due to its proximity to all universities but also because it epitomizes life in Wellington through the art, culture, food, entertainment and nightlife that it supports.

“Earlier this year there were reports of students living in tents and caravans as they struggled to source accommodation. Student accommodation in Wellington has reached its lowest ever availability and as a result, rental rates are at the highest they have ever been. It is no surprise that this property is fully tenanted.”

Eva Street is the home of popular dining and entertainment offerings such as Six Barrell Soda, the Wellington Chocolate Factory, Fix and Fogg, Pizza Pomodoro, Shepherd restaurant and Goldings Freedive bar. As part of the Laneway Project the street has been designed to increase usability, have a vibrant feel, is well lit and has upgraded surfaces such as planted walls and painted roading.

The two buildings provide an annual income of just over $300,000. However, McKenzie says the new owner has the chance to be creative with their investment. “The property forms the link between the Dixon Street entrance to the Eva Street Laneway and Hannah’s Factory Courtyard. This property could be developed to form a highly desirable tenancy for a restaurant/cafe or bar type uses, leveraging off the existing culture of the laneway. This would be particularly viable for the two level building which opens out onto the laneway with a good sized frontage and has a high stud on the second level.” 


The property is just down the road from popular Cuba Street, which is one of the more prominent streets in Wellington. Also in the vicinity are trendy food outlets, retail stores, art galleries and music shops. 

McKenzie believes the property will attract a lot of interest, “Commercial buildings in the area are being reconfigured just to accommodate students. This property is all set up and producing over $300,000, and has further development potential. With the area being such a vibrant part of Wellington’s CBD and the shortage of student accommodation this property presents a rare and attractive offering.” 

Zoned Commercial (8A) 3 Eva Street is for sale by Deadline Private Treaty closing at 4pm, Wednesday 21 June, 2017. 

Read the Stuff article here​​.