Rare chance to secure hotel in desirable central location
A high-grade, mixed-use opportunity in central Wellington provides the potential for income as a residential or hotel business with sound returns.
It’s not often a vacant possession hotel in a strategic, central-city location comes to market, so when one arises it’s imperative you act quickly. 70 Tory Street, Te Aro, Wellington features 89 residential apartments including a mix of studio, one-bedroom, two-bedroom, and four penthouses, providing for short- and long-term stay options. In addition, three commercial units and carparks combine as a mixed-use opportunity that JLL Sales & Leasing Director Jim Wana believes will appeal to owner-occupiers, investors, and rent-to-own operators. Approximately 4,760sqm of gross floor area, plus decks and balconies with views across Wellington, make 70 Tory Street a must-see property, now on the market for sale by Expressions of Interest.
70 Tory Street, Te Aro is in a prominent, central Wellington location in close proximity to Te Papa, Courtenay Place, the waterfront, and nearly completed convention centre Takina. Coming to market with vacant possession, each unit is ready to be occupied and is fully furnished, with whiteware, ovens, stoves, TVs, and beds – turnkey investors take note.
“The astute investor who secures this property ahead of the forecast uptick in hospitality in the coming months has the potential to capitalise on a burgeoning, refreshed tourism industry. A turnkey, mixed-use, vacant possession property in this location has undeniable potential, and is a sound addition to any commercial property portfolio,” says Wana. What’s more, the high NBS rating of 80% gives 70 Tory Street an ‘A’ building grade for seismic risk.
JLL has been exclusively appointed to market 70 Tory Street, Te Aro for sale by way of Expressions of Interest, closing 4pm Thursday 13th October 2022 (unless sold prior).
Aside from the residential aspects of this hotel property, three ground-floor commercial units made up of 77sqm, 93sqm, and 284sqm respectively currently provide approximately $450,000 gross annually plus GST. Units one and two are leased to services operators, and unit three has a pending lease to an international blue-chip tenant that includes 56 parking bays of the 101 on site. “Further income can be generated as a hotel owner-operator, by an investor seeking an operator, or working to a hybrid residential model,” says Wana.
Beyond the potential returns, JLL Director Hotels & Hospitality Nick Thompson believes the tourism and hospitality sectors are primed to bounce back strongly following the last two uncertain years.
“New Zealand’s hospitality sector is the jewel in our beautiful country’s crown, and domestic and international visitors are excited about the now-open borders that make coming to our major cities a realistic option once again,” says Thompson. “Owning a strategically positioned mixed-use property right in the heart of the capital city is a rare opportunity for good reason. The pedestrian traffic and proximity to important landmarks and top hospitality establishments puts this hotel in a desirable position that the new owner can take advantage of.”
On a freehold site of 700sqm right in the middle of bustling Wellington City, and with approximately 4,760sqm of gross floor area (not including decks and balconies that feature in the apartments), opportunities abound at 70 Tory Street, Te Aro. Over 100 unit-titled parking bays on the property, with 45 as vacant possession, add real value in this enviable central location. This is an exciting prospect for investors looking at their next portfolio addition.
Interested parties should contact the sole agents for more information.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.